cab-2025-12-31-1-en

Key Financials

(in € million)

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Message from the CEO

Dear Stakeholders,

2025 marked a decisive turning point

for Cabka. In a year where the macro-

political environment continued to be shaped

by geopolitical uncertainty, trade disruptions,

and selective customer investment behavior,

Cabka remained focused on what we could

control, namely operational excellence,

margin improvement, cash generation,

and balance sheet improvement. As a result,

Cabka has ended 2025 in a structurally

stronger position. The company is financially

more resilient, operationally more disciplined,

and strategically is better positioned for the

next phase of growth.

Delivering the SHIFT Transformation

Over the course of 2025, we successfully executed the SHIFT

transformation program, which has been central to restoring financial

strength and improving earnings.

Full-year revenues of €180.8 million were broadly in line with the

prior year and our guidance, while profitability improved materially.

Gross operating margins improved to 51.2%, and operational EBITDA

rose to €21.2 million, resulting in an EBITDA margin of 11.7%.

This margin expansion was achieved on the back of flat revenues,

demonstrating the operating leverage embedded in our business model

when pricing discipline, portfolio optimization, cost control, and production

planning improve. The progress achieved in 2025 reflects structural

changes, and is not a temporary phenomenon.

SHIFT also translated into significantly improved cash discipline.

As a result of this, net debt decreased significantly to €62.6 million,

reducing our net debt/EBITDA ratio to 2.7x from 3.2x at year-end 2024.

Total CAPEX spend was also materially reduced to €11.7 million through

disciplined capital allocation.

These improvements strengthen Cabka’s financial flexibility and reduce risk,

and create a solid foundation for sustainable expansion. In line with our

continued focus on balance sheet improvement, the Management Board

proposes not to pay a dividend for financial year 2025. This reflects

continued discipline in capital allocation: prioritizing further deleveraging

and value-accretive growth over short-term distributions. Longer term,

our dividend policy remains unchanged in principle and will be revisited as

leverage ratios continue to improve.

Commercial Momentum and Segment Performance

Across our business segments, 2025 demonstrated resilience and targeted

repositioning.

The Portfolio segment in Europe faced continued headwinds, particularly in

the first half of the year, as customers delayed investment decisions amid

macroeconomic uncertainty and potential tariff impacts. In the United

States, we implemented an aggressive pricing strategy to regain market

share following the 2022 flooding event. While this weighed on pricing,

it successfully supported volume growth and strengthened our competitive

position in the second half.

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Pooling and Customized Solutions in Europe delivered resilient growth,

supported by long-term customer relationships and new co-development

programs. In the United States, this segment showed gradual recovery as

operations stabilized at our St. Louis facility.

Contract Manufacturing emerged as a clear success story, delivering strong

growth and contributing meaningfully to improved capacity utilization and

operational leverage.

Our ECO business continued its steady expansion, benefiting from

sustained demand for sustainable construction and infrastructure products

made from post-consumer plastic waste.

Taken together, our segment performance reflects a more balanced and

diversified revenue base, with improved resilience across cycles.

Outlook – From Stabilization to Structured Growth

Going into 2025 our ambition was to return Cabka to stability and rebuild

the groups financial strength. With this goal achieved, we believe that 2026

marks the beginning of a return to growth.

At our Capital Markets Day in November 2025, we presented a clear two-

phase roadmap to 2030 designed to translate operational improvement

into scalable, profitable expansion.

“We strengthen first. We scale

second. That discipline defines

our strategy.”

Phase 1 (2026–2028): Operational Excellence & Margin Expansion

The progress achieved in 2025 provides the foundation for unlocking

the operating leverage within our business. As volumes gradually recover

and capacity utilization improves across our European and U.S. footprint,

we expect further EBITDA margin expansion toward the 13–15% range by

the end of this phase.

Our priorities for the coming years are clear:

• Drive disciplined organic revenue growth

• Increase utilization across all production sites

• Optimize product mix and pricing discipline

• Maintain strict capital allocation and strong cash conversion

• Continue reducing leverage toward investment-grade levels

The margin expansion achieved in 2025 demonstrates the earnings

potential of Cabka’s platform. As growth returns, incremental revenues are

expected to translate into a disproportionately higher EBITDA contribution.

In line with our preliminary results communication, we expect 2026 to

deliver an improvement in revenues and a higher EBITDA margin compared

to 2025. While the macroeconomic picture remains mixed, our

strengthened commercial execution, revitalized pipeline, diversified vertical

exposure, and improved operational planning support our confidence in

this trajectory.

Phase 2 (2028–2030): Market Consolidation & Portfolio Expansion

With a strengthened balance sheet and improved profitability, the second

phase of our strategic plan is focused on Cabka accelerating growth via

selective consolidation in the still highly fragmented RTP market.

Our ambition is to grow revenues toward €300 million by 2030 while

maintaining EBITDA margins in the mid-teens. This ambition is grounded

in a disciplined, staged approach: operational strength first, accelerated

expansion second.

Structural tailwinds reinforce this outlook. Regulatory developments such

as the Packaging and Packaging Waste Regulation (PPWR), increasing

recycled-content requirements, and the broader shift toward reusable and

circular logistics systems support long-term demand for Cabka’s solutions.

Cabka’s vertically integrated recycling and manufacturing model –

from waste sourcing to finished product – gives the group a structural

competitive advantage in this evolving regulatory and sustainability-driven

landscape.

We have moved Cabka beyond stabilization and are now executing the

next phase of disciplined, profitable expansion.

A Word of Thanks

I would like to extend my sincere gratitude to our customers for the trust

they place in Cabka and for continuously challenging us to develop

innovative and sustainable solutions that meet their evolving needs.

Your partnership drives our ambition to improve every day.

A heartfelt thank you also goes to our dedicated employees across

Europe and the United States. Your resilience, commitment, and passion –

particularly during a year of transformation – have been instrumental in

delivering the progress we achieved in 2025. Your belief in our circular

mission and your operational excellence form the backbone of Cabka’s

success.

Finally, I would like to thank our shareholders for their continued

confidence and long-term support. The past years required discipline

and perseverance, and we are committed to driving shareholder value

rooted in the realization of Cabka’s full potential in the years to come.

Together, we are building a stronger, more resilient, and more valuable

Cabka.

Alexander Masharov

Chief Executive Officer, Cabka N.V.

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Key Figures and Impact


Financial

Revenue			EBITDA Margin
(in € million)			%
180.8			11.7%
↓	1%	2024: 181.9	↑	0.4pp	2024: 11.3%


Gross Margin			Net Working Capital
%			(in € million)
51.2%			28.0
↑	0.3pp	2024: 50.9%	↑	6%	2024: 26.5


Net Income			EU Taxonomy
(in € million)			% of revenue aligned
-6.1			47%
↓	45%	2024: -4.2	↓	5pp	2024: 52%


Growth CAPEX
(in € million)
8.2
↑	7%	2024: 7.7


Environment

Scope 1 & 2 Emissions			Scope 3 Emissions
(market-based, in tonnes CO2e)			(in tonnes CO2e)
17,038			175,599
↓	62%	2024: 45.021	↑	8%	2024: 163,234


Raw Material Intake			Recycled Raw Material Intake
(in kt)			(in %)
142			86%
↓	2%	2024: 145	↓	2pp	2024: 88%


Energy Consumption			Renewable Energy
(in MWh)			(in %)
105,746			67.4%
↓	4%	2024: 109,853	↑	56pp	2024: 11.9%


Waste Generated			Suppliers Assessed on ESG
(in tonnes)			(in % of suppliers)
18,670			93%
↓	14%	2024: 21,755	↑	1pp	2024:92%


Social

Average FTE			Females in Senior Roles
(number)			(in %)
568			15%
↓	7%	2024: 611	↓	5pp	2024: 20%


Signed Code of Ethics			Female Employees
(% of all Cabka employees)			( % of total workforce)
93%			16%
↑	5pp	2024: 88%	↓	4pp	2024: 20%


Average Training Hours			Work-Related Accidents
(in number)			(in number)
7.59			44
↑	18%	2024: 6.44	↓	25%	2024: 59


Reported Incidents
(in number)
0
↓	100%	2024: 2

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Our Profile

Cabka is an industry leader in producing innovative and sustainable

transport packaging solutions made from recycled plastic.

With over 30 years of experience, we specialize in creating

high-quality pallets and large containers that drive efficiency and

sustainability across supply chains. Our commitment to circularity

and environmental responsibility is at the core of our business,

as we transform plastic waste into valuable resources that benefit

industries worldwide.

Cabka operates internationally, with a strong presence in key

markets in Europe and in the United States. Our extensive network

of production facilities, distribution partners, and sales offices

ensures that we can meet the needs of our customers wherever

they are located. Our international footprint allows us to deliver

high-quality products and services efficiently and effectively.

Our Locations

Cabka N.V. is headquartered in the Netherlands and maintains

an international presence through multiple production sites and

corporate support functions strategically located across Europe

and in the United States.

Our corporate support functions are based in Amsterdam,

the Netherlands, and Berlin, Germany, while our innovation,

marketing, and sales are concentrated in Valencia, Spain.

Our operations and value creation are primarily driven by six production

locations: two factories in Germany (both in Weira, Thuringia); two factories

in Belgium (Ieper and Herstal); one factory in USA (St. Louis, Missouri) and

one factory in Spain. Additionally, we have tolling agreements with four

contract manufacturers to expand our production capacities.


Revenue in US and RoW			Revenue in Europe
North America			DACH			West & Nordics
(in € million)			(in € million)			(in € million)
23.4			61.4			57.5
↑	9%	2024: 21.5	↑	4%	2024: 58.9	↓	4%	2024: 60.0
RoW			CEE			South
(in € million)			(in € million)			(in € million)
2.9			8.1			27.5
↓	47%	2024: 5.5	↓	19%	2024: 10.0	↑	6%	2024: 26.0

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Our Purpose

At Cabka, our purpose is to drive positive

transformation. We aim to revolutionize the

way goods move around the world, benefiting

the industry, the environment, our employees,

and all our stakeholders. By converting plastic

waste into reusable transport packaging,

we turn discarded materials into valuable

resources. Our transformative power lies in

recognizing that while resources are limited,

possibilities are endless.

Our Mission

Cabka is changing the way goods

move around the world.

We take plastic waste and transform

it into reusable transport packaging

(RTP) by integrating material, design,

and process technology.

Cabka is the answer for any company

seeking to ship goods at peak

efficiency and with the smallest

possible environmental impact.

Our Vision

A circular economy

built on closed-loop

logistic solutions

utilizing sustainable

material streams.

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Core Activities and Products

Product Portfolio

Cabka’s RTP product portfolio

consists of over 150 different

pallets and large containers.

The ECO product portfolio

consists of 3 product lines.


	Our work is fuelled by innovation. For over 30 years, we have pioneered technology for processing recycled plastic. Our commitment to innovation extends beyond product development. We aim to transform entire systems and challenge the status quo, pushing beyond “good enough” to achieve excellence. Innovation at Cabka is based on a constant focus on research and development, as well as the courage and curiosity to explore new paths.

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	Nest Pallets Lightweight and easy to handle, Cabka’s Nest plastic pallets are highly versatile for many environments. Nestability and reliability are paramount when it comes to Nest pallets, they are built to interlock, making them ideal for saving space during storage and transportation (up to 4 times less space required). Customers can choose from multi-trip or export Nest pallets, in varying dimensions and with optional attachable skids, to move shipments of different sizes and weights safely and securely.	Endur Pallets These high-performance pallets have been designed to withstand heavy usage and significant impacts in high- traffic environments. They are ideal in high circulation situations and are versatile enough to meet almost any requirement. Some models are produced using gas injection, resulting in internal cavities that provide enhanced support. Each pallet is highly resistant to bending, and performs exceptionally well in high- bay racking systems. They offer a high-quality, durable solution for storage and transportation needs.		Large Containers Cabka offers a portfolio of large containers ideal for almost any shipping, storage, or even retail environment. We offer two large container solutions: the CabCube (foldable large container) – a foldable three-piece sleeve pack container designed for transportation of bulk and large volume parts, and the Pallet Box (rigid large container) – a rigid high- volume container ideal for safe storage and transportation of loose products or bulk goods.

	Eco Pallets For more demanding applications, Cabka offers its Eco Pallets, which are designed for multi-trip or export uses. These pallets are ideal for automated conveyors and high stacking. They can handle heavy loads while maintaining a low tare weight. Additionally, they offer options for traceability and runner variations, making the Eco pallets versatile for various applications.	Hygienic Pallets Cabka’s Hygienic pallets have been specifically designed to satisfy the need for high performance and the international community’s strict hygienic standards. Made from food- safe HDPE, the lightweight Hygienic plastic pallets are easy to clean and dry, with smooth, closed surfaces. Without surface cavities in the molded plastic, dirt does not accumulate, making them safe for their sensitive cargo.		Customized Solutions Cabka offers logistics solutions tailored to a customer's specific supply chain, aimed at reducing costs and carbon footprint. These solutions include both pallets and large containers. Many of the products developed in collaboration with customers have become industry standards. Notable examples include various beverage and pooling pallets, as well as the Light Foldable Containers introduced in the Automotive and Retail industries.
Eco Products Cabka’s Eco products are innovative and sustainable, made from unsorted mixed plastics that are 100% post-consumer plastic waste. These products are versatile and can be used in gardening and landscaping as well as for construction and transport.			Services In addition to its products, Cabka offers a range of advanced services focused on further enhancing sustainability and supporting our customers’ in their journey towards fully circular logistical chains. These services include in-house tool manufacturing and recycling, providing a secure end-of-life solution for used pallets and containers.

Cabka’s Product-Market-

Combination Overview

Cabka caters solutions for a variety of sectors,

often tailored to their unique set of use cases.

This comprehensive coverage is constantly

being improved through product modifications

and a strong development pipeline.

The following chart provides an overview of Cabka’s current sector

coverage:

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Trends and Developments

Market

Reusable transport packaging (RTP) products are used for the storage and

transportation of goods along the entire value chain. Transport packaging is

comprised of pallets, boxes, and containers in different sizes and weights,

as well as auxiliary products such as divider sheets or protective dunnage

for a broad set of target sectors and use cases. Cabka focuses solely on the

two high-value product categories in this market, i.e., pallets and large

containers.

In 2024, the global RTP market reached approximately US$ 113.2 billion¹. The

market is expected to grow at a compound annual growth rate of 5.8%

through 2034, reaching US$ 197.7 billion. This growth is largely driven by

rising demand for sustainable packaging solutions, a growing shift from

single-use to reusable packaging, increasing regulatory support for circular

economy practices, and the rapid and frequent changes in international

supply chain landscapes. As logistics excellence becomes an increasingly

important strategic differentiator in our interconnected global economy,

more companies are re-evaluating and future-proofing their supply chains.

This transformation is primarily driven by the need to enhance both the

efficiency and sustainability of their logistic operations.

Over the past decade, plastic pallets have gained significant traction due to

their numerous advantages, gradually replacing their wooden counterparts.

Key market drivers include rising global greenhouse gas emissions leading to

increased demand for reusable transport packaging solutions, growing

preferences towards sustainable packaging options, and increasing

development of innovative reusable packaging designs for efficient

transport and logistic handling.

External Developments

Legislation

Significant legislative developments have emerged concerning the

Packaging and Packaging Waste Regulation (PPWR). On December 16, 2024,

the European Council formally adopted the new PPWR, making it legally

binding across the European Union. This regulation aims to significantly

reduce packaging waste and promote a circular economy by setting

ambitious targets for reusable and recyclable packaging. The PPWR will

begin to apply from August 2026, introducing harmonized EU rules on

recyclability and recycled content, with pallets required to contain at least

35% recycled content — a threshold Cabka already exceeds in most

instances. Together with expanding EU and national plastic taxes, these

measures are reshaping material choices and cost structures across the

industry, while simultaneously creating meaningful commercial

opportunities for companies such as Cabka that are structurally aligned

with the regulation's objectives.

Sustainability

Companies are increasingly adopting circular business models and using

sustainable products, with a strong focus on reusability, recyclability, and

the use of recycled materials. In the context of sustainability, transport

packaging made from plastic can offer significant advantages over

traditional materials like wood and cardboard. Growing awareness of

sustainability is driving the development of sustainable products and

processes. With the binding commitments of the Paris Agreement to

limit global warming, climate change action has become a core focus

of corporate and regulatory agendas. Industry players must take action

to monitor their emissions and enforce measures that support at least

the 1.5°C target.

This is especially true and challenging for the logistic and transport sector,

which has historically been one of the major emitters of greenhouse gases.

A crucial step to reduce the environmental footprint of transport packaging

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is to increase the number of trips a pallet is able to complete during its

lifecycle. Plastic pallets have been proven to endure an average of 200 or

more logistic trips, whereas wooden pallets typically last for only about 5

trips before breaking or deteriorating due to external factors such as

humidity, mold, or vermin infestation.

Using recycled plastics instead of virgin plastic further reduces the overall

environmental impact of pallets. This approach eliminates the need for

primary raw materials and it prevents plastic waste streams from being

incinerated or ending up in landfills. Additionally optimizing and customizing

plastic pallets for specific customer needs can further decrease the

product’s environmental footprint. At the end of their life, all of our

transport packaging products are 100% recyclable and can be reused for

the manufacturing of new products, making them a truly circular solution.

Digitalization

The RTP market has seen significant advancements in digitalization,

enhancing supply chain efficiency and sustainability. Key developments

include the deeper integration of Internet of Things (IoT) and RFID

technologies for real-time tracking and monitoring. IoT-enabled sensors

and RFID tags have revolutionized the tracking and monitoring of reusable

packaging, providing real-time data on the location, condition, and status of

packaging assets, thus reducing loss rates. In 2025, advances in AI and cloud

computing have further accelerated this transformation, enabling more

informed decision-making, higher levels of automation, and improved

operational efficiency across supply chains. Additionally, these digital tools

are increasingly aiding in sustainability reporting by tracking the

environmental impact of RTP assets. These innovations are transforming

the RTP market, making it more efficient, transparent, and sustainable.

Rationalization of logistic chains

Companies are increasingly focused on optimizing transportation, return

logistics, and storage cost while simultaneously aiming to reduce handling

and cleaning times. The value proposition of plastic pallets fully aligns with

these requirements due to their superior properties compared to wooden

solutions. Plastic pallets offer higher precision in measurements and weight,

consistent quality, and low breakage rates, making them an ideal choice for

enhancing efficiency in logistics operations.

Automation

Robotics and automated handling systems are increasingly utilized to

manage and handle reusable packaging materials. As more companies

gradually adopt automated warehouse systems, which demand zero

tolerance for system failures, the need for accurate, precise, and reliable

carrier products tailored to the customers’ specific internal logistic process

has grown. These systems reduce manual labor and minimize the risk of

damage during transit, leading to improved inventory management, reduced

losses, and optimized asset utilization.

Economic Climate and the Impact on our Industries

Since the Company's IPO in 2022, the global economic environment has

been influenced by a series of external developments largely beyond the

Company's control. Following the post-pandemic recovery phase,

macroeconomic conditions became more challenging in subsequent years

due to elevated inflationary pressures, geopolitical tensions, and significant

volatility in energy and raw material markets. These factors contributed to

increased cost levels across global supply chains and created a complex

operating environment for businesses worldwide.

Entering 2025, the macroeconomic environment remained characterized by

persistent uncertainty. While inflationary pressures continued to moderate

across major economies, interest rates remained elevated relative to

historical levels for much of the year, as central banks maintained a

cautious approach to monetary easing. The European Central Bank

proceeded with gradual rate reductions throughout 2025, providing some

relief to financing conditions, though the pace of easing remained

measured and the overall cost of capital stayed above pre-2022 levels.

Geopolitical tensions continued to weigh on the global environment

throughout FY2025. Escalating conflicts in the Middle East contributed to

renewed volatility in oil and energy prices, while US-driven trade measures,

including tariffs directed at key trading partners, introduced additional

uncertainty into global supply chains and investment planning. Although the

direct impact of these tariffs on Cabka was limited, the broader effect on

customer confidence and capital expenditure decisions was noticeable,

particularly in the second half of the year. At the same time, the rapid

advancement of AI technologies provided a partial counterbalance,

temporarily supporting business sentiment and driving efficiency gains in

certain sectors.

Against this backdrop, global economic growth continued at a moderate

pace during FY2025, with momentum varying considerably across regions

and sectors. Business sentiment improved in markets with greater

macroeconomic visibility, while manufacturing-oriented economies

continued to experience subdued demand and cautious investment

behavior. Many companies across Cabka's end markets maintained a

conservative approach to capital allocation, prioritizing short-term cost

control and liquidity management over longer-term infrastructure

investment.

These dynamics were reflected across the key industries served by Cabka.

In the automotive sector, conditions remained challenging throughout the

year. Cautious consumer sentiment, elevated vehicle costs, and the ongoing

transition toward electric mobility continued to suppress demand and delay

investment decisions. While selective stabilization was observed in certain

markets during the second half, overall customer activity remained

restrained and recovery uneven.

The construction industry faced continued headwinds in FY2025. Financing

costs, although gradually declining, remained sufficiently elevated to

constrain project pipelines and delay new construction activity across

Europe. Combined with ongoing labor and material cost pressures, many

planned projects and concessions were either postponed or scaled back,

limiting demand for construction-related packaging and infrastructure

solutions.

The Food and Beverage industry demonstrated relative resilience

compared to more cyclically exposed sectors, benefiting from the non-

discretionary nature of its end demand. However, the sector continued to

face meaningful margin pressure throughout the year, driven by persistent

input cost inflation across raw materials, labor, energy, and regulatory

compliance. These structurally thin margins limited the sector's capacity for

discretionary investment, including upgrades to logistics infrastructure,

constraining short-term demand for higher-specification reusable

packaging solutions.

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$Cabka JV2025 ENG_Page 13.jpg$

In the United States, conditions showed gradual improvement as the year

progressed. Following the disruption caused by the 2022 flooding event at

Cabka's St. Louis facility, commercial momentum in the region

strengthened during 2025, supported by an intensified sales effort and a

more competitive pricing strategy. While this approach weighed on near-

term pricing, it successfully supported volume recovery and strengthened

Cabka's competitive positioning in the North American market.

Despite these cyclical headwinds, the structural demand drivers for

reusable plastic packaging solutions remained firmly intact throughout

FY2025. Increasing regulatory requirements — most notably the Packaging

and Packaging Waste Regulation (PPWR), which will begin to apply from

August 2026 — continued to gain operational relevance for Cabka's

customer base. Together with the Corporate Sustainability Reporting

Directive (CSRD) and the broader shift toward more efficient, resilient, and

sustainable logistics systems, these factors are expected to provide

sustained support for demand for reusable plastic packaging solutions over

the medium to long term, reinforcing the structural tailwinds underpinning

Cabka's growth strategy.

“Increasing regulatory

requirements continued to

gain operational relevance for

Cabka's customer base.”

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History For over 30 years, Cabka has been a leader in transforming waste into valuable resources, driving sustainability and innovation. Our commitment to recycling and the circular economy has fueled our growth and positive environmental impact.		Cabka expanded to the United States, opening its first full-service recycling and production plant near St. Louis, Missouri.		Cabka merged with Innova Packaging Systems to form the Cabka Group, offering a comprehensive portfolio of pallets and large containers made from recycled plastic.		Cabka opened a state-of-the-art Innovation Center in Valencia, Spain, to drive technological developments in new material formulations, innovative processing technologies, and recycle- based product design.		Cabka celebrated its 30th anniversary since its incorporation in 1994.
		2005		2012		2018		2024



1994	1998		2008		2015		2022		2025
Cabka was founded by Gat Ramon in Weira in Thuringia, Germany, pioneering the recycling of post-consumer and post-industrial mixed- plastic waste.	Cabka designed and produced the first lightweight, nestable plastic pallets made from recycled materials, which were sold internationally.		Cabka continued its expansion by opening a sales office and production facilities in Valencia, Spain.		Cabka acquired the Belgian plastic pallet company Eryplast.		Cabka became a listed company on Euronext Amsterdam through a business combination with Dutch Star Companies TWO.		For the first time, Cabka achieved the EcoVadis Platinum rating.

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	Highlights 2025 2025 was a year of both challenges and great achievements for Cabka. Explore the key highlights that showcase our significant accomplishments this year.

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	How We Create Value
	16	Our Strategy
	19	Value Chain
	20	Value Creation Model
	22	Cabka's Contribution to the SDGs
	23	Stakeholders

	Nest C5.2 Lightweight and nestable, the Nest C5.2 optimizes export efficiency while eliminating heat treated wood. A circular, cost saving pallet solution for chemical goods, reducing emissions through smarter material use and transport.

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Our Strategy

Cabka’s strategy is built on disciplined

execution, leveraging structural circular

advantages, and the execution of a staged

roadmap toward scalable, profitable growth.

Following the successful execution of the

SHIFT transformation in 2025, Cabka has now

completed its stabilization phase. This has

resulted in improved margin quality, stronger

cash generation, and materially reduced

leverage, strengthening the groups foundation.

As such at the start of 2026 Cabka is now

entering the next stage of its development:

a return to structured growth built on

operational excellence and financial discipline.

Our roadmap through 2030, presented at our

Capital Markets Day in November 2025, reflects

this expected progression and is intentionally

sequenced to ensure that future expansion is

built on strength rather than acceleration alone.

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Completing the

SHIFT Transformation

2025 marked the delivery of the SHIFT program.

The SHIFT program was designed to restore financial resilience and improve

earnings quality. It focused on strengthening pricing discipline, optimizing

the product portfolio, enhancing operational planning, improving working

capital management, and maintaining strict capital allocation.

The results are clear. EBITDA has improved despite broadly stable

revenues, demonstrating the operating leverage embedded in our platform.

Net debt was also materially reduced, strengthening Cabka’s financial

flexibility.

However, SHIFT was not only about cost control. It was also designed to

create structural improvements across the group that position Cabka

to translate future growth into sustainable profitability.

With this foundation now firmly in place, we move forward with clarity and

confidence to the growth phase of our strategic plan.

A Staged Roadmap to Scalable Growth

Phase 1 (2026–2028): Operational Excellence & Margin Expansion

The first phase of our roadmap is centered on unlocking the full potential of

our existing platform.

In recent years, Cabka has invested in expanding and modernizing its

production footprint, particularly in the United States. However,

macroeconomic volatility has limited full utilization of this capacity.

As a result, Phase 1 will therefore focus on maximizing throughput and

extracting operating leverage from assets already in place.

Our priorities are clear:

Increase Capacity Utilization

Improved planning, automation, and coordination across sites are expected

to enhance throughput and reduce unit costs. This means that as utilization

increases, incremental revenues are expected to translate into

disproportionately higher EBITDA contribution.

Expand EBITDA Margins

Cabka targets EBITDA margins toward the 13–15% range by the end of this

phase, with margin expansion driven by mix optimization, pricing discipline,

operational efficiency, and improved cost absorption.

Drive Disciplined

Organic Growth in phase one be measured and margin-accretive, while the

groups commercial focus remains on resilient verticals and long-term

customer partnerships.

Strengthen Cash Conversion & Financial Flexibility

Capital allocation discipline remains central in the first phase.

By controlling CAPEX, working capital efficiency, and continued

deleveraging we can further strengthen resilience and create future

optionality.

In essence, Phase 1 is about strengthening the core of the group and

enhancing earnings quality. It ensures that growth is profitable, cash-

generative, and sustainable.

Phase 2 (2028–2030): Market Consolidation & Scalable Expansion

Once operational excellence and financial strength are firmly established,

Cabka intends to accelerate its expansion.

The reusable transport packaging market remains highly fragmented,

and regulatory complexity is increasing, meaning that smaller players

are facing increased capital requirements and compliance burdens.

Cabka’s vertically integrated recycling model, innovation capabilities,

and strengthened balance sheet will allow us to act as a disciplined

consolidator.

Phase 2 focuses on:

• Selective, value-accretive acquisitions

• Expansion into higher-value RTP applications

• Scaling ECO and recycled-content solutions

• Leveraging scale to enhance efficiency and margin stability

Our ambition is to grow revenues toward €300 million by 2030 while

maintaining EBITDA margins in the mid-teens.

The sequencing is deliberate: optimize first, scale second. This approach

balances risk and ambition and supports sustainable long-term value

creation.

Structural Growth Drivers

Cabka operates at the intersection of circularity, regulation, and industrial

capability.

Several long-term drivers reinforce our strategy:

Regulatory Alignment

Recycled-content mandates and reuse requirements, including

developments such as PPWR – structurally, support demand for reusable

transport packaging in the coming years.

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“	By combining recycling material knowledge, engineering, and circular design, we deliver solutions with higher performance and lower environmental impact.”

	Javier Fernandez CTIO & Managing Director of Cabka Spain

Circular Integration

Our vertically integrated model – from waste sourcing to finished product –

enhances our cost resilience, regulatory alignment, and differentiation

relative to peers.

Innovation Platform

Our Innovation Center combines material science, tooling, and production

expertise, enabling capital-efficient product development and margin-

accretive design.

Financial Discipline

Improved earnings quality and reduced leverage help create the foundation

for disciplined growth.

These structural advantages place Cabka in an ideal position to convert

circular economy trends into sustainable profitability.

Challenges and Strategic Response

We operate in a dynamic environment.

Macroeconomic volatility continues to influence customer investment

cycles and raw material, and energy markets remain subject to fluctuations.

At the same time competitive pricing pressure persists across parts of the

RTP market and the regulatory framework continues to evolve across

jurisdictions.

Our strategy addresses these challenges directly:

• Operational efficiency improves resilience in mixed economic conditions

• Vertical integration strengthens material sourcing flexibility

• Innovation and portfolio focus support margin quality

• Disciplined sequencing reduces expansion risk

Our strategy to strengthening the core of the group prior to accelerating

expansion means we can mitigate risk while preserving long-term upside.

Disciplined Ambition

Cabka has now moved from stabilization to a structured growth phase.

We are unlocking operating leverage within our existing platform.

We continue to focus on strengthening our financial resilience before

embarking on a more aggressive expansion phase. We remain well

positioned to benefit from regulatory and circular economy tailwinds.

Our strategy combines ambition with discipline. Through consistent

execution, innovation leadership, and capital rigor, Cabka is building a

scalable and resilient platform designed for long-term value creation.

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Value Chain

Value Chain Overview

Cabka is dedicated to creating

transformative packaging solutions which

facilitate the sustainable movement of

goods around the world. Our value chain is

designed to maximize the use of recycled

materials and minimize environmental

impact, ensuring a closed-loop system

that promotes sustainability at every

stage.

Feedstock

We transform post-consumer and post-

industrial plastic waste into Reusable

Transport Packaging (RTP) and our

further-reaching ECO Products.

Our buyback program allows us to

recycle end-of-life RTP that we buy back

from customers. In addition to in-house

recycling facilities, we also source already

recycled plastic material from our supply

chain partners. For applications where

our customers require stringent hygienic

standards, we use primary materials,

although this constitutes only a small

portion of our overall production.

Recycling

A substantial part of the plastic waste

used in our manufacturing processes

is recycled at our in-house recycling

facilities. We offer our customers a buy-

back program to allow them to return

used products to Cabka at the end of

life of the product. These products are

then processed through our recycling

processes, contributing to the production

of new products.

Innovation and Manufacturing

At our Innovation Center in Valencia,

we continuously develop and refine our

products and our manufacturing and

recycling processes, ensuring we meet

the evolving needs of our customers and

remain at the forefront of sustainable

packaging. Our RTP product range

includes durable containers, pallets

and other products designed for repeated

use in the transport and storage of goods.

Our ECO Product range comprises

products that are used in road

construction, traffic safety systems and

gardening.

Commercialization

Our products make their way to our

customers all over the globe to fulfill their

purpose of increasing the efficiency and

sustainability of our customers’ logistic

systems. After fulfilling their duty and

finally reaching the end of their life,

they can be fully recycled due to their

sophisticated design, and used as

feedstock in new RTP solutions.

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Our value creation

Input

Output

Outcome

Financial capital

Financial capital is derived from various

sources, including sales revenues,

investments, efficient capital management

and debt financing

Vision

Circularity built on closed-loop logistic solutions utilizing

sustainable material systems

Financial capital

Through our sales revenues, Cabka

creates financial value for employees and

investors; economic growth (?)

€ 180.8 mRevenue

€ 21.2 mOperational EBITDA

€ 15.7 mOperating cash flow

Financial

Sustainable growth with

future-proof, efficient

product offerings setting

the standard in the market.

Go to section ›

Manufactured capital

Machines and tools; buildings and facilities;

other assets.

€ 74.1 mof tangible & intangible assets

6Production sites

Manufacturing capacity

Continuous upgrading and improvement of

production capabilities, supported by growth capex.

€ 11.7 mCAPEX investments

€ 8.2 mgrowth CAPEX

Human capital

The time, expertise, skills, and knowledge of

our diverse and innovative workforce, our

technology, and processes.

568Total FTEs

16%Diversity level in whole organization

Human capital

Increased skills and competencies,

knowledge gained.

€ 42.2 mpersonnel expenses

7,59of average training hours

Customers & supply

chain

A solid partner for logistic

solutions benefiting recycled

RTP, solving issues around

the sustainability of tertiary

packaging.

Go to section ›

Intellectual capital

Distinctive technologies and processes

for manufacturing and recycling developed

over several decades.

4%of employees in R&D

1Innovation Center

Intellectual capital

Improved processes; innovative

product solutions.

14IP filings in the last five years

5new product launches in 2025

Social & relationship capital

Stakeholder relationships (customers,

suppliers, employees, investors, regulators,

communities) and shared values and norms.

Social capital

Stronger relationships with our internal

and external stakeholders.

9of initiatives & associations

3of projects we are part of

People & environment

Providing a safe and inspiring

work environment through

constant innovation where

products reduce the

negative environmental

impacts of local and global

logistics.

Go to section ›

Natural capital

The natural resources required to

sustain our business, such as energy, water,

and raw materials

11,092 m3Water withdrawal

106k MWhTotal energy consumption

142ktTotal raw material intake

Natural capital

Customer and business partner driven

environmental savings and outputs

connected to negative environmental impacts.

296 ktof saved CO2 emissions

192 ktCO2 emissions caused

19 ktwaste generated

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Cabka JV2025 ENG_Our value creation_1.jpg

Our value creation model is based on the International Integrated Reporting

Framework (IIRC), showcasing how the company’s business model delivers

sustainable benefits to stakeholders, the broader community, and the

environment over time. Acting as a high-level summary, this model does

not comprehensively detail every business process, resource utilized, or

product and outcome generated by Cabka.

All capitals are interconnected and collectively establish the core of

Cabka’s business framework. In its pursuit of value creation, Cabka aligns its

strategies with the United Nations Sustainable Development Goals (SDGs),

highlighting its role in advancing these global objectives.

Financial Capital

Investors and key participants in the capital market, including financial

institutions, furnish Cabka with essential financial resources required for

the execution of business operations and the acquisition of assets.

This financial capital underpins the ongoing functionality and expansion

of the enterprise, thereby facilitating sustainable growth and the generation

of positive cash flows. Consequently, such financial support contributes to

the creation of enduring value for the organization, its shareholders, and

additional stakeholders.This value is shown through dividends, share price

growth, interest payments, and meeting debt obligations.

Manufactured Capital

Physical assets and equipment, such as vehicles, machinery, tools, and

facilities, form the foundation of our manufactured capital, facilitating our

activities within the recycling and manufacturing sector. We choose these

resources according to both our operational demands and sustainability

objectives.

Human and Intellectual Capital

Our objective is to nurture a safe, healthy, and inclusive working

atmosphere, allowing everyone the opportunity to develop and succeed.

Cabka’s intellectual capital is shaped by the shared experience and

proficiency of our team, accumulated over thirty years, making this one

of our greatest strengths. Nevertheless are we committed to continuously

enhance the skills and competencies of our employees.

Social Capital

Our ability to create long-term value is shaped by our relationships with our

key stakeholders, including customers and business partners, suppliers,

employees, authorities, and communities. We are committed to fostering

robust relationships through active engagement on relevant issues and

collaboration guided by the needs of our stakeholders.

Natural Capital

To manufacture our products and conduct business operations, Cabka

relies on natural capital such as energy, water, and plastic resources.

Emissions generated by fossil fuels employed in energy production or the

creation of primary plastics can harm air quality and accelerate climate

change. Cabka is proactively pursuing strategies to lessen any detrimental

consequences related to fossil-fuel energy utilization.

“Cabka is dedicated to creating

transformative packaging

solutions to empower sustainable

supply chains.”

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Cabka’s


SDG	Our Ambitions	SDG	Our Ambitions

	• We offer equal opportunities to women and men • Diversity and inclusion are core topics at Cabka. We are committed to a diverse composition throughout our organization, as stated in our diversity policy. • We specifically focus on the development of gender diversity in management and decision-making positions within the Group and aim to reach the same share as within the supervisory board in the coming years. • Our Code of Ethics sets our principles for equal treatment.		• Cabka plans to increase its share of green energy to 100% by 2030. • Our production sites are evaluating on-site energy generation with renewable sources and will use this to increase the share of clean power.


	• At Cabka, the provision of a healthy and safe workplace is key. Therefore, we aim for continuous communication and targeted training on this matter to foster a healthy and safe work environment. • We strive for technological improvements to increase energy and resource efficiency in consumption and production, making a sustained and positive impact on logistic chains worldwide. • Furthermore, we want to ensure that our supply chain continues to become more sustainable, including the adherence to human rights and good working conditions.		• The ongoing and future contributions of research and innovation are fundamental to Cabka’s efforts to expand the use of recycled content in eco-friendly product solutions and to promote greater adoption of challenging-to-recycle materials. We seek to consistently pioneer smart, reusable options for transport packaging, with the goal of creating supply chain advancements and fostering beneficial changes within the industries served by our customers.


	• Cabka aims to maintain a secondary raw material share of at least 80% and to continuously thrive for full circularity. We will furthermore continue to focus our efforts on circularity in the use of our products and their recycling at the end of their life, and further improve the overall sustainability performance of our product portfolio.		• Through the diversion of waste from incineration, our business model based on recycling and using the new primary material to manufacture reusable products reduces the use of virgin material and helps us make a positive impact. Concerning our own operations, we aim to reach carbon neutrality by 2030.

Contribution to

the SDGs

Cabka’s ESG strategy involves ongoing

assessments of how our management of

material topics can actively contribute to the

achievement of the United Nations Sustainable

Development Goals (SDGs). By leveraging the

insights from our double materiality assessment,

we were able to identify and prioritize those

SDGs that are most relevant and aligned with

our core operations, strategic objectives,

and corporate values. To provide transparency

and clarity, we have mapped the selected SDGs

to specific material topics within our European

Sustainability Reporting Standards (ESRS)

statements.

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Stakeholders

We define stakeholders as people or entities

who can influence or be influenced by our

business activities and decisions, in line with

the definition for stakeholders determined

in Annex II of the Commission Delegated

Regulation (EU) 2023/2772.

Perspectives and priorities of stakeholders

Understanding the views of our primary stakeholders is essential when

making business choices. Therefore, identifying and addressing the

requirements and expectations of our customers, investors, local

communities, suppliers, and employees is vital. This approach is also

fundamental for developing and maintaining a strong ESG framework.

Ongoing stakeholder engagement informs our ESG strategy and has

confirmed our key topics and supports the further development of our

future action plans.

The stakeholders of Cabka reflect a wide variety of perspectives and

priorities, with each group interacting with us based on their individual

expectations. We strive to fulfill these diverse demands and uphold

strong partnerships across all stakeholder categories. These significant

stakeholders, along with the interests and viewpoints Cabka has been

able to assess, are:

Value Creation for our Stakeholders

Delivering value to our stakeholders is a core focus, ensuring their

interests are prioritized through sustainable growth and strategic initiatives.

By consistently seeking opportunities to enhance returns and foster

positive relationships, we contribute meaningfully to the success and

satisfaction of everyone invested in our organization.

Below, we outline how we deliver value to each of our key stakeholder

groups:


KEY STAKEHOLDERS	CABKA’S UNDERSTANDING OF THEIR VIEWS AND INTERESTS
Cabka’s Supervisory Board	Focused on ensuring strong corporate governance, long-term strategic growth, and responsible business practices aligned with shareholder values and business ethics standards
Our employees	Expectations regarding job security, career development opportunities, and a positive workplace environment
Investors	Interested in financial performance, return on investment, transparency, and Cabka’s potential for sustainable growth and innovation
Suppliers	Primarily interested in the volume of business Cabka provides, timely payments, and favorable pricing agreements
Local communities	Expect responsible corporate citizenship, community engagement, and contributions to local economy and social well-being
Customers	Seek strong and reliable partnerships that match their ethical, environmental, and economic values, and collaborative innovation to support a sustainable and efficient supply chain
Value chain workers	Concerned about fair compensation, safe working conditions, and the ethical standards of companies within the supply chain

Customers

Our customers are central to everything we do. We strive to understand

and meet the needs of our customers. Through continuous innovation and

a customer-centric approach, we aim to deliver high-quality, reliable

products, build long-term relationships, and provide exceptional service.

Our commitment to customer satisfaction is reflected in our efforts to

ensure that our customers are satisfied with our products and our services,

and wish to continue the relationship, contributing to Cabka’s long-term

success.

Employees

We invest in the development of our employees, offer training programs,

career advancement opportunities, and a supportive work environment.

We prioritize their well-being by promoting a healthy work-life balance,

ensuring workplace safety, and fostering a culture of diversity and

inclusivity. By empowering our employees, we enhance their engagement

and productivity, which in turn drives our overall performance.

Local Communities

As a responsible corporate citizen, we are committed to making a positive

impact on the communities where we operate. Through various social

responsibility initiatives, we focus on environmental sustainability and social

well-being. By supporting community development, we contribute to the

overall prosperity and resilience of the regions where we operate.

Shareholders

We aim to deliver long-term value to our shareholders by consistently and

predictably improving our financial performance. We maintain transparent

communication with our shareholders, providing regular updates on our

financial performance, strategic direction, and market opportunities.

We aim to enhance shareholder value and build long-term trust.

Suppliers

We value the importance of strong partnerships with our suppliers.

By fostering collaboration, we ensure a reliable and sustainable supply

chain. We work closely with our suppliers to uphold high standards of

quality, ethics, and sustainability. Our procurement practices emphasize fair

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treatment and mutual growth to build partnerships that can endure

market volatility.

Supervisory Board

The Supervisory Board guides Cabka’s strategic direction and governance.

We prioritize transparency and collaboration, providing the Board with

timely updates on financial performance, strategic initiatives, risk

management, and regulatory compliance. Regular meetings and open

communication support informed decision-making. Our commitment

to good corporate governance is demonstrated through adherence to

best practices and regulatory standards. The Board’s diverse expertise

enhances oversight and strategic input, ensuring alignment with

stakeholders’ long-term interests. Their insights are crucial for sustainable

growth, effective risk management, and maintaining corporate integrity.

Value Chain Workers

We work closely with our suppliers and partners to uphold high standards

of labor rights and workplace safety throughout our value chain.

This includes rigorous assessments, compliance with international labor

standards, compliance with our company safety standards, and continuous

monitoring to ensure that all workers are treated with dignity and respect.

Stakeholder Engagement

Since conducting a double materiality assessment in 2024, as required by

the Corporate Sustainability Reporting Directive (CSRD), we greatly

enhanced our understanding of the needs, interests, and views of our key

stakeholders. In the first half of 2025, we updated this comprehensive

assessment, which evaluates both the financial materiality of sustainability

factors on our company and the environmental and social impacts of our

business activities on stakeholders across the value chain. It allows us to

identify the most critical issues from multiple viewpoints. In order to gain a

thorough and impartial perspective on these matters, we involved our

stakeholders at every stage. Incorporating their feedback enables us to

more effectively respond to their concerns, synchronize our organizational

strategies with their priorities, and cultivate a more open and constructive

conversation.

Cabka ensures that its Management Board and Executive Committee are

consistently kept aware of the opinions and priorities of important

stakeholders, particularly with respect to material ESG impacts, risks,

and opportunities (IRO). Such information, when relevant, is included in

progress updates on IRO management during executive meetings and

supports informed decision-making and oversight. Stakeholders’ views are

taken into account in the due diligence process of strategic decision-

making when necessary and are inherently part of individual meetings

between executives and their responsible team members. This way, the

interests of our stakeholders are always taken into account for actions and

decisions that might affect them.

Our Stakeholder Engagement Processes

By engaging with stakeholders, Cabka is able to build relationships,

establish trust, and gain backing for important company initiatives.

This process also reduces risks and prevents conflicts among stakeholders,

such as uncertainty, dissatisfaction, lack of alignment, disengagement, and

opposition to change. The methods we use for stakeholder engagement

are tailored to each group and objective, utilizing different strategies,

schedules, and communication channels.

• Our commitment to customer engagement fuels our innovation and

approaches to the circular economy. By maintaining ongoing

communication, we gain insights into their requirements and incorporate

these into our business’s strategic planning. The sales team connects

with customers through direct interactions and by participating in

industry gatherings and conferences. Additionally, customer satisfaction

surveys enable us to better identify and respond to their expectations

and issues. Our involvement in industry groups and participation in

supplier assessment initiatives contribute valuable information to the

development of our ESG strategy.

• By participating in roadshows, conversing with analysts, and

holding meetings with our investor relations team, we are able to

recognize patterns and anticipate expectations within the financial

community. During our Capital Markets Day in 2025, attendees gained a

comprehensive understanding of Cabka’s value chain and operational

framework. The following conversations offered valuable perspectives

regarding the information investors seek.

• We meet and engage with local communities during company visits,

direct meetings with local councils, and local events. Through these

engagements, Cabka gains insights into any worries residents may have

about the company’s operations and what they anticipate in terms of

responsible corporate behavior. This information guides both Cabka’s

everyday operations and its broader strategic choices.

• Achieving our ESG objectives relies heavily on effective collaboration with

suppliers. Cabka’s Procurement team is actively pursuing improvements

in supplier relations by means of site visits, ESG reviews, and interviews,

thereby fostering increased sustainability within the supply chain.

• Our people are key. To enhance internal communication, we utilize the

Cabka intranet and Cabka App, conduct meetings both on-site and

online, and share management updates. Discussions regarding individual

development, participation in team activities and training programs,

as well as the use of surveys and engagement with staff representatives,

assist in identifying social topics relevant to our sustainability strategy

and shed light on how personnel perceive their working conditions.

In addition, the whistleblowing tool offers a confidential method for

detecting and handling issues.

• Direct engagement with value chain workers does not occur, but Cabka

mandates that all vital suppliers observe its Supplier Code of Conduct,

which includes requirements for adherence to international human rights

and pertinent standards. Moreover, the company reviews key suppliers

for any history of human rights infractions, and this information is taken

into account when making purchasing decisions.

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	Our Impact in 2025
	27	Impact on Finance
	31	Going concern
	32	Impact on Customers & Supply Chain
	34	Impact on People & Environment

	CabCube Euro 1208 The CabCube Euro 1208 elevates circular logistics with automation ready engineering and long life reuse—minimizing waste, reducing emissions, and delivering reliable, space efficient performance across modern supply chains.

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Building the Financial

Platform for the

Next Chapter

An Interview with Mark Letterie,

Chief Financial Officer, Cabka

You joined Cabka at a pivotal moment in its development.

What drew you to the company?

Cabka combines something that is increasingly rare: industrial capability

and sustainability leadership in one integrated platform. The company is not

simply participating in the circular economy. It is structurally positioned

within it, from waste sourcing and recycling to product innovation and

manufacturing.

What particularly attracted me was the timing. Cabka has completed an

important phase of stabilization and operational reset. The foundation is in

place. We are now entering a period where discipline and ambition come

together – and that is an exciting moment to step in.

How do you view the company’s financial position as you begin

your tenure?

Cabka exits 2025 stronger than it entered the year. We improved margin

quality, strengthened operational discipline, and materially reduced

leverage. The business demonstrated that profitability can expand even in a

stable revenue environment. That tells me the underlying platform is robust.

From a financial leadership perspective, this is the right starting point.

We are no longer focused solely on resilience. We are preparing for

scalable, profitable growth.

The November 2025 Capital Markets Update introduced a

two-phase roadmap through 2030. What role does finance play in

that strategy?

Finance is central to translating ambition into sustainable value. Phase 1 is

about operational excellence and margin expansion. That means unlocking

operating leverage across our footprint, improving capital efficiency, and

ensuring that growth is profitable and cash-generative.

Phase 2 envisions scaling the platform further – potentially through

selective consolidation – but only from a position of strength. Financial

discipline ensures that each step forward strengthens the business rather

than increasing risk. The sequencing matters. Optimize first. Scale second.

What gives you confidence in Cabka’s margin expansion

trajectory?

The margin improvement in 2025 was not coincidental. It reflects structural

change. When you see EBITDA improve despite broadly stable revenues,

it indicates stronger pricing discipline, improved cost structure, and better

operational planning. As utilization continues to increase, the incremental

contribution to earnings becomes more significant. I believe we are only at

the beginning of unlocking the full earnings potential of this platform.

Where do you see the greatest value creation opportunity over

the next three to five years?

There are two powerful levers. The first is operating leverage. Cabka has

invested in its footprint. As we increase throughput and refine our portfolio

mix, future profitability can improve at a faster pace than revenues.

The second is Cabka’s structural alignment with regulatory and circular

economy tailwinds. Increasing recycled-content requirements, reuse

mandates, and sustainability-driven procurement policies will create long-

term demand drivers for our solutions. This industrial capability combined

with structural market tailwinds means that the groups long-term value

creation potential is compelling.

What kind of financial culture do you want to build at Cabka?

A culture of disciplined ambition. That means being rigorous in our capital

allocation decisions, transparent in our reporting, and consistent in the

execution – while remaining bold in our long-term aspirations.

Finance should not just be about controlling risk, but should also enable

growth. My goal is to ensure that our financial framework supports Cabka’s

innovation, expansion, and strategic opportunity – without compromising its

resilience.

How would you describe Cabka’s next chapter?

Cabka is now moving from stabilization to structured growth. We have the

operational base. We have the circular integration. We have regulatory

alignment. Now we build scale - responsibly, profitably, and with long-term

perspective.

I am convinced that Cabka can become a leading European circular RTP

platform. The building blocks are in place. What matters now is disciplined

execution.


“Cabka has completed its stabilization phase. We are now building a scalable platform designed to unlock disciplined, profitable growth.”

	Mark Letterie Chief Financial Officer Cabka, Amsterdam

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Impact on Finance

The year 2025 marked an important step in

strengthening Cabka’s operational and financial

performance. Despite ongoing macroeconomic

uncertainty and cautious customer investment

behavior, the company maintained a strong

focus on operational discipline, cost

management, and margin improvement.

While revenues remained broadly stable,

these initiatives supported improved profitability

and stronger financial resilience. The following

section provides an overview of Cabka’s

financial performance in 2025, highlighting

key metrics and the drivers behind the year’s

results.

¹ EBITDA or Earnings Before Interest, Taxes, Depreciation, and Amortization is an important measurement of the Company's financial performance before taking the cost of capital, depreciation and taxes into consideration. EBITDA margins provide a view of operational efficiency and enable a more accurate and

relevant comparison between peer companies.

² EBIT or Earnings Before Interest and Taxes, is a measure of a company's profitability that excludes interest expenses and tax payments. It represents the company's core, recurring business income before the impact of its capital structure and tax obligations.

³ Non operational restructuring costs includes one-off costs related to employee severance packages totaling €0.7 million.

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Financial Performance in 2025

Condensed Income Statement Bridge Operational to IFRS

The condensed income statement below provides operational and non-

operational result items for insight on underlying operational performance.

The Financial Report section of this report provides integral IFRS

statements without this distinction.


In Euro x 1,000	2025	2024	Change

Sales	180.8	181.9	-1%
Other operating income items	4.6	10.5	-56%
Total Operating income	185.4	192.4	-4%
Expenses for materials, energy and purchased services	-92.9	-99.8	-7%
Gross Profit	92.5	92.6	—%
Operating expenses	-71.3	-72.1	-1%
Operational EBITDA ¹	21.2	20.5	4%
Depreciation	-19.4	-20.2	-4%
EBIT /Operating Income ²	1.8	0.4	409%
Net Financial Result	-5.9	-4.9	19%
Earnings before taxes	-4.1	-4.6	-11%
Taxes	-2.0	-0.4	429%
Net income from operations	-6.1	-4.2	45%
Non-operational items	-	-
Other IPO related expenses	-	-0.7
Insurance Compensation Fire Related	0.7	-
Tax on non-operational items	-1.3	-
Non operational restructuring costs ³	-0.7	-1.2
Fair value of Special shares and Warrants	-	0.9
Release of Deferred tax asset in US	-	-4.1
Net result reported IFRS	-7.4	-9.4

Business Overview

Revenue Performance

Full-year revenue for 2025 amounted to €180.8 million, reflecting a

1% decrease compared to the previous year (2024: €181.9 million).

In Europe, our Portfolio segment faced significant headwinds due to

challenging European conditions and trade uncertainties, which reduced

capex budgets at our customers, the segment declined by -6% year-over-

year, resulting in revenues of €72.6 million (2024: €77.5 million). In Europe,

the Customized Solutions segment was stable, showing a €0.8 decrease in

revenue to €33.7 million compared to €34.5 million in 2024. In Europe,

Contract Manufacturing including Non-Strategic Products emerged as a

clear success story in 2025, delivering a strong recovery of €3.5 million,

driven by renewed customer engagement and improved end-market

conditions. This brought total sales to €21.8 million (2024: €18.3 million).

In the US, our Portfolio business was stable in volume but slightly lower in

revenues due to lower prices, revenues declined -4% year-over-year to

€19.2 million in 2025. This growth underscores the success of our

commercial strategy to regain market share, as we strengthened our sales

force in the region. In the US Contract Manufacturing grew to €2.1 million.

Lastly, the ECO business delivered robust growth of 3% year-over-year,

resulting in €27.2 million sales in 2025 (2024: €26.3 million).

Cost Developments

2025 saw Cabka achieve marginal improvement in its operational gross

margin, which expanded by 0.3pp to 51.2%, compared to 50.9%² in 2024.

The gross profit margin (calculated as Gross Profit, which includes inventory

movements, divided by Revenues) was impacted by a strategic inventory

reduction during 2025 of €2.1 million. While this inventory reduction had a

temporary negative impact on gross profit margin (as inventory movements

are reported directly in the P&L under Other Operating Income), it

delivered substantial positive cash flow benefits.

Operating expenses (OPEX) excluding personnel decreased slightly to

€29.1 million (2024: €29.2 million). Personnel expenses were reduced by €2.7

million to €42.2 million (2024: €44.9 million).

Depreciation and amortization decreased by -4% to €19.4 million, as the

major capital investments related to US plant reconstruction and expansion

from prior years were substantially completed.

EBITDA

The company reported an operational EBITDA of €21.2 million for the full

year of 2025, which is €0.7 million higher compared to last year (2024:

€20.5 million²). The increase in EBITDA is predominantly attributable to

execution of the SHIFT plan cost controls and slightly higher gross margins.

Debt Facility

In 2025, Cabka successfully negotiated to link the syndicated loan

conditions to some of Cabka's ESG targets. In addition, the contract was

successfully amended in order to adjust some of its financial covenants.

Net Working Capital

Net Working Capital (NWC) position remained well within our medium-

term guidance, amounting to €28.0 million or 15.5% of sales as per

31 December 2025. This is mostly in line with the previous year’s position

which was €26.5 million or 14.6% of sales as per December 2024.

NWC showed a small increase of €1.5 million in 2025. The negative

movement is the result of an €0.6 decrease in trade receivables, a €2.1

million decrease in inventories partially offsetting a decrease in trade

payables of €4.0 million. During 2025 payment terms with suppliers came

under pressure due to a credit risk down rating which resulted in

reductions in credit limits with our suppliers and in some instances to pre-

payments for material purchases. With the improved going concern

position in 2026 the Company expects limits and terms to gradually improve

and return to normal levels.

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Governance & Risk

Sustainability Statement

Financial Report

Other Information

Supplementary Information

Cabka Annual Report 2025 –

The decrease in inventory value during 2025 was a consequence of efforts

to clean-up and right size the inventory, reducing slow moving stock while

making sure that sufficient safety stocks are in place and raw materials are

available to prevent any production delays. The reduction further

supported efforts to reduce working capital and the companies debt

position.

Cash flows and Cash Position

Cash flows from operating activities amounted to €18.7 million

(2024: €14.9 million). Cash flows used in investing activities amounted to

€5.2 million (2024: €18.0 million) of which €11.6 million was related to capital

investments in property, plant and equipment and intangible assets (2024:

€18.7 million).

Cabka sold and leased back certain assets contributing €6.4 million of cash

during 2025, which helped improve the cash position. In addition, interest

earned on short term deposits amounted to €- million (2024: €0.4 million).

Cash outflows from financing activities amounted to -€15.9 million (2024:

€0.4 million).The cash outflows resulted from the repayment to the debt

facility amounting to -€9.9 million (2024: -2.3 million), net lease repayments

of -€1.1 million (2024 -€4.4 million) and interest payments of -€4.8 million

(2024: -4.7)€. The company did not have any dividend payments of €-

million (2024: €-3.7 million) or increases in the debt facility €- million (2024:

€15.5 million). The total cash balance at 31 December 2025 was €3.1 million

(31 December 2024: €4.4 million).

CAPEX

Total CAPEX for 2025 amounted to €11.6 million (2024: €18.7 million).

Included in this total is investments in maintenance & replacement CAPEX

amounting to €2.0 million. Excluding the US investments related to the

flood, maintenance & replacement CAPEX was €11.3 million, or 6% of total

sales. Total investment in 2025 for our St. Louis plant to reopen and expand,

amounted to €0.4 million (2024: €1.7 million). In our ECO business we

invested €1.5 million (2024: €1.7 million).

Tax Positions

Deferred tax assets are recognized for unused tax losses to the extent that

it is probable that taxable profit will be available against which the losses

can be utilized. Management’s assessment is required to determine the

amount of deferred tax assets that can be recognized, based upon the likely

timing and the level of future taxable profits.

Tax on non-operational items consists of an annual fair value calculation on

investments at group level of €1.0 million and a prior year tax adjustment of

€0.3 million. Management decided based on the strict guidelines from IFRS

and out of prudence to not further increase the tax on non-operational

items in Germany. This adjustment has no impact on the fiscal position of

the company as it aims to build a growing and profitable European

operation.

The company does not use contrived or abnormal tax structures that are

intended for tax avoidance. Details of the income tax expenses reported in

the statement of profit and loss can be found in note 14 of the financial

report.

Outlook 2026

Market circumstances remain challenging given the current macro

environment, with customers continuing to exercise caution in their capital

expenditure decisions. Nevertheless, Management expects 2026 to deliver

an improvement in revenues and a higher EBITDA margin compared to

2025, supported by Cabka's strengthened commercial execution and

improved operational planning.

Looking further ahead, Cabka's two-phase growth strategy sets a clear

roadmap through 2030. In Phase 1 (2025–2028), the focus remains on

unlocking operational leverage across our European and US footprint —

improving capacity utilization through better product mix and intensified

commercial efforts, while maintaining low capex to drive higher cash flow

and further strengthen the balance sheet. Phase 2 (2028–2030) will shift

towards acceleration, with organic growth initiatives in the ECO and

Chemical recycling segments, leveraging Cabka's competitive advantages at

scale, and selectively pursuing consolidation opportunities as the balance

sheet allows.

Throughout both phases, Cabka remains focused on disciplined execution,

operational excellence, and cash generation as we continue building a

stronger, more resilient business.

Investor Relations and Share Performance

We aim to maintain close relationships with our shareholders and potential

investors. Our communication strategy is designed to uphold the highest

standards of transparency, accuracy, and relevance, ensuring our

shareholders are well-informed to make sound investment decisions.

We are dedicated to delivering consistent, high-quality information to all

stakeholders promptly, ensuring the public market is equally informed.

To achieve this, we frequently update the market on our performance,

strategic progress, and other significant company developments through

various channels such as press releases, webcasts, and conference calls.

Our practices adhere to the regulations set by Euronext Amsterdam and

the Dutch Authority for the Financial Markets (AFM). For further details on

Investor Relations, please visit our website.

Dialogue with Investors, Analysts and other Stakeholders

To maintain an open and continuous dialogue with the financial community,

we actively engage with investors through a variety of meetings and

conferences. We also accommodate meeting requests from the financial

community whenever feasible, ensuring compliance with all applicable

regulatory and confidentiality obligations.

About Us

How We Create Value

Our Impact in 2025

Governance & Risk

Sustainability Statement

Financial Report

Other Information

Supplementary Information

Cabka Annual Report 2025 –

When we publish our annual and half-yearly results, our Chief Executive

Officer (CEO) and Chief Financial Officer (CFO) together with our Investor

relations hosts a webcast to discuss our recent business and financial

performance. These webcasts are broadcast online and made available on

our website within a week of broadcasting.

Our policy is to have at least two representatives of Cabka present at

each conversation with shareholders and investors, where possible.

Bilateral meetings and conference calls with analysts, investors and

shareholders are not held during ‘closed periods’. Our policy of holding

bilateral meetings with shareholders is set out in the Bilateral Contacts

Policy that can be found in the Corporate Governance section of our

website.

On November 19, 2025, we held our 3rd Capital Markets Day virtually from

our Innovation Center in Valencia, Spain. The event featured a

comprehensive business and strategy update. A central focus of the day

was the presentation of Cabka's two-phase growth roadmap through 2030,

outlining the path from operational stabilization to scalable, profitable

expansion. Our CEO, Alexander Masharov, and CFO, Mark Letterie,

presented Cabka's strategic priorities, highlighting the progress achieved

through the SHIFT transformation program and the company's ambition to

grow revenues toward €300 million by 2030. Alexander Masharov

emphasized Cabka's commitment to innovation, sustainability, and the

structural improvements achieved since the company's listing in 2022, while

Mark Letterie outlined the financial framework underpinning the growth

strategy, including the focus on deleveraging, margin expansion, and

disciplined capital allocation. The Capital Markets Day provided

shareholders, analysts, and other stakeholders with valuable insights into

Cabka's strategic vision and reinforced the company's dedication to

disciplined growth, operational excellence, and leadership in sustainable

transport packaging.

General Meeting of Shareholders

Every year Cabka holds an Annual General Meeting of Shareholders (AGM).

Additionally, Extraordinary General Meetings of Shareholders (EGMs) can

be convened whenever deemed necessary by the Management Board or

Supervisory Board. We announce the date, agenda, and other relevant

documents for the AGM or EGM at least 42 days in advance on the Investor

Relations section of our website.

On May 29, 2025, we held our AGM at the John M. Keynesplein 10, in

Amsterdam, The Netherlands. During this meeting, shareholders approved

all proposed items on the agenda, including the adoption of the Company's

2024 financial statements. Detailed information about the 2025 AGM,

including minutes and voting results, can be found on the company’s

investor website.

Listing and Indices

Cabka’s shares are listed and traded on Euronext Amsterdam, under the

ticker symbol “CABKA”.

Earnings per Share

Based on 24,710,600 Ordinary Shares issued, the basic and diluted profit

for the year attributable to ordinary equity holders of the parent amounts

to € -0.30 per ordinary share (2024: € -0.38 per Ordinary Share).

Dividend Distribution

In 2025, Cabka N.V. refrained from paying out a dividend to its shareholders

to help improve its balance sheet. Cabka N.V maintained its dividend policy;

aiming to bring back value to its shareholders once the balance sheet has

sufficiently recovered.

This decision underscores our dedication to maintaining a balanced

approach to capital allocation, ensuring that we reward our shareholders

when this is possible, while also reinvesting in the business to drive long-

term sustainable growth.

Analyst Coverage

Cabka is currently covered by three analysts, one less than in 2024.

The research recommendations at the end of 2025 were as follows:


BANK	ANALYST	TARGET PRICE
ABN AMRO ODDO BHF	Usama Tariq	€3.40
First Berlin (sponsored)	Ellis Acklin	€3.40
Degroof Petercam, (sponsored)	Luuk van Beek	€2..70

Major Shareholders

The following table lists the shareholders on record in the AFM register on

December 31, 2025, that hold an interest of 3% or more in the share capital

of the Company:


MAJOR SHAREHOLDERS	NOMINAL STAKE
RAM.ON GmbH	49.41%
Eikenbosch Holding B.V.	4.55%
Free Float	37.90%

About Us

How We Create Value

Our Impact in 2025

Governance & Risk

Sustainability Statement

Financial Report

Other Information

Supplementary Information

Cabka Annual Report 2025 –

Going Concern

In 2025, Cabka navigated a challenging market

environment with resilience, taking proactive

steps to strengthen its financial position and

drive operational improvements. As a result of

these efforts, management has no material

doubts about the company’s ability to continue

as a going concern and remain confident in

Cabka’s long-term sustainability and growth

potential.

Financial Performance and

Challenges

The accompanying consolidated financial statements of the Group have

been prepared assuming Cabka N.V. will continue as a going concern.

The going concern basis of presentation assumes that the company will

continue to operate for at least a period of 12 months after the date these

financial statements are issued and contemplates the realization of assets

and the satisfaction of liabilities in the normal course of business.

In preparing the annual financial statements, management has assessed the

Group’s ability to continue as a going concern and has considered the

principal risks and uncertainties that could impact its financial position

and the company’s future performance. As part of this assessment,

management has taken into account the Group’s current financial position,

projected cash flows, available funding, and potential mitigating actions.

Based on this review, management recognizes no significant doubts to

continue as a going concern.

This improved confidence can be determined by the following factors:

• Bank covenant adjustments concluded: In September 2025, the Group

successfully negotiated with the bank to waive and adjust certain financial

covenants. By the end of Q4 2025 the companies’ numbers showed a

significant improvement in the leverage covenant, bringing the ratio

below even the initial covenant maximum. The forecast does show limited

margin in exceeding the interest cover covenant in 2027, therefore

additional actions will need to be taken throughout 2026 to ensure that

we have sufficient headroom above the target to prevent it from

becoming an issue for the loan renewal at the end of 2027.

• Net debt: The Group's net debt was reduced by nine million Euros year-

over-year. The company will continue to work on improving the balance

sheet. This will help improve the capital ratio’s further and will support

growth in EBITDA.

• Sufficient available funds: Cabka has sufficient room to draw down

additional funds from its current debt facility, if needed. However,

the company’s aim for 2026 is to have a positive balance in the net cash

inflow minus outflow and to further reduce our net debt.

• Cost optimization initiative: The Company has implemented a cash-saving

and operational excellence program, “SHIFT,” which is designed to

stabilize the company’s net debt via balancing the cash inflow and

outflow. The program focuses on reducing our cost base and increasing

our operational excellence and profitability. The SHIFT plan cost control

and reduction measures have resulted in €3M lower personnel and

operating costs. This lower cost base will help the company achieve

better results in the coming years. The company is also strictly managing

its capital expenditures in 2026, with the expectation that this will be

below the levels of 2025 and will mainly focus on next-generation

solutions that will further enhance our profitability.

•

• Efforts to strengthen our balance sheet: Strengthening the balance sheet

is actively considered and assessed. Regular review of working capital and

cash generation will help strengthen the balance sheet further and will

put an early brake on capital and other expenditures when results are

below expectations.

The financial statements have been prepared on a going concern basis as

management believes that they will be successful in staying within the

adjusted covenant boundaries and the company has sufficient available

funds.

In light of all of the above, management has assessed the going concern

assumption, which is the basis on which Cabka's consolidated financial

statements for the period ended on December 31, 2025 have been

prepared.

Based on forecasts and available cash resources, management of Cabka

believe that the group and company have adequate resources to continue

operations as a going concern for a period of at least 12 months after the

date of the Annual Report.

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Governance & Risk

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Financial Report

Other Information

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Cabka Annual Report 2025 –

Impact on Customers

& Supply Chain

By driving innovation, sustainability-focused

production, responsible supply chain

management, Cabka creates value across

the entire supply chain while supporting

the transformation of the plastics industry.

This approach enables customers to achieve

long-term environmental and economic

benefits and remain compliant with evolving

plastic and packaging regulations.


	New product launches (number)					Employees in R&D (in %)
	5					4%

	Initiatives & Associations (number)					Avoided CO2 Emissions (in tonnes)
	9					295,811

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Cabka Annual Report 2025 –

Partnering for Progress: Driving Value for Customers

Our customers value suppliers who deliver consistent quality,

dependable products, and outstanding service. Building long‑term,

trusted partnerships is therefore at the core of how Cabka operates.

Across industries, regions, and applications, rather than offering

one‑size‑fits‑all solutions, we focus on understanding the unique

requirements of each customer. Reliability, durability, and safety are

embedded in every product we create. Combined with close collaboration

and continuous innovation, we help our customers optimize their logistics

processes and strengthen the resilience of their supply chains.Through this

commitment to partnership, Cabka has established itself as a dependable

and forward‑thinking business partner.

Leading Circularity: Keeping Plastics in the Loop

Cabka’s mission is to advance the circular economy by minimizing virgin

plastic use and maximizing the reuse of plastic waste. In 2025, we processed

121 kilotons of plastic waste, reaching a recycled raw material inflow rate of

86%. A central priority is integrating post-consumer and post-industrial

waste into new product development. Our in‑house recycling operations

turn production scrap, end‑of‑life items, and hard-to-recycle waste

streams into new, sustainable materials. In addition, our buyback program

enables customers to return products at the end of their lifecycle, closing

the loop through recycling and reuse.

Innovation-Driven Solutions: From Waste to Value

Driving sustainable product development at Cabka is build on a strong

commitment to innovation. Using a structured stage‑gate innovation

framework, we continuously improve our solutions with a clear focus on

customer needs and sustainability performance. Research at our Innovation

Center in Valencia concentrates on new recycled materials and advanced

processing technologies, enabling efficient and effective product

development. Collaboration with leading industry partners further highlights

our ability to design customized packaging solutions made from recycled

materials.

Cabka’s Main Achievements in Innovation


CHEP Falconic	Product Started in 2025
CabCube XL 1512	Product Started in 2025
CabCube 1208	Product Started in 2025
HHP3	Product Started in 2025
TOSCA EURO E5	Product Started in 2025
Eco US4 (North America)	Product to be launched in Q3, 2026
CabCube 8060	Product to be launched in Q3, 2026
Euro E9	Product to be launched in Q3, 2026
Pallet 1140x1140	Product to be launched in Q4, 2026

Optimizing the Logistic Chain

Strengthening sustainability across our value chain is a key priority for

Cabka. In 2023, we introduced a comprehensive sustainability assessment

for all continuous raw‑material suppliers, and by 2025, this assessment

was expanded to include our continuous component suppliers as well.

Our Supplier Code of Conduct sets clear expectations for environmental

and social responsibility—from preventing forced labor to reducing

pollution. Together with our sustainable procurement policy, it reinforces

Cabka’s commitment to embedding environmental and social criteria into

supplier selection and procurement decisions.

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How We Create Value

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Governance & Risk

Sustainability Statement

Financial Report

Other Information

Supplementary Information

Cabka Annual Report 2025 –

Impact on People

& Environment

Cabka’s achievements are closely tied to

both our people and the environment.

In 2025, we sustained our investments in

employee development and took further

steps in promoting environmental sustainability.

The following highlights reflect our efforts,

with additional information available in our

sustainability statement.

People

Environment

Gender diversity

(% of females)

Females in Senior

Roles

(in %)

Energy consumption

(MWh)

Renewable energy

(in %)

16%

15%

105,746

67.4%

↓

4pp

2024: 20%

↓

5pp

2024: 20%

↓

2024: 109,853

↑

56pp

2024: 11.9%



Total GHG emissions (market-based, in tCO2e)
192,721
↓	8%	2024: 208,255


Work-related Accidents (in number)
44
↓	25%	2024: 59


Average Training Hours (in number)
7.59
↑	18%	2024: 6.44


Total amount of plastic waste intake (kt)
121,397
↓	4%	2024: 127,047


Recycled raw materials (in %)
86%
↓	2pp	2024: 88%


Water consumption (m³)
11,092
↓	1%	2024: 11,222

About Us

How We Create Value

Our Impact in 2025

Governance & Risk

Sustainability Statement

Financial Report

Other Information

Supplementary Information

Cabka Annual Report 2025 –

Cabka JV2025 ENG_impact on People & Environment_02.jpg

Creating value at Cabka is grounded in a shared commitment to

sustainability and responsible behavior. We foster a respectful and

inclusive workplace, protect the health and safety of our employees,

and actively promote equality, diversity, and inclusion. These principles

strengthen our positive impact on both people and the environment and

support our mission of transforming plastic waste into reusable transport

packaging.

Advancing circular innovation remains central to Cabka’s product

development efforts. Our Innovation Center focuses on creating solutions

that lower the carbon footprint of logistics systems while enhancing

durability and functionality. In 2025, recycled material made up 86%, of

the raw materials entering our processes reinforcing Cabka’s strong

commitment to circularity and our position as a leader in the RTP industry.

In addition, our take‑back policies support the collection and recycling of

additional plastics, further closing resource loops.

Building on these circularity efforts, Cabka also focuses on ensuring that

our products deliver measurable benefits throughout their use phase.

Our operations and the solutions we bring to market are designed to

generate positive impact for customers and the environment. Products

such as the CabCube 1208 and CabCube XL 1512 enable more efficient

logistics flows and contribute to significant emissions reductions. At the

same time, we continue to advance innovative processing methods that

allow us to incorporate hard‑to‑recycle plastic waste streams into our

manufacturing processes.

Those efforts are complimented by our commitment to support and

empower our workforce. We prioritize employee well‑being through a range

of dedicated programs, ensuring our people feel safe, supported, and

valued.At the same time, we invest in developing the skills and capabilities

our employees need to grow into future leaders and contribute to Cabka’s

long‑term strategic success.

Promoting an inclusive and diverse work environment is essential to driving

creativity and innovation at Cabka. Through broad recruitment channels

and strategic partnerships, we work to attract talent from a wide range of

backgrounds. Continuous learning programs provided by Cabka to our

people enable their career growth and skills development.




“	There are always barriers to change, but this is necessary to make supply chains more efficient and sustainable.”

	Naiara Loroño Chief Commercial Officer

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Our Impact in 2025

Governance & Risk

Sustainability Statement

Financial Report

Other Information

Supplementary Information

Cabka Annual Report 2025 –


	Governance & Risk
	37	Corporate Governance Statement
	40	Organizational Structure
	41	Entity Structure
	42	Supervisory Board Report
	46	Remuneration Report
	50	Risk Management
	61	In-Control Statement

	Sam S3 Originally engineered for a unique Samsonite application, the Sam S3 highlights Cabka’s bespoke capabilities— providing long‑lasting, reusable performance while reducing material waste and supporting more sustainable, customized supply‑chain solutions.

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Cabka Annual Report 2025 –

Corporate Governance

General

Cabka N.V. ('Cabka' or 'the Company') is a publicly limited liability company

incorporated under the laws of the Netherlands, with its registered seat in

Amsterdam and its offices at John M. Keynesplein 10, 1066 EP Amsterdam,

the Netherlands, chamber of commerce registration number 80504493.

Cabka’s shares are listed on Euronext Amsterdam (symbol: CABKA). Cabka’s

corporate governance framework is based on the requirements of the

Dutch Civil Code, the Dutch Corporate Governance Code, the Company’s

Articles of Association as amended on May 31, 2024, the applicable

securities laws, and the regulations concerning the Management Board and

the Supervisory Board. Our Articles of Association, which are published

online, include most of the Dutch Corporate Governance Code’s principles

and best practice provisions applicable to a two-tier governance structure.

Since the financial year 2022, Cabka has been subject to the 2016 Dutch

Corporate Governance Code, most recently updated on March 20, 2025,

which regulates the relationships between the Management Board,

Supervisory Board, and General Meeting of Shareholders (the General

Meeting). Listed companies in the Netherlands must render account for

their compliance with the Dutch Corporate Governance Code.

This chapter of the report gives an overview of how Cabka applies the

Dutch Corporate Governance Code.

Cabka has a two-tier board structure consisting of the Management Board

and the Supervisory Board. The Management Board is responsible for the

day-to-day management of the Company. The Management Board and the

Supervisory Board are jointly responsible for Cabka’s governance structure.

Sustainable long-term value creation is the key consideration for the

Management Board and Supervisory Board when determining strategy and

making decisions, with stakeholder interests taken into careful

consideration. The Management Board and the Supervisory Board, including

the committees of the Supervisory Board, each have their own regulations,

which set rules regarding their duties and responsibilities, composition and

working methods. These regulations are available on our website. In

addition to the Management Board and the Supervisory Board, Cabka has a

third governing body – the General Meeting.

Management Board

Powers, Responsibilities and Functioning

The Management Board is the statutory executive body. The Company has

appointed certain key employees to manage Cabka together with the

Management Board. The Management Board and these key employees

together constitute the Management Team, which is responsible for the

day-to-day management of Cabka and for achieving Cabka's objectives,

strategy, policy and results. It formulates and implements our (business)

strategy and policies in line with the associated risk profile and takes

responsibility for internal control systems.

The Management Board may take any actions necessary or useful for

achieving Cabka’s objectives, except those prohibited by law or by the

Articles of Association or those that are expressly the prerogative of

the General Meeting or Supervisory Board. In performing its duties,

the Management Board must consider the interests of Cabka’s stakeholders

(including shareholders, employees, partners and customers) as well as the

sustainability issues relevant to the business.

The Management Board must submit certain important decisions to the

Supervisory Board or the General Meeting for approval. The Management

Board keeps the Supervisory Board informed and consults with the

Supervisory Board on important matters. The Management Board has

informed the Supervisory Board of the main outlines of the Company’s

strategy, the general and financial risks, and the risk management and

control systems. The Management Board must, in a timely way, provide

the Supervisory Board with all the information it needs to carry out its

own duties.

Composition of the Management Board

The Management Board consists of at least two members and includes no

non-executive members. The number of Managing Directors is determined

by the Supervisory Board after consultation with the Management Board.

The Supervisory Board nominates one or more candidates for appointment

by the General Meeting. Each Management Board member is appointed for

a term of no more than four years, with their term ending immediately after

the General Meeting held in the fourth calendar year after their initial

appointment. A Management Board member may be re-appointed for a

term of no more than four years at a time.

The Management Board currently operates with Alexander Masharov as

Chief Executive Officer. Mark Letterie serves as Chief Financial Officer,

responsible for overseeing the Company's financial affairs in a non-

statutory capacity. The Supervisory Board oversees the composition of the

Management Board and continues to monitor governance arrangements in

line with the Company's by-laws.

The Management Board is composed of the following members:


NAME	YEARS IN MANAGEMENT BOARD	DATE OF INITIAL APPOINTMENT	DATE OF REAPPOINTMENT	TERM ENDS IN
Alexander Masharov	1	2024	n.a.	AGM 2028
Mark Letterie	0.5	2026*	n.a.	N/A

*Mark Letterie set for appointment at 2026 AGM.

Evaluation

The Management Board evaluates itself and its individual members at least

once a year. The performance of the Management Board and its individual

members is also evaluated at every closed session of the Supervisory Board,

with the findings communicated to the Management Board by the Chair of

the Supervisory Board.

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Remuneration

Information on the remuneration policy for Management Board members

and their individual remunerations can be found in the Remuneration

Report 2025 (page 46).

Supervisory Board

Powers, Responsibilities and Functioning

The Supervisory Board supervises the Management Board and the general

course of affairs of the Company, its subsidiaries, and the business affiliated

therewith. The Supervisory Board is accountable for these matters to the

General Meeting. The Supervisory Board also provides advice to the

Management Board. The Supervisory Directors assist the Management

Board with advice on general policies related to Cabka’s activities.

In performing their duties, the Supervisory Board members act in

accordance with the Company’s interests while also taking the interests

of stakeholders into account. They focus furthermore on the effectiveness

of Cabka’s internal risk management and control systems and the integrity

and quality of the financial reporting.

The Supervisory Board is responsible for nominating and supervising an

external accountant who audits, reports on, and issues an auditor’s report

on the Company’s annual financial statements for the General Meeting.

Composition of the Supervisory Board

The composition of Cabka's Supervisory Board is diverse in gender,

nationality, background, knowledge, experience and expertise. As detailed

in the Promoting Diversity, Equality and Inclusion section and in line with

Cabka's Diversity Policy, Cabka strives to foster an inclusive and diverse

environment characterized by an open and inspirational culture.

This commitment extends to the composition of the Supervisory Board,

which actively promotes diversity across various dimensions, including age,

gender, nationality, industry experience, background, skills, knowledge, and

perspectives. In 2025, women accounted for 33% of Cabka's Supervisory

Board, in accordance with both our internal target and the Dutch legislative

requirement of at least 33% male or female Supervisory Board members to

ensure gender balance.

Cabka's Supervisory Board consists of at least six members and is

authorised to make binding nominations for the appointment of a

Supervisory Board member. It appoints one of its members to be Chair.

In line with the Dutch Corporate Governance Code, each member is

appointed for no more than four years, with their term ending immediately

after the General Meeting held in the fourth calendar year after their initial

appointment.

On 30 May 2025, Ms. Tova Posner Henkin resigned from her duties as

Supervisory Board member. The Supervisory Board thanks Tova for her

significant contributions since 2021, including her pivotal role during the

process of listing the company on Euronext Amsterdam in March 2022.

On 21 May 2025, the Supervisory Board announced the interim appointment

of Ms. Anja Siegesmund as member of the Supervisory Board, subject to

the approval of the AGM. Ms. Siegesmund brings extensive experience in

sustainability, climate policy, and the circular economy, as former Minister

for the Environment, Energy and Nature Conservation in Thuringia and

current Executive President of the German Association for Waste

Management, Water and Recycling (BDE).

In the current Supervisory Board three members are Dutch, one Israeli,

and two German. The Board's current members are Niek Hoek (Chair),

Gat Ramon (Vice-Chair), Jeanine Holscher, Stephan Nanninga, Oliver Seidl

and Anja Siegesmund (interim member). For detailed information on their

backgrounds, please refer to page 42-43 and our investor website.

Following best practice 2.1.10 of the Dutch Corporate Governance Code,

the Supervisory Board establishes that its members are able to act critically

and independently of one another, the Management Board, and any

particular interests involved. Therefore, 100% of the Supervisory Board

members are independent. To safeguard this, the Supervisory Board is

composed in such a way that all its members are independent in the

meaning of best practice 2.1.8 of the Dutch Corporate Governance Code.

Cabka has made an exception to this best practice as its main shareholder

Gat Ramon is represented on the Supervisory Board. Niek Hoek and

Stephan Nanninga no longer represent the shareholders of the former

Dutch Star Companies TWO B.V.. All the former Dutch Star Companies

TWO B.V. shareholders hold their shares directly including full voting rights

having no restrictions.

As a result, five members of the Supervisory Board, Oliver Seidl,

Jeanine Holscher, Anja Siegesmund, Niek Hoek and Stephan Nanninga are

fully independent and one, Gat Ramon, represents the major shareholder.

Evaluation

At least once a year, the Supervisory Board evaluates its own performance

as well as the performance of its committees, the Management Board and

all individual members thereof.

Remuneration

Information on the remuneration policy for Supervisory Board members

and their individual remunerations can be found in the Remuneration

Report 2025 (page 46).

Supervisory Board Committees

The Supervisory Board has three committees to cover key areas in

greater detail: Audit, Remuneration (of both the Supervisory Board and

Management Board), and Nominations (to the Supervisory Board and

Management Board), the latter operate combined.

The Supervisory Board’s Audit Committee, and Remuneration and

Nomination Committee advise the Supervisory Board and inform its

decision-making, although the Supervisory Board remains collectively

responsible for the fulfillment of the duties delegated to its committees.

The Committee Regulations are published on Cabka’s website.

Audit Committee

The Audit Committee assists the Supervisory Board in overseeing the

integrity and quality of Cabka’s financial and sustainability reporting and

the effectiveness of its internal risk management and control systems.

This includes supervising the enforcement of relevant legislation and

regulations and the effect of our codes of conduct. The Audit Committee

supervises the financing of the Company, assessing the external

independent audit process and the scope and approach of the external

auditor as well as monitoring progress and performance. The relationship

with the external independent auditor is evaluated annually. Together with

the Management Board, the Audit Committee reviews half-year and full-

year financial statements, independent auditor reports and the

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Management Letter. The Audit Committee supervises the Company’s policy

on tax planning and ICT applications, including risks relating to

cybersecurity.

Remuneration and Nomination Committee

The Remuneration and Nomination Committee reviews and makes

recommendations regarding the remuneration policy for the Management

Board and the Supervisory Board, for adoption by the General Meeting.

The approved policy then forms the basis for the fixed and variable

remuneration of the Management Board. The committee is tasked with

advising on candidates to fill vacancies in the Management Board and

Supervisory Board, assessing the functioning of both Boards and their

members, supervising the policy of the Management Board on the selection

criteria and appointment procedures for senior management and ensuring

long-term succession planning.

Independence and Conflicts of Interest

In line with the Supervisory Board Regulations, the Management Board

Regulations, and the Dutch Corporate Governance Code, Board members

must immediately report any real or potential conflict of interest to the

Chair of the Supervisory Board and/or to the other members of the

Management Board. In 2025, there were no reports of potential conflicts

of interest relating to members of the Supervisory Board and Management

Board. The Supervisory Board was also able to carry out its tasks

independently pursuant to principles 2.1.7 to 2.1.9 of the Dutch Corporate

Governance Code.

General Meeting of Shareholders

An Annual General Meeting of Shareholders (AGM) is held within six months

of the end of every financial year. The main purpose of the AGM is to decide

on matters as specified in Cabka’s Articles of Association and under Dutch

law, such as the adoption of the financial statements and the discharge of

the Management Board and Supervisory Board members for their

respective management and supervision duties. Extraordinary General

Meetings (EGMs) are held if the Management Board and Supervisory Board

deem it necessary or at the request of one or more shareholders who,

alone or jointly, represent at least one-tenth of Cabka’s issued share

capital.

An AGM or EGM is called by a convening notice sent by the Management

Board or the Supervisory Board. Every shareholder may attend, speak at

and vote at the meeting. Unless Dutch law or the Articles of Association

require a larger majority, resolutions of the General Meeting are adopted by

a simple majority of the votes cast. Certain resolutions require a qualified

majority of two-thirds of the votes cast, if less than half of the issued share

capital is represented at the respective AGM or EGM.

The draft minutes must be published on our corporate website no later

than three months after the AGM or EGM. Shareholders are given three

months to respond to the draft minutes, which are subsequently adopted

and signed by the Chair of the Supervisory Board and the General Counsel,

acting as the secretary to the AGM or EGM.

Diversity and Inclusion

On January 1, 2022, the Diversity Act entered into force in the Netherlands.

In accordance with the Diversity Act, Cabka has set an appropriate and

ambitious target for a balanced number of men and women in the

Management Team, the Supervisory Board and the sub-top management

level. Cabka aspires to be an inclusive and diverse company with an open

and inspiring culture, where people feel safe to develop and share ideas.

Cabka’s Diversity Policy and targets are published on our corporate

website.

The Management Team and the Supervisory Board can be considered

diverse and balanced from the perspective of educational background

and work experience. Both Boards consist of people with a good mix of

sector knowledge, financial expertise and management capabilities.

The Supervisory Board annually assesses the composition of the

Supervisory Board, Management Board, and Management Team and agrees

to measurable objectives for achieving diversity on the Boards and at the

sub-top management level.

The Supervisory Board has drawn up a profile for its size and composition,

setting out (i) the size of the Supervisory Board, (ii) the desired expertise

and backgrounds represented in the Supervisory Board, (iii) the desired

diversity among and independence of Supervisory Board members and (iv)

the qualifications of the Supervisory Board. This profile can be found on our

website. With the Supervisory Board comprising four men and two women

and the Management Team comprising four men and two women, both

meet the quota as prescribed by Section 2:166 of the Dutch Civil Code.

More broadly, Cabka has a very diverse group of employees with people

of different genders from different backgrounds, cultures and religions.

Corporate Governance Statement

The Dutch Corporate Governance Code, as amended, entered into force

on January 1, 2017 and applies to any financial year starting on or after this

date. The Code finds its statutory basis in Book 2 of the Dutch Civil Code

(the Dutch Corporate Governance Code). The Dutch Corporate

Governance Code applies to Cabka as the Company has its registered

office in the Netherlands and its ordinary shares are listed on Euronext

Amsterdam.

The Dutch Corporate Governance Code is based on a “comply or explain”

principle. Accordingly, companies are required to disclose in their

management report whether they comply with the various best practice

principles of the Dutch Corporate Governance Code that apply to the

Management Board (bestuur) or, if applicable, the Supervisory Board (raad

van commissarissen) of the company. If a company deviates from a best

practice principle in the Dutch Corporate Governance Code, the reason for

such deviation must be properly explained in its management report.

Cabka does not comply with the following principle of the Dutch Corporate

Governance Code:

Best Practice Provision 4.3.3:

Cancelling the Binding Nature of a Nomination

In deviation from provision 4.3.3 of the Dutch Corporate Governance Code,

the General Meeting may only pass a resolution to cancel the binding nature

of the nomination by the Supervisory Board for the appointment of

Managing Directors and Supervisory Directors by majority representing at

least two-thirds of the votes cast, representing more than one half of the

issued capital of the Company.

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Organizational Structure

Cabka's organizational structure is designed to

support our strategic goals and ensure efficient

operations. Our structure includes key functional

areas such as Product Development, Innovation,

Marketing and Sales, Operations, Production and

Manufacturing, and Corporate Services. Each area

is led by experienced professionals who work

collaboratively to achieve our mission and vision.

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Entity Structure

Following the IPO on Euronext Amsterdam

in 2022, Cabka N.V. was established as the

listed parent company of the Cabka Group

GmbH. Cabka N.V. functions as an

administrative holding entity. All operational

and sustainability activities are performed

by Cabka Group GmbH and its fully

consolidated subsidiaries. Cabka N.V. holds

no other subsidiaries and conducts no

activities beyond those of the operating

group.

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Cabka JV2025 ENG_Background_Compostion_SB.jpg

Supervisory Board Report

Composition of the Supervisory Board

Cabka Supervisory Board key data

NIEK HOEK

GAT RAMON

JEANINE HOLSCHER

STEPHAN NANNINGA

OLIVER SEIDL

ANJA SIEGESMUND

TOVA POSNER-HENKIN

Year of Birth

1956

1953

1965

1957

1963

1977

1947

Gender

male

female

male

female

Nationality

Dutch

Israeli

Dutch

German

Israeli

Current positions

Founder DSC2 & Brandaris

Capital, Chairman of the

Supervisory Board of

Anthony Veder N.V.

(Netherlands Antilles);

member Supervisory

Board BESI N.V.; Chairman

of the foundation Pref.

shares NEDAP

Major shareholder

and advisor to Cabka

Non Executive Director of

NEPI Rockcastle

Founder DSC2; member

of the Supervisory Board

of CM.com, Bunzl Plc and

IMCD N.V.

Member of the

Supervisory Board of

Nordzucker AG, Board

Member of Financial

Experts Association (FEA)

and Senior Advisor at

Horvath & Partner, PWC

and Bain

Chairwoman and

President of the German

Protestant Church

Congress

Chair of the Board of

Directors of Plasson Ltd.;

Non executive board

member OSG – Oran

Safety Glass Ltd.; Biobee

Ltd. and Nirotek; advisory

board member Starplast

Industries

Past positions

CEO (2001-2014) and CFO

(1997-2001) Delta Lloyd

N.V.; Executive functions

at Royal Dutch Shell

Founder of Cabka in 1994.

Since its establishment

and until listing, he served

as Managing Director/

President of Cabka.

Investor in start-ups

with a focus on innovative

technologies such as

energy, mobility, and

smart living

Management functions at

various companies, such

as Amsterdam RAI, HEMA

and Macintosh Fashion NL;

COO of Mirage Retail

Group B.V.; CEO of

Blokker B.V.); Chair of

Supervisory Board of

Foundation Dutch

Order of Prof. Coaches;

Supervisory Board

member of Espria

Executive functions at

various companies,

including Intergamma,

Technische Unie, CRH and

Royal Dutch Shell in the

Netherlands and abroad.

Board member SHV

Holdings N.V. (2007-2016)

from 2014 as CEO

CFO of DB SCHENKER AG,

CFO/CIO of Media Saturn

Holding GmbH, CEO of

Loewe AG, several Senior

management

responsibilities in Finance,

Strategy, M&A, a. o.

Mercedes Car Group

Exec. President of German

Assoc. for Waste

Management, Water

and Recycling; Minister

Environment, Energy

and Nature Conservation

(Thuringia); Deputy Prime

Minister of Thuringia;

Member of Federal

Council; Chairwoman of

SVB of Thuringian Energy

Agency

CEO of Plasson Industries

Ltd. (2007 to 2013); several

executive positions in

India, Brazil, France and

the U.S.

⁴ The retirement schedule for the Supervisory Board can be found in the Articles of Association for the Supervisory Board in the investor section of the company website www.investors.cabka.com.

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Cabka Supervisory Board attendance records

NIEK HOEK

GAT RAMON

JEANINE HOLSCHER

STEPHAN NANNINGA

OLIVER SEIDL

ANJA SIEGESMUND

TOVA POSNER-HENKIN

Number of SB positions in

Dutch listed entities

TENURE

Initial appointment

2022

2025

2022

End of current term

2026

2029

To be appointed by AGM

2026

2025

Reappointment possible

Yes

ROLES

Role - SB

Chair

Vice-Chair

Member

Interim Member

Former member

Role - Audit Ctee

Member

n.a.

Chair

Interim Member

n.a.

Role - Rem. and

Nomination Ctee

n.a.

Member

Chair

Member

n.a.

ATTENDANCE

Attendance – SB

100%

n.a.

Attendance – AC

100%

n.a.

100%

n.a.

Attendance – RNC

n.a.

100%

n.a.

⁴

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Supervisory Board Meetings

The Supervisory Board held eight main meetings in 2025: three online

meetings and five face-to-face meetings. The face-to-face meetings took

place in Spain and the Netherlands.

Information Gathering

Monthly updates with the Management Board were held online, where

the Management Board informed the Supervisory Board members about

the monthly financials and discussed the progress of the business.

The Supervisory Board also held online meetings to discuss and approve

the first half-year results of 2025. There were also online meetings in 2025

for which the decision-making had been mandated by the Supervisory

Board to the Chair of the Supervisory Board and the Chair of the Audit

Committee, who both attended these calls.

All Supervisory Board meetings were held in the presence of the

Management Board. In addition, the Supervisory Board also convened in the

absence of the Management Board, which usually happens either before

or after a meeting. The Chair of the Supervisory Board is in regular close

contact with the CEO, as is the Chair of the Audit Committee with the CFO.

Meeting attendance of the Supervisory Board and the Committees can be

found in the table on the previous page.

Main Items Discussed by the Supervisory Board in 2025

The Supervisory Board performed its duties of supervising and advising the

Management Board with respect to both recurring standard agenda items

for Supervisory Board meetings and specific topics relevant at any given

point in time. Besides the recurring standard agenda items, the following

main items were on the agenda.

Strategy

The Management Board continued to execute their Strategic Priorities Plan

in 2025 to structure and align all global and local projects with the

Company’s vision, mission, and strategy. The updated strategy was

discussed with the Supervisory Board in November and subsequently

presented at the Capital Markets Day.

People and Organizational

Based on advice and recommendations of the combined Nomination and

Remuneration committee, the Supervisory Board provided active support

to the Management Board in recruiting and building the crucial

management positions below Management Board level to form the

executive committee.

ESG

The Supervisory Board continues to support Cabka’s ESG framework by

providing feedback and approving the updated double materiality analysis

and driving actions on our ESG agenda.

Governance

The Management Board and Supervisory Board work closely together in

accordance with the two-tier board structure. The appointment of

Alexander Masharov as CEO has had a positive impact on the relationship

between the Management and Supervisory Board. This has enabled the

boards to agree on common goals and revise the company's targets to

ensure future growth.

Governance Framework

The following figure depicts Cabka’s overall governance framework and the

most important governance elements and regulations at each level.

Relationship and Stakeholder Management

In performing its duties, the Supervisory Board acts in accordance with

the interests of the company and the business connected with it, taking

into consideration the interests of all of the company’s stakeholders.

The Supervisory Board interacts not only with the management but also

with Cabka’s employees on various occasions and in various contexts,

Cabka JV2025 ENG_ Share Capital and Voting Rights.jpg

for example during site visits or as part of the ongoing professional

education of Supervisory Board members. Direct, one-to-one contact

between Supervisory Board members and the Management Board and

senior management generally follows naturally from topics discussed in

the meetings of the Supervisory Board. These discussions draw on the

expertise of individual Supervisory Board members, whose advice is

sought on a wide range of specialist topics as required.


Shareholders	• Articles of Association • Relationship Agreement
Supervisory Board	• Supervisory Board Rules • Terms of Reference Audit • committee • Terms of Reference Nomination • and Remuneration committee
Management Board	• Management Board Rules
Cabka Group overall	• Code of Ethics • Insider Trading Policy • Diversity Policy • Environmental Policy • Human Rights Policy • Health and Safety Policy • Whistleblowing Policy • Related Party Transaction Policy • Disclosure committee

Supervisory Board Committees

The Supervisory Board has preparatory committees to cover key areas in

more detail: the Audit committee and the combined Nomination and

Remuneration committee. These committees are described in more detail

below.

Nominations and Remuneration Committee

The Nomination and Remuneration Committee is a combined standing

committee of the Supervisory Board and comprises Supervisory Board

members Jeanine Holscher (Chair), Oliver Seidl, Gat Ramon and Stephan

Nanninga. Other Supervisory Board members have a standing invitation to

attend the committee meetings.

The recommendations and minutes of all Nomination and Remuneration

Committee meetings are shared with the Supervisory Board members. The

Supervisory Board members also have access to all the meeting materials

posted for the Nomination and Remuneration Committee meetings.

The full Terms of Reference of the Nomination and Remuneration

committee can be found on the company website under Corporate

Governance.

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General Meeting of Shareholders

The General Meeting of Shareholders is held annually and normally at the

end of May. Shareholders can attend the meeting physically and ask

questions and vote in person. Voting results are made available on our

website immediately after the meeting. Within three months of the

meeting, the draft minutes of the meeting are made available on our

website for comments for a period of three months, after which the report

is adopted by the Chair of the Supervisory Board and the Company

Secretary. The final minutes are published on our website.

Important matters that require the approval of the General Meeting

of Shareholders are:

• Adoption of the annual accounts;

• Adoption of profit appropriation and dividend allocation;

• Significant changes to the company's corporate governance;

• Appointment, suspension, or dismissal of the members

of the Management Board and the Supervisory Board;

• Remuneration policy of the Management Board

and the Supervisory Board;

• Remuneration report of the Management Board

and the Supervisory Board;

• Discharge from liability of the members of the

Management Board for the exercise of their duties;

• Discharge from liability of the members of the

Supervisory Board for the exercise of their duties;

• Appointment of the external auditor;

• Authorization to issue or purchase shares in Cabka's capital,

and the cancellation of repurchased shares;

• Designation of the Management Board, subject to approval

of the Supervisory Board, as the competent body to restrict

or exclude preemptive rights upon issuance of ordinary shares;

• Adoption of amendments to the articles of association.

Further details about the proposals that the Management Board or the

Supervisory Board can submit to the General Meeting and the procedure

according to which shareholders themselves can submit matters for

consideration by the meeting are specified in the company's articles of

association that can be found on our website.

Share Capital and Voting Rights

The number of issued and outstanding ordinary shares amounted to

24,710,600 at the end of 2025. The ordinary shares issued and outstanding

have equal voting rights (one share equals one vote).

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Remuneration Report

This report explains how the remuneration policy was put into practice

over the financial year 2025 by Cabka N.V. (“Company”), and it details

the remuneration which was paid to or accrued by the individual members

of the Management Board and Supervisory Board. Members of the

Management Board and Supervisory Board are considered key group staff

members. The full remuneration policy can be found on the remuneration

page of the Cabka investor website.

This Remuneration Report has been prepared in accordance with the

relevant parts of Section 135, Book 2 of the Dutch Civil Code, in accordance

with the EU guidelines based on the EU Shareholders' Rights Directive.

The remuneration is furthermore determined in accordance with the

remuneration policy adopted at the Extraordinary General Meeting on

August 1, 2024.

Introduction and Composition of the

Remuneration Policy

Cabka’s remuneration policy aligns with the company’s long-term

development and strategy, taking into account the company’s vision,

mission and values. The Remuneration Policy aims to motivate and retain

highly qualified individuals, with a reward structure that is set on the basis

of achieving a balance between short-term and long-term objectives,

while promoting behavior geared towards long-term value creation for all

stakeholders. As such, we have defined guiding principles that ensure that

our remuneration policy and approach to remuneration reflect these

objectives sufficiently.

Cabka places sustainability at the core of its strategy. The company’s

sustainability objectives are being increasingly integrated into its

remuneration structure both in the short and long term. The last update

of the remuneration policy was adopted by the Extraordinary General

Meeting on August 1, 2024. The following table details the key changes in

the Remuneration policy compared to the previously adopted policy:


KEY CHANGES	2023 POLICY (UNCHANGED FOR 2024)	2025 POLICY	RATIONALE
Deletion of Performance Shares for CEO	This policy provided the CEO with a one-off entitlement to an additional 450,000 shares where vesting of the awards is subject to continued engagement and the condition that the shares trade at or above certain share price levels Performance Shares)	Deleted.	A new LTI plan was introduced for the CEO.
Deletion of Performance Share Units for CEO	This policy provided the CEO with Performance Share units of 142,853.	Deleted.	A new LTI plan was introduced for the CEO.
New Short-term Incentive Plan	One monthly salary subject to achieving an EBITDA of €32m	15% target amount based on group financial, functional team and individual targets. Payouts are conditional to achieving minimum 75% Group EBITDA. Cap at 120%.	To replace the automatic annual base salary increase with a performance driven approach to align better with business performance, introducing new targets.
New LTI Plan - providing restricted stock units	Not included.	CEO and CFO entitled to RSUs, grant level: 50% of annual base salary. 3yr vesting program linked to a cumulative 3yr EBITDA target. 5 yr lock-up period starting at granting date. SB has right to adjust actual grant.	To align the long-term performance of the company, bringing the program in line with market practice

Management Board Remuneration 2025

The remuneration package for the Management Board comprises the

following:

• fixed annual base salary;

• a short-term incentive scheme plan;

• participation in a long-term incentive plan;

• other benefits

Cabka does not grant any loans, guarantees or advance payments to

members of the Management Board.

Fixed Annual Salary

The annual maximum base remuneration of the members of the

Management Board has been set by the Supervisory Board at a level

reflecting the responsibilities and is currently maximized at €425,000

for the CEO and €320,000 for the CFO. The Supervisory Board is allowed to

deviate from the maximized amount as stated in the remuneration policy

under certain circumstances.

The Supervisory Board may re-evaluate the base fee of the Management

Board annually taking into account developments in the labor market and

other factors, including potential changes in the scope of the job and level

of responsibility of both Managing Directors and the remuneration paid by

other companies of a similar size and complexity.

Other Benefits

Members of the Management Board are entitled to a company car, or

allowance, and a reimbursement for other travel costs. Apart from their

remuneration, Managing Directors shall be reimbursed for all reasonable

costs incurred.

⁵ Other compensation include benefits in kind such as pension contributions, social security contributions, insurances and company cars.

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Short-term Incentive Plan

The objective of the short-term incentive plan is to motivate the Managing

Directors to achieve outstanding results for the benefit of the long-term

value creation of the Company, and to reward the Managing Directors

with a competitive remuneration package which is linked to the growth

and share value of the Company. This is in line with the Company’s strategic

vision, which also focuses on long term value creation. Scenario analyses

are conducted to assess the possible outcomes of the variable

remuneration components and their effect on the remuneration of

the Management Board.

There will be some payments in 2026 that relate the short term incentive

plans for 2025; since some of the targets have been achieved. The exact

amounts have not yet been determined and will be included in next years

remuneration overview.




“	We integrate ESG principles across all business lines and apply insights from our internal innovation center to embed sustainability in existing and new product development.”

	Alexander Masharov Chief Executive Officer

Total overview of the remuneration per Management Board member

for 2025:


Remuneration Management Board 2025
IN EURO x 1.000	FIXED	VARIABLE
	FIXED REMUNERATION	RSU EXPENSES	PSU EXPENSES	PS EXPENSES	OTHER COMPENSATION ⁵	TOTAL REMUNERATION	% FIXED	% VARIABLE
A. Masharov
2025	360	20	—	—	42	422	85%	15%
2024	150	11	—	—	16	177	85%	15%
M. Letterie
2025	66	—	—	—	6	72	92%	8%
2024	—	—	—	—	—	—	—%	—%
T. Litjens (Former CEO)
2025	—	—	—	—	—	—	—%	—%
2024	365	—	—	—	26	391	93%	7%
F. Roerink (Former CFO)
2025	283	—	—	—	61	344	82%	18%
2024	320	23	9	—	41	393	81%	19%
N. Küpcü (Former CFO)
2025	—	—	—	—	—	—	—%	—%
2024	—	—	28	—	—	28	—%	100%
Total - 2025	709	20	—	—	109	838	85%	15%
Total - 2024	835	33	37	—	83	988	84%	16%

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Internal Pay Ratio

In setting the remuneration policy for the members of the Management

Board, the Supervisory Board also takes into account the internal pay ratio.

The internal pay ratio between the average pay of Cabka employees vis-à-

vis the average pay of the CEO is calculated based on the average 2025

remuneration of all Cabka employees vis-à-vis the 2025 remuneration of

the CEO.

The 2025 pay ratio is 6:1 (2024: 7:1) for the CEO. The pay ratio 2025 and 2024

is based on the specific guidance provided by the Monitoring Committee

Corporate Governance Code in December 2020 on the calculation

methodology of the pay ratio.

The following table provides an overview of the remuneration of the

members of the Management Board over the period since the listing of

the company’s shares and the percentage change year on year:


IN EURO X 1,000	2025	% change	2024	% change	2023
Management Board member
A. Masharov	422	139%	177	n/a	—
M. Letterie	72	n/a	—	n/a	—
T. Litjens (Former CEO)	—	(100%)	391	(49%)	768
F. Roerink (Former CFO)	344	(12%)	393	28%	307
N. Küpcü (Former CFO)	—	(100%)	28	32%	21
Average employee salary	74	1%	73	5%	69

Performance Share Units (PSU)

The Company operates a share option scheme (performance share units -

PSU) that applies to the Management Board, among others, linked to the

growth and share value of the Company and accordingly to longer term

value creation and sustainability of the Company. On March 1, 2022, Cabka’s

Management Board and key personnel were granted a PSU plan. Following

the resignation of Tim Litjens, the former CEO, effective October 1, 2024,

his PSU entitlements were revoked, resulting in no vesting or payout.

Mr. Alexander Masharov, the newly appointed CEO, was not granted any

PSUs. Similarly, after the former CFO, Frank Roerink, stepped down at the

end of September 2025, his PSU rights were also terminated without vesting

or payout. The new CFO, Mr. Mark Letterie, did not receive any PSU

allocations.

If the price hurdles have not been reached within five years after the date

of grant, the PSUs will automatically lapse. The PSUs have a holding period

of five (5) years as of the grant date. By applying a holding period of five (5)

years, the remuneration structure is also geared towards forging a long-

term mindset and long-term value creation. With this approach, a

significant part of the remuneration is geared towards the longer term; this

is in line with the Company’s strategic vision, which also focuses on long-

term value creation.

Subject to the terms and conditions of the PSU Plan, vesting of the awarded

PSUs will occur on different vesting dates subject to the performance

conditions being met in the following manner:

• one-third over a period of three years (in three equal parts per year) after

the shares have reached the conditions at the strike price of €11.00

• one-third over a period of three years (in three equal parts per year)

after the shares have reached the conditions at the strike price of €12.00

• one-third over a period of three years (in three equal parts per year)

after the shares have reached the conditions at the strike price of €13.00.

Long-Term Incentives

In addition to the current PSU plan, the EGM approved a new LTI program

on August 1, 2024 for the management board and other management team

members in order to enable them to share in Cabka’s future success and to

reward contributions and promote long-term commitment.

The new LTI program consists of two types of incentives, being (i) stock

options (which will provide for a right to purchase shares in the share

capital of the Company at a predetermined price) and (ii) RSUs (which will

provide for a right to receive shares in the share capital of the Company at

a predefined moment in the future).

The eligible group of managers, the type of incentive (stock options and/or

RSUs) and the grant levels under the new LTI program will be subject to the

approval of the Management Board and the Supervisory Board. Under the

new LTI program, it is further envisaged that the Management Board will

establish a grant allocation scheme with the number of stock options and/

or RSUs to be granted based on the position of the relevant participant

within the Company.

Under the new LTI program, the relevant instruments (stock options and

RSUs) will be subject to a vesting scheme. Non-vested stock options cannot

be exercised and non-vested RSUs cannot be settled. If a participant leaves

the Company, all granted but unvested stock options will be forfeited.

The grant will be adjustable (from 0% to 130%) based on the job

performance of the relevant participant. The adjustment of the grant will

be determined after the vesting period of the stock options and/or RSUs

based on the achievement of a cumulative three-year EBITDA target, which

EBITDA target will be determined by the Supervisory Board. Accelerated

vesting will be subject to the approval of the Supervisory Board and the

Supervisory Board will have the right to overwrite and/or adjust any grant of

stock options and/or RSUs.

Participants will not be allowed to exercise stock options or sell shares

received pursuant to the vesting of RSUs within the first 5 years following

the date of grant.

No more grants under the PSU program will be issued.

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Supervisory Board Remuneration 2025

The remuneration of the members of the Supervisory Board comprises

the following:

• Fixed annual fee

• Travel expenses and other expenses

Fixed Annual Fee

The remuneration policy determines the annual fees for each position

of the Supervisory Board, separated into membership and chairpersonship

of the Supervisory Board and membership and chairpersonship of a

committee.

The fixed compensation for the Chair of the Supervisory Board has been set

at €42,600 per year. The other Supervisory Directors will receive a fixed

compensation of €31,950 per year. The Supervisory Directors will receive an

additional €3,195 per membership, if any, of the following committees:

Audit Committee, Remuneration Committee and nomination committee.

Travel Expenses and Other Expenses

Members of the Supervisory Board are entitled to a reimbursement for daily

and travel expenses of an amount of up to €2,662.50 per year.

Supervisory Board members are not awarded shares and/or share options,

with the exception of Gat Ramon under the conditions as described in the

Shareholder Circular dated January 10, 2022 and as stated in the overview

below.

Total overview of the remuneration per Supervisory Board member for

2025:


Remuneration Supervisory Board
IN EURO X 1,000	FIXED REMUNERATION		VARIABLE REMUNERATION
	MEMBERSHIP	COMMITTEES	TRAVEL AND OTHER EXPENSES	TOTAL REMUNERATION	% OF FIXED REMUNERATION	% OF VARIABLE REMUNERATION
G. Ramon	32	6	2	40	96%	4%
N. Hoek	43	6	0	49	100%	—%
S. Nanninga	32	3	0	35	100%	—%
O. Seidl	32	6	0	39	99%	1%
T. P. Henkin	16	2	0	18	100%
J. Hölscher	32	6	0	38	100%
A. Siegesmund	17	2	0	18	100%
Total - 2025	203	32	2	237	99%	1%

The following table specifies the total remuneration received by each

Supervisory Board member in accordance with the period the Company's

shares were traded on Euronext:


IN EURO X 1,000	2025	2024
N. Hoek	49	44
G. Ramon	40	43
J. Holscher	38	38
S. Nanninga	35	35
O. Seidl	39	6
T.P. Henkin	18	35
A. Siegesmund	18	—
M. Beja (former SB member)	—	40
Total remuneration	237	241

In addition, the majority shareholder RAM.ON GmbH (formerly known as

RAM.ON finance GmbH, managed by the founder of Cabka Gat Ramon and

Heike Ramon) has a consultancy agreement with Cabka for services as

disclosed in the Shareholder Circular for a total of €500,000, which was

increased as of January 1, 2023 due to an inflation correction as stipulated

in the consultancy agreement to an amount of €520,168.

Furthermore, Gat Ramon is an indirect shareholder of the Company

via the legal entity RAM.ON GmbH, which is controlled by Gat Ramon.

Niek Hoek and Stephan Nanninga are also shareholders of the Company.

The other Supervisory Board members hold no shares in the Company.

The table below shows the shareholdings of the Supervisory Board

members:


SB shareholdings 2025
IN SHARES	NIEK HOEK	GAT RAMON	STEPHAN NANNINGA	TOTAL
Total number of shares	559,081	12,178,528	511,477	13,249,086

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Risk Management

Cabka operates in a landscape where market

dynamics, regulatory change, and operational

realities constantly and increasingly influence

one another. Economic headwinds affect

customer demand and compress margins,

heightening the importance of stable raw

material supply and disciplined cost

management. Simultaneously, an evolving

regulatory environment shapes not only

compliance obligations but also material choices

and long-term business strategy. Operational

exposures from fire risk and extreme weather to

labor scarcity can rapidly translate into financial

losses or production bottlenecks, while

technology-driven risks, including digitalization

gaps and cybersecurity threats, underscore the

need for resilient systems that underpin both

efficiency and sustainable growth.

By understanding how these risks connect and reinforce one another,

Cabka strengthens its ability to anticipate pressure points, respond early,

and protect long-term value creation in an environment where isolated

disruptions rarely remain contained. To this end, Cabka's risk management

framework systematically identifies, evaluates, and addresses potential

threats across all business activities with the explicit purpose of ensuring

that risk does not impede the company's strategic objectives.

In accordance with our by-laws, risk reporting is submitted to and reviewed

by the Management Board and Supervisory Board on a regular basis.

Cabka’s strategy department is responsible for the overall monitoring,

assessment, and reporting process. Its purpose is to reduce uncertainty

arising from both external developments and internal operations, providing

the timely insight needed to ensure risks do not impede the company’s mid‑

to long‑term strategic goals. While risks can never be eliminated entirely,

the process is designed to provide a high level of assurance that material

negative impacts are recognized early and mitigated effectively.

Over the past year, Cabka carried out two in-depth, Group-wide risk

assessments, engaging leaders across strategic, financial, operational, and

compliance functions to gather insight into how the company's most critical

risks have evolved and to identify newly emerging priorities. As part of this

semi-annual exercise, each risk was assessed against a consistent five-tier

scale for both impact and likelihood of occurrence. This structured process

complemented by external trend analysis and the outcomes of Cabka's

updated double materiality assessment ultimately shaped the final set of 16

principal risks for 2025.

Compared to 2024, Cabka’s overall risk landscape in 2025 remained broadly

consistent. No major macroeconomic disruptions materially altered the

company's principal risk profile, though several risks shifted in priority as a

result of Cabka's own mitigation progress and evolving macro-trends.

Notably, the successful application of fire-prevention controls reduced the

residual priority of operational fire risk, while the deterioration in the net

debt/EBITDA ratio elevated the priority of capital availability. New and

emerging risks, including AI-driven cybersecurity threats and the

approaching PPWR deadline were evaluated as part of the semi-annual

cycle and are reflected in the assessments below.

Cabka also renewed its ESG‑related double materiality assessment in 2025.

This updated assessment provides a more comprehensive and in‑depth

view of Cabka’s sustainability‑related material impacts, risks and

opportunities, strengthening the company’s understanding of emerging

regulatory, environmental, and social development.

The assessment itself was informed by Cabka’s risk management and its

results were taken into account in the following enterprise risk evaluations.




“	Stakeholder engagement informs all steps of our material assessment, from establishing the list of IROs to evaluating their materiality.”

	Katrin Poirier Sustainability Director

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Risk Appetite

The risk appetite defines the level of risk Cabka is prepared to accept in

pursuit of its objectives across four categories: strategic, financial,

operational, and legal. It is defined and periodically reviewed by the

Management Board and Supervisory Board and is embedded in the

decision-making throughout the organization. Generally, Cabka's

orientation is risk-averse, reflecting the company's priority to protect

operational continuity, financial stability, and stakeholder trust. However,

the acceptable risk range varies by category, recognizing that some risk-

taking — particularly in strategy and innovation — is necessary to deliver

long-term value. In strategic decisions such as product development,

market expansion, and partnerships, Cabka accepts a broader range of

outcomes in exchange for growth potential. In financial and compliance

matters, the appetite is considerably narrower, reflecting the direct

consequences of financial loss or regulatory breach on the company's

viability and reputation. The acceptable risk range per category is

illustrated below.

Risk Framework

As an organization operating in the plastics industry, we face specific

strategic, financial, operational, and compliance risks with varying degrees

of controllability. Our risk framework is based on a structured process for

identifying and evaluating the potential impact and likelihood of such risks

occurring and is guided by the principles and structure of the ISO 31000

standard. Risk management is an inherent part of our strategic decision-

making and its processes are therefore firmly integrated into our

business activities. The primary component of our risk framework is our

Risk Committee, which is responsible for identifying, assessing, and

evaluating internal and external risks with potentially material impacts

on Cabka’s business. ESG-related risks identified through our double

materiality assessment are fully integrated in this process.

The committee reports principal risks and mitigation strategies to the

Management Board to facilitate the directors’ oversight of these risks.

The committee also monitors individual principal risks and conducts

risk analyses on new high-impact strategic business initiatives, advising

the Management Board on their risk profile.


	AVERSE	MINIMALIST	CAUTIOUS	FLEXIBLE	OPEN
Strategic Risk related to the overall strategic orientation and decision making of the company e.g. product strategy and innovation, people and culture, mergers & acquisition, communication.

Operational Risk related to the production and distribution of goods, e.g., manufacturing, raw material sourcing, supply chain and process management, energy supply, health and safety, sustainability.

Financial Risk related to the allocation of financial resources and cost management, e.g., accounting, liquidity, credit, interest and tax, pricing.

Legal and Compliance Risk related to legal frameworks and overall compliance, e.g., policies, regulations.

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The committee conducts research on potential and existing risks arising

from external developments on a semi-annual basis. Additionally, the risk

management team within the committee discusses internal developments

regarding all individual risks with the functional leaders responsible for

managing the risks in fixed semi-annual meetings. The committee then

reports directly to the Management Board, who monitors the operation of

risk management and internal control systems. Furthermore, the managing

directors are responsible for informing the Supervisory Board about

Cabka’s principal risks and risk management on an annual basis. The

mechanisms underlying our risk framework are illustrated in the flow chart

on the previous page.

Risk Matrix

During the most recent risk identification cycle, Cabka reviewed and

reassessed the principal risks from the prior year together with the relevant

business divisions, and evaluated newly identified risks surfaced through

internal analysis and external trend monitoring. Leaders from strategic,

financial, operational, and compliance functions were engaged throughout.

The same consistent five-tier scale for assessing both impact and likelihood

was applied in 2025, ensuring year-on-year comparability.

Risks with negligible combined impact and likelihood are excluded from the

risk matrix, as they are not considered material. Through this structured

assessment, Cabka established a prioritized set of 16 principal risks that

currently shape the company’s overall risk profile.

The risk matrix generated after the assessment process gives an overview of

the assessed likelihood of occurrence and potential impact of each

principal risk. Internal risk management and risk mitigation follow a three-

step priority hierarchy based on the impact severity and likelihood of

occurrence of each principal risk. Risks with both a potentially high impact

on Cabka’ business and a high likelihood of occurrence have the highest

priority.

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Principal Risk Overview


Short name	Description	2025 Developments	Trend	Mitigation Tactics	ESG
Fires due to business operations	Fires resulting from the storage and processing of waste streams into finished goods with major implications for the productivity and with the potential to result in significant costs	As a result of applying stringent fire‑prevention and risk‑control measures, no material fire incidents were recorded in 2025. We further reinforced our risk‑management framework by implementing targeted enhancements to manufacturing workflows and introducing improved storage protocols to mitigate residual fire‑related hazards.		• Fire exposure within our material‑handling operations remains minimal due to comprehensive sprinkler installations across all production facilities. • In the Eco business, fire‑detection systems—including heat and smoke monitoring—along with additional sprinkler coverage, are fully deployed. • A structured fire‑management framework is in place, encompassing an internal emergency‑response unit, documented safety protocols, and mandatory workforce training. • Continuity measures, including predefined contingencies and access to alternative production capacities, ensure operational resilience in case of fire‑related disruptions. • Regular internal safety audits and systematic facility assessments are conducted to verify ongoing compliance with applicable safety standards.	NO
Economic downturns	Possibility of a recessionary economic climate leading to decreased demand and/or increasing costs, impacting the overall profitability	The risk of a global economic downturn remains present. While the impact of US-driven tariffs has so far been less severe than widely anticipated, Cabka does not regard this risk as diminished. While Cabka is not directly exposed to these US tariffs, any broader reduction in economic activity would inevitably affect the company. Although the recent AI boom has temporarily slowed further economic stagnation, persistent geopolitical frictions and ongoing political instability throughout 2025 have continued to weigh on the global environment. These pressures have amplified the likelihood of regional slowdowns and contributed to a noticeable softening in demand from several of Cabka’s core customers. As a result, we are now observing a gradual cooling of economic momentum, reflected in reduced order volumes within specific industry segments.		• Adequate external production capacity and a stable proportion of of temporary workers to remain agile and adjust operations as needed. • Risk mitigation is supported by multiple EU-based facilities with comparable capabilities and equipment, enabling flexible allocation of production across different geographic markets. • Strong growth pipeline with steady inflow of new product launches to counteract stagnating demand. • A broadly diversified customer portfolio across numerous industries reduces exposure to downturns in any single sector.	NO

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Short name	Description	2025 Developments	Trend	Mitigation Tactics	ESG
Regulatory compliance	New or existing legislation limiting the company's ability to conduct its business	In 2025, regulatory compliance remained a central area of focus for Cabka, as sustainability‑related legislation continued to evolve rapidly while often remaining unclear and introducing new operational and reporting requirements. These regulatory shifts present meaningful opportunities for Cabka's product portfolio — particularly as legislation increasingly favors recycled-content products — but they also heighten the risk of non-compliance due to growing complexity, limited regulatory transparency, compressed transition timelines, and divergent national interpretations across EU member states. As a result, continuous monitoring, internal capability building, and close engagement with policymakers were essential throughout the year. In 2026, regulation remains a key influence. The PPWR will apply from August 2026, introducing harmonized EU rules on recyclability and recycled content. Cabka advanced CSRD preparations, though scope changes and delays create uncertainty, especially with Dutch transposition still pending. The revised CSDDD will affect Cabka mainly via customer requirements, while expanding EU and national plastic taxes continue shaping material and cost decisions. Overall, these measures support Cabka’s strategy but add complexity.		• A dedicated, group‑level task force continuously tracks ESG‑related regulatory developments to identify changes requiring swift action. • Active participation in multiple industry associations ensures early access to insights on emerging legislation that could impact Cabka. • Regular review cycles of operational permits at all production sites to ensure continued compliance. • Targeted advocacy on the PPWR aims to secure fair treatment of tertiary packaging and avoid incorrect classification as primary packaging. • Proactive approach to PPWR compliance.	YES
Scarcity and cost of labor	Low availability or difficulties to attract skilled labor force throughout the organization and increases in labor rates, also as a result of inflationary developments	Cabka continues to face significant challenges in attracting skilled candidates, particularly for specialized roles in areas such as ESG, AI, and technological development, where competition in the labor market remains intense. These difficulties are part of a structural, longer-running trend: high market competition for specialist talent has driven labor costs upward consistently since 2024, and there is no near-term indication that this pressure will ease.Persistent inflation, higher interest rates, and tight labor markets in several operating locations further increased wage levels, contributing to labor costs taking a growing share of the overall cost base. While general and sales roles remain easier to fill due to broader market downturns and restructuring activity, certain sites continue to struggle. The Weira location, in particular, still faces shortages of skilled labor. Geographical constraints, especially remote facilities located far from urban centers, remain a major barrier to attracting and retaining qualified candidates.		• Strengthened employer branding to deepen community engagement and improve the attraction of potential candidates. • Updated hiring policies to better support diversity and inclusion across the organization. • Reviewed and streamlined the compensation and benefits framework, aligning it more closely with company objectives and performance outcomes. • Progressively implemented process automation to reduce labor‑related volatility and enhance operational efficiency. • Continued with initiatives such as Health & Safety Day and employee engagement surveys to strengthen workforce involvement and well‑being. • Implemented an internship (apprenticeship) program in Weira and plan to expand it to Spain, aiming to partner with a local technical university to establish a dual study program that supports long‑term collaboration and talent development.	YES

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Short name	Description	2025 Developments	Trend	Mitigation Tactics	ESG
Extreme weather events	Major natural events such as floods, storms, droughts, or forest fires disrupting production and causing productivity and financial losses	In 2025, global monitoring agencies reported that the year ranked among the three warmest ever recorded, with the 2023–2025 period marking the first time a three‑year global average exceeded 1.5°C above pre‑industrial levels, despite temporary cooling from La Niña conditions. Intensified warming contributed to severe droughts, extensive heat stress, and a rise in extreme events such as large‑scale floods, tropical cyclones, and wildfires across multiple regions. Although Europe also experienced elevated temperature anomalies and related climate impacts, Cabka’s operational sites were not materially affected by the extreme weather incidents reported during 2025.		• At the Hazelwood facility in North America, robust flood‑protection measures have been established to safeguard operational continuity. • Potential wildfire impacts at the Weira site are addressed through a comprehensive and structured fire‑risk management framework. • A climate‑risk assessment has been completed for all manufacturing locations, identifying required adaptation actions where applicable.	YES
Price pressure	Low price commodity goods from low-cost markets affecting price position and negatively influencing customer expectations	The company succeeded in defending its gross margin, despite increasing pressure from customers to reduce sales prices due to their perception that underlying commodity prices have fallen. While raw material and energy prices did decline during the year - leading to selective price adjustments in certain segments -the reductions were not significant enough to justify broader concessions. At the same time, inflationary pressures, particularly rising labor costs, continued to shape the cost environment, while heightened competition and shifting customer demand further weighed on short‑term profitability. These dynamics created a persistent tension between customer expectations for lower pricing and Cabka’s need to maintain margin discipline. Looking ahead to 2026, this tension remains: although some material prices continue to ease, the decreases are insufficient to meaningfully reduce sales prices, especially as personnel expenses and operating costs are expected to rise, keeping total product costs effectively stable and further limiting pricing flexibility.		• Strategic emphasis on customized products that meet specific customer requirements, strengthening retention and enhancing pricing power: • Major commercial agreements increasingly structured as long‑term partnerships, reinforcing stability and shared value creation. • Backward integration enables input costs below market levels, supporting competitive pricing across more commoditized product line. • Strengthened emphasis on cost‑efficient CAPEX initiatives. • Adoption of a flexible pricing strategy.	NO
Corruption & fraud	Potential for unethical practices within or against the organization such as bribery, which could result in financial losses, legal penalties, and harm to the company's trustworthiness	In 2025, the overall risk landscape related to corruption and fraud remains the same. Although Cabka operates in a sector with generally low inherent exposure to bribery and corruption, the company remains vulnerable to unethical practices through its international supply chain, sales interactions, and procurement activities. Overall, while Cabka maintains a strong ethical framework, 2025 has reinforced the importance of proactive monitoring, supplier integrity checks, and continuous reinforcement of a zero- tolerance culture to mitigate corruption and fraud risks across all operations.		• A Whistleblowing Policy and reporting tool are in place to address concerns related to corruption, bribery, or other unethical behavior. • The company actively promotes a culture of reporting and ensures that every submission is thoroughly investigated. • The Insider Trading Policy provides clear guidance on stock trading and outlines the potential legal consequences of employee misconduct. • Procurement Policies include targeted training to address corruption and bribery risks. • Developing a more robust internal control framework, supported by more complete segregation of duties, stronger IT access controls and more up to date security protocols will help to prevent fraud and errors. • An independent organization supports the review of supplier credibility.	YES

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Short name	Description	2025 Developments	Trend	Mitigation Tactics	ESG
Availability of Capital	The potential to face challenges in accessing the necessary financial resources to fund operations, growth and innovation.	Cabka's syndicated loan financing has come under pressure because the companies senior leverage ratio, which is a key bank covenant increased above the agreed limit. Cabka was able to negotiate a waiver that prevented the company from formally breaching the covenant. Stabilization is now underway — supported by a more cautious capex program that limits annual spend below the annual depreciation amount; effectively supporting a reduction in depreciation and debt over time. The senior leverage covenant has been temporarily adjusted to reflect current conditions and provide appropriate headroom. Management actively monitors the trajectory of this ratio and is focused on a clear path of progressive deleveraging. Looking ahead to 2026, the primary levers are capex discipline, EBITDA improvement through continued margin recovery, and working capital efficiency. Cabka also recognizes that sustained ESG performance supports favorable access to financing, further reinforcing the integration of sustainability considerations into financial risk management.		• A rigorous capital expenditure review process has been established, targeting a reduction of annual capex to below the depreciation/replacement rate. • Forecasting accuracy is being strengthened through enhancements to the Sales & Operations Planning (S&OP) process. • Two loan covenants have been adjusted supported by an agreed recovery plan and close bank monitoring.	YES
Raw material cost	Limited availability of key raw material streams - whether recycled or virgin polymers, or post‑industrial and post‑consumer waste - accompanying significant price volatility	in 2025 virgin polymer prices remained depressed due to a persistent global oversupply, driven in particular by substantial new production capacity coming online in China in the last years, which continues to outpace demand growth. This oversupply was likewise exerting downward pressure on recycled material markets, as lower‑cost virgin feedstock reduced competitiveness and contributed to continued softness in recyclate pricing across key regions. The war that has recently erupted in the Middle-East has substantially changed these dynamics, at least in the short-run by creating a bottleneck in the supply chain of energy and petrochemicals from the Middle-East to the rest of the World. As a consequence virgin plastics prices have sky-rocketed in March of 2026. These developments could continue to elevate prices for longer, here the backward-integration should help reduce cost volatility for Cabka vis-a-vis its competitors.		• Structured procurement framework has been implemented, enabling greater success in securing extended‑term supply agreements with key raw material partners. • Procurement functions proactively seek to commit volumes with suppliers at the earliest feasible stage to limit exposure to short‑term market fluctuations. • The backward‑integration approach ensures that a substantial share of raw material requirements is met through internally recycled inputs, thereby reducing cost volatility. • Multiple initiatives are underway to expand internal recycling capabilities and broaden the overall raw‑material base to enhance operational resilience. • Dedicated in‑house material specialists continuously assess additional material streams to further diversify sourcing options.	YES

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Short name	Description	2025 Developments	Trend	Mitigation Tactics	ESG
Low availability of materials	Insufficient availability of main raw material streams, both pelletized polymers, recycled or virgin, and post-industrial or -consumer waste	At the start of 2025, we observed an oversupply of recycled materials, pushing prices to record lows and creating a challenging market environment. This situation is reinforced by broader global trends seen in recent years, where an oversupply of low‑cost virgin resin, driven largely by overproduction in certain regions, particularly China, has intensified competitive pressure. The influx of cheap virgin plastic makes conditions even tougher for plastic recyclers, whose costs for collecting, sorting, and processing often exceed the achievable selling prices. As a result, many recycling businesses face profitability constraints, with some at risk of shutting down. Despite this imbalance, the overall supply of recycled materials has remained relatively stable. Looking ahead, we anticipate that newly adopted regulations such as the PPWR will help shift market dynamics back in favor of recycled materials by strengthening demand and creating a more supportive policy framework.		• Leveraging in‑house material expertise and backward integration to maximize the use of difficult‑to‑recycle, lower‑quality, and less sought‑after material streams. • Operating dedicated procurement teams focused on securing stable volumes through mid‑term supply contracts of up to three years to reduce exposure to the spot market. • Expanding internal recycling capacities to lower overall dependency on external market sources. • Closely monitoring advancements in chemical recycling technologies to stay informed about emerging trends and future opportunities.	YES
Digitalization	Insufficient digitalization of internal processes or disruption of existing activities and processes by new technology leading to inefficiencies and/or lower output and revenues	In 2025, the momentum behind digitalization has continued to accelerate, highlighting the growing risks for companies that do not keep pace. Key developments include the deeper integration of AI and IoT into core business processes, driving higher levels of automation and more informed decision making. Advances in AI, especially in reasoning capabilities and interaction through voice and video, have greatly improved both user experiences and operational efficiency. At the same time, the expanded use of cloud computing has streamlined operations, increasing scalability and overall performance. Together, these technological shifts are reshaping entire industries and making digital transformation essential for any business that wants to remain competitive.		• Utilization of existing digital infrastructure. • Identification of opportunities to optimize and maximize the use of existing systems, resulting in concrete countermeasures, with implementation planned for the short to mid term. • Roll out of several new systems that will automate processes that were previously manual and paper based, significantly improving both efficiency and accuracy.	NO
Increase in energy prices	Energy prices experiencing strong volatility and/or rising into unforeseeable levels con- straining profitability	Electricity prices have stabilized significantly since the volatility of 2022, with 2023 and 2024 seeing a return to near pre‑war levels. Nonetheless, price uncertainty persists due to geopolitical tensions and supply chain issues, even as renewable energy now represents a substantial share of the EU energy mix and supports overall market normalization. In parallel, a new risk has emerged at the Weira site concerning regulated transmission network charges, which are waived only if the ratio between total annual consumption and peak load remains stable. Unexpected peak‑load spikes can trigger transmission fees exceeding EUR 1 million.		• Real‑time monitoring of electricity demand to detect abnormal load increases early. • Implementing an energy price‑fixing policy supported by continuous forward‑market monitoring to identify opportunities for locking in rates for part or all of the site’s consumption. • Reducing overall energy use by replacing legacy equipment with newer, high‑efficiency assets. • Diversifying the energy mix to limit exposure to steep price increases for individual energy sources. • Advancing in‑house green‑energy initiatives (e.g., solar, wind, biomass) to reduce reliance on external suppliers and minimize vulnerability to market price fluctuations.	YES

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Short name	Description	2025 Developments	Trend	Mitigation Tactics	ESG
Loss of key customers	Inability to retain customers that make up high revenue share in a specific product category or overall sales	Cabka has continued to secure additional long‑term development collaborations and commercial arrangements, despite the prevailing market headwinds. These structured partnerships strengthen customer retention and support a more balanced revenue profile by gradually reducing reliance on individual high‑volume accounts.		• Utilizing proprietary intellectual property, patent protections, and specialized product expertise to reinforce customer experience with Cabka’s solutions. • Establishing legal and contractual safeguards designed to limit short‑term financial exposure. • Broadening the customer portfolio on an ongoing basis to reduce sensitivity to major individual accounts. • Advancing a standardized sales governance framework to ensure consistent negotiation practices across all markets.	YES
Interest rates	High interest rates limiting the loan capacity and hence, financial flexibility of the company	Interest rates have declined and are currently relatively stable, supported by inflation remaining largely under control. This follows a period in which central banks sharply increased rates to counter rising inflation, driving up borrowing costs across markets. Despite this broader volatility, Cabka remained largely insulated from interest‑rate fluctuations thanks to effective hedging strategies.		• Successful debt refinancing completed with expanded credit facility at improved terms. • Improved access to capital markets since listing due to global operations which diversifies our options for funding sources. • Necessity of short-term loans limited as a result of liquidity from IPO cash injection. • Active hedging of revolving short-term credit facilities. • Long-term loans secured at fixed rates.	NO
FX rate fluctuations	Volatility in currency exchange rates leading to disadvantageous financial impact	Exchange rates have remained highly volatile, driven by divergent monetary policies, uneven economic recovery trends, and ongoing geopolitical tensions. Despite this environment, Cabka’s exposure to FX risk has stayed low, supported by the company’s effective and consistently applied FX hedging strategy.		• Established FX hedging strategy.	NO
Cybersecurity	Protection of vital cyber and IT infrastructure such as servers, intranet, communication channels, and enterprise resource planning systems	As companies become more reliant on software and digital platforms, the threat of cyberattacks and data breaches has grown significantly. The emergence of sophisticated, AI-powered threats — including advanced phishing schemes, deepfake social engineering, and automated vulnerability exploitation — has materially raised the risk profile for industrial manufacturers. If Cabka's IT systems, ERP infrastructure, or operational technology were compromised, the potential consequences include production disruption, data loss, regulatory penalties, and reputational harm. Cabka's increasing digital footprint, driven by ongoing automation and systems roll-outs, makes continued investment in cyber resilience essential.		• Updating of IT policy to strengthen internal expertise and employee readiness for cyber threats. • Implementation of new measures to improve detection, response and mitigation of cybersecurity incidents, exploring cyber risk insurance options, enhancing the company’s digital resilience. • Consistently strengthening our technical security controls with guidance from an independent cybersecurity specialist. • Ongoing organizational improvements, including structured employee awareness initiatives and targeted training campaigns. • Regular cybersecurity awareness tests for employees.	YES

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ESG Risk Management

At Cabka, the assessment and evaluation of ESG-related risks is integrated

into the general process of risk identification and enterprise risk

management. Through our review, ten principal risks were recognized as

being linked to ESG. We then classify these ESG-related risks according to

the relevant sustainability topic, adhering to the original Set 1 topical

standards of the European Sustainability Reporting Standards (ESRS).

• Climate Change: This includes the risks of extreme weather events and

rising energy prices.

• Circular Economy: The risk of low availability of materials and raw

material costs fall under both climate change and circular economy

aspects.

• Own Workforce: The risk of scarcity and cost of labor are related to our

own workforce. It is further assessed in the subsection People Risks.

• Consumers and End-Users: The risk of loss of key customers. It is further

assessed in the subsection People Risks.

• Regulatory Compliance: This pertains to our entity-specific ESG topic of

regulatory compliance. It is further assessed in the subsection

Governance Risks.

• Business conduct: The risk of availability of capital, corruption and fraud

and cybersecurity is connected to the topic of business conduct. It is

further assessed in the subsection Governance Risks.

An in-depth description of each material ESG-related risk and Cabka’s

management approach are included in the individual chapters of the ESG

statement in this Integrated Report.

Climate Change Risks

Physical risks, which are distinct from transition climate change risks,

pertain to the direct consequences of climate change, and therefore, the

growing intensity and recurrence of extreme weather events. Cabka’s

principal risk extreme weather events, which encompass any potential

financial impact due to damages to our infrastructure, addresses this issue.

To better incorporate such risks into our broader financial and strategic

frameworks, Cabka updated its scenario analysis of physical climate risks

for Cabka’s operational locations as well as for our Innovation Center in

Valencia during 2025.

The update did not reveal any areas of concern for Cabka, which is why in

our 2025 double materiality assessment we did not specify extreme weather

events as material risks. However, the increasing frequency of such events,

including the devastating flood event in Valencia, which fortunately did not

have a material impact on our employees at that location, underscores the

significance as a principal business risk.

The transition from a fossil fuel-based to a low-carbon economy, brings

certain risks. Cabka’s analysis pinpointed two main risks: rising energy

prices and low availability of raw materials. As both, energy and materials

constitute a substantial fraction of our production costs, these factors

could limit our competitiveness, particularly within our portfolio segments

that are sensitive to pricing. Despite this, the ongoing shift towards a low-

carbon and circular economy is likely to exert pressure on energy and raw

material markets in the coming years. In response to these challenges, we

are actively pursuing a diversification of our (renewable) energy sources, as

well as an expansion of our raw material streams.

Circular Economy Risk

The previously addressed risk of low availability of materials relevant for

Cabka from both a climate change and a circular economy perspective.

The EU’s plan to transition to a circular economy impacts our industry

through various restrictions on virgin plastic, virgin plastic packaging sales,

as well as the adoption of the PPWR. For Cabka, a company that mainly

manufactures products from recycled plastics, this shift represents several

advantages, the overall demand for plastic waste material is also likely to

increase, also due to expected advancements in the chemical recycling

sector. In response, Cabka consistently enhances its processes for utilizing

various low-value materials, thus extending in-house recycling capacity and

diversifying material input streams.However, the current oversupply of

virgin plastics continues to depress recyclate markets, as lower‑cost virgin

feedstocks erode competitiveness and keep prices soft across key regions,

which Cabka monitors closely.

Governance Risks

All three ESG dimensions are subject to the primary risk of regulatory

compliance, which is routinely reviewed during the development of ESG

strategies. A core element of our ESG and risk management is to remain

updated on legislative changes that could have either favorable or adverse

consequences for Cabka’s activities. This is particularly relevant in the

ongoing shift of European Policy Frameworks. In 2025, the European

Commission introduced the Clean Industrial Deal, which explicitly combines

decarbonization as the focus area of the EU Green Deal with

competitiveness objectives This marks a significant shift toward making

climate policy a driver of industrial growth and resilience, not just an

environmental mandate. We will therefore maintain our close monitoring of

policy evolution and continue to support and participate in initiatives within

our value chain which address new regulatory requirements.

Furthermore, the risk of availability of capital is also ESG-linked, as poor

ESG performance in the future could impact Cabka’s access to funding and

financing conditions. To mitigate this risk we implemented and maintain a

comprehensive and pioneering sustainability strategy and a dedicated

management framework described in our sustainability statements.

In alignment with the principal business risks identified through our

enterprise risk management process, Cabka has expanded its ESG

framework to explicitly include corruption and fraud and cybersecurity

as key topics within the governance section. Recognizing the increasing

importance of digital resilience against any kind of sophisticated attacks

as well as transparent business operations, Cabka now treats both topics as

an integral part of its governance approach. This integration ensures that

our approach to ESG reflects the spectrum of risks relevant to our business,

and we are proactively managing and reporting on cybersecurity and

corruption and fraud risks and controls as part of our overall commitment

to responsible and transparent governance.

People Risks

The main risk associated with labor shortages and rising employment costs

is directly related to the significant risk factor of talent retention, as

identified in our double materiality assessment. As the cost of labor

increases, ensuring that Cabka remains a compelling and competitive

employer for current staff becomes essential. To address this, Cabka

consistently invests in cultivating a workplace that is both attractive and

equitable for all employees.

Another principle risk is the potential loss of important clients, which

connects to the ESG-related threat of brand reputation damage.

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Such damage could occur if concerns emerge about potential health risks

of the materials used in Cabka’s products. These concerns may arise from

substances that could be found harmful to human health in the future.

We have a stringent quality process in place, including internal and external

material testing, as well as a legislation task force that stays up to date

on regulatory developments regarding chemicals, hazardous substances,

and plastics. Nevertheless, we are evaluating further plans and actions to

manage this risk holistically and will share further information and updates

moving forward.

Operational Risks

Cabka has implemented an internal risk management and control system

designed to identify, assess, and mitigate operational risks across the

organization. Key operational areas of focus include fire‑prevention

measures, workforce and skills management, the assessment of

climate‑related impacts, secure sourcing practices, and the continued

digitalization and protection of IT and process infrastructure.

These measures are supported by regular internal reviews, training

activities, and continuous adaptation of operational processes.

While these controls contribute to maintaining stable operations in an

environment characterized by a variety of hazardous events, inherent

limitations remain. No risk management and control system can provide

absolute assurance regarding the achievement of operational objectives,

nor can it fully prevent misstatements, inaccuracies, fraud, operational

disruptions, or security incidents. During the year, the Management Board

identified certain areas of improvement in the design and operating

effectiveness of the internal controls. Remediation plan have been defined

and are currently implemented. The integrated approach helps reduce the

likelihood and impact of such events and supports the organization’s

ability to respond effectively when they occur.

Compliance Risks

Cabka’s management recognizes that fraud is a fundamental risk associated

with both internal and external interactions. Operating across Europe and

North America, Cabka faces exposure to a broad spectrum of potential

fraud-related activities. We identified fraud risks primarily related to

inappropriate revenue recognition, including the potential overstatement of

revenues in financial reporting, the risk of management override of

controls, as well as fraud risks within the supply chain, such as kickbacks

and bribery. Additionally the company is vigilant regarding risks in

administrative functions including fraudulent payments and falsified

documentation, along with the threat of cyberattacks.

Fraud in this context can lead to various types of losses, from negligible

minor financial setbacks caused by small-scale theft of office materials to

substantial monetary damages or harm to the organization's reputation.

Fraud risks are specifically included in the annual corporate risk

assessment, to promote active monitoring of fraud risk developments and

continuous awareness among (senior) management.

To ensure that external stakeholders can rely on Cabka N.V. and its staff to

act with integrity, reliability, and diligence, the company has implemented a

code of ethics that is provided to each new employee upon joining, with its

relevance and adherence regularly underscored in meetings and trainings.

Additionally, a dedicated suppliers’ code of conduct is in place to guarantee

that external suppliers operate in accordance with the company standards.

A confidential advisor and tip line, including a whistleblower policy, have

been implemented to report any abuses confidentially. The code of ethics;

suppliers code of conduct; and the whistleblower policies are published on

our website and are also communicated with our external business

partners.

Cabka N.V. has implemented a range of measures to mitigate its exposure

to fraud. These measures aim on restricting both physical and digital access

to what is required for employees to perform their day‑to‑day

responsibilities, combined with a segregation of duties (SoD) framework to

ensure that no individual is assigned conflicting roles within critical

processes. User access rights and SoD assignments are reviewed and

updated on a periodically to ensure continued alignment with the

company’s evolving risk appetite and operating environment.

While these controls form the foundation of Cabka’s internal IT control

environment, management recognizes that further enhancements are

possible, particularly with respect to logical access controls within IT

General Controls. Cabka therefore remains committed to strengthening

these controls, both in terms of structural design and operational

effectiveness.

A similar conclusion applies when considering Cabka’s broader internal

control environment. Although the foundational elements are in place and

multiple internal control procedures have been established, inherent

limitations remain. There remains the possibility that management or the

board may bypass these controls, and the risk of employee collusion

continues to persist. To mitigate these risks, Cabka promotes transparent

decision‑making, maintains a strong governance framework, fosters a

culture of openness and shared accountability, appoints a confidential

advisor to whom unethical behavior can be reported anonymously.

Conclusion

The Management believes that, after considering all implemented

procedures and control measures, the risk assessment presented in this

report offers a comprehensive and balanced summary of the material risks

currently facing Cabka. Existing measures are evaluated and further refined

to address and mitigate these risks effectively.

Cabka will maintain its routine assessment and will continue to adapt its

mitigation strategies as the risk landscape evolves. We are committed to

transparent, rigorous risk reporting as a foundation for the trust of our

shareholders, customers, and other stakeholders.

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In-Control Statement

Based on its assessment for the reporting year,

Cabka considers its risk management and

internal control systems to be generally

adequate, while recognizing the need for

continued improvement.

It is important to note that our systems and procedures do not guarantee

the absolute achievement of all strategic, operational, compliance and

reporting objectives, nor can it prevent all misstatements, inaccuracies,

errors, fraud and non- compliance with laws and regulations.

In accordance with provision 1.4.3. of the Dutch Corporate Governance

Code and Article 5:25c of the Financial Supervision Act, the Management

Board declares that, to the best of its knowledge:

• The Management Board is not aware of any significant indications that

the internal risk management and control systems fall short of providing

sufficient evidence that operational and compliance risks are effectively

managed in line with the company’s risk appetite, taking into account the

company’s complexity and inherent system limitations;

• Several shortcomings have been identified around Cabka’s internal

control environment, because of the existence of manual processes,

limitations to its IT control environment, instances of sub-optimal SoD in

IT access and regional payments execution and over-dependence on

several key users. The company is working hard to implement system and

SoD improvements to mitigate theses risks and/or automate processes.

• The aforementioned risk management and control systems provide at

least limited assurance that the sustainability reporting included in this

Annual Report is free from material misstatements;

• The Management Board considers that the internal risk management and

control systems provide reasonable assurance that operational and

compliance risks are effectively managed in line with the Company's risk

appetite, taking into account the Company's complexity and the inherent

limitations of any internal control system;

• The Risk Management and Control section of the Management Board

report clearly supports this statement;

• The aforementioned risk management and control systems of the

company offers reasonable certainty that operational and compliance

risks are effectively managed and that the financial and sustainability

reporting does not contain any material inaccuracies or misstatements;

• The effectiveness of the companies risk management framework is

substantiated by interviews with senior leaders in the company who did

not flag any serious short-comings (internal review) and feedback from

Supervisory Board members (oversight). These internal assessments also

lead to the identification of areas of improvement where Cabka needs to

improve, which is also acknowledged by our external (local and group)

audit.

• Based on Cabka’s current state of affairs, it is justified that the financial

reporting is prepared on a going concern basis (refer to Going Concern

note). Management acknowledges that adverse developments in results

compared to the current outlook could influence the companies ability to

meet all loan covenants, in particular the interest cover ratio. To mitigate

this eventuality management is already taking actions to increase the

headroom;

• The financial statements included in this report provide a true and fair

view of Cabka’s assets, liabilities, financial position and results for the

financial year; and

• The sections in the Report of the Management Board provide a true

and fair view of the company’s position on the balance sheet date and its

business operations and performance during the financial year as

included in the financial statements.

The Management Board acknowledges that, due to inherent limitations, no

risk management and internal control system can provide absolute

assurance regarding the achievement of strategic, operational, compliance

and reporting objectives, nor can it fully prevent misstatements,

inaccuracies, fraud, operational issues or non‑compliance with laws and

regulations.

Since Cabka’s listing on 1 March 2022, the company has been developing

and further maturing its internal control environment and IT general

controls to enhance its overall level of control. While certain measures have

been implemented and progress has been made, the Management Board

recognizes that further strengthening is required, specifically in relation to

the design, implementation and operating effectiveness of IT general

controls—most notably logical access management (including remediation

of super user access). Cabka therefore remains committed to the

continued enhancement of its risk management and internal control

framework.

Amsterdam, 28 April 2026

Alexander MasharovMark Letterie

Chief Executive OfficerChief Financial Officer

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	Sustainability Statement
	63	Basis for Preparation
	65	Cabka's Materiality Assessment Process
	69	Governance Structure
	71	Environment
	81	Social
	89	Governance
	94	Other Sustainability Related Disclosures
	96	Connecting through Memberships and Partnerships

	Pallbox 2.0 The Pallbox modernises agricultural logistics with a robust, reusable container—enhancing hygiene, reducing wooden‑crate waste, and enabling cleaner, more sustainable flows from harvest fields to automated cold‑storage facilities.

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Basis for Preparation

Despite evolving EU regulations, Cabka

continued to strengthen transparency under

the CSRD by aligning its sustainability disclosures

with the original ESRS while integrating the

2025 ‘Quick‑Fix’ amendments. Based on our

double materiality assessment, the FY 2025

Sustainability Statement provides clear and

useful information for stakeholders and

confirms Cabka’s commitment to Europe’s

evolving sustainability landscape.

As of January 1, 2024 Cabka fell within the scope of companies required to

comply with, the sustainability disclosure obligations mandated by the

Corporate Sustainability Reporting Directive (CSRD) apply. Thus, Cabka

spent important resources on taking this significant step in sustainability

reporting during 2024. This enabled us to report our 2024 sustainability

performance in accordance with the original set of European Sustainability

Reporting Standards (ESRS) ((EU) 2023/2772).

During 2025, the EU regulatory framework around sustainability reporting

substantially changed. This process is still ongoing and will require

transposition into national law. Given the continuous uncertainty regarding

the details of the requirements and in the light of our steadfast

commitment to transparency, we have decided to continue aligning our

sustainability statement for FY 2025 with the original ESRS. Hereby, we duly

take into account the amendments introduced by the European

Sustainability Reporting Standards ‘Quick-Fix’ Delegated Act of 11 July 2025

((EU) 2025/4812). Taking this path, we reiterate our position to supporting

the CSRD as a means to make non-financial reporting an actionable

resource for all our stakeholders as it creates a clear set of rules and

standards for sustainability reporting. In FY 2025, our commitment to

trustworthy performance reporting is emphasized by retaining third-party

limited assurance for he following environmental key performance

indicators related to climate change and the circular economy:

• CO2-emissions – Scope 1 and 2 emissions (p. 74-75)

• Energy Consumption (p. 75 )

• Overall total weight of resource inflow of raw materials used during

reporting period (p. 78-79), and

• Absolute weight and % of secondary raw materials used to manufacture

products (p. 78-79)

This ESG report is a consolidated statement covering the same scope as

Cabka’s financial statements.

The reporting in the following sustainability statements is adjusted to the

time horizons as defined by the European Sustainability Reporting

Standards (ESRS) 1 section 6.4, i.e., short term = 0-1 year; medium term =

1-5 years; long term = >5 years, decided upon in agreement with Cabka’s

Finance and Strategy Department. The preparation of the Sustainability

Statement requires Cabka’s management to make judgments, estimates,

and assumptions that may affect the reported information. These estimates

and assumptions are based on industry standards, experience, and various

other factors that are believed to be reasonable under the circumstances.

Our double materiality assessment as the basis of our sustainability

statement is aligned with the CSRD requirements of ESRS 1 chapter 3

“Double materiality as the basis for sustainability disclosures”. We have

conducted an extensive assessment during 2024 and updated the analysis

in 2025. It covers Cabka’s complete upstream value chain starting from

fourth-tier suppliers as well as our extended downstream value chain to

the point of end-of-life treatment of our products. It includes the present

time horizons, as well as the short-term (up to one year), medium-term (1-5

years), and long-term (more than 5 years) future time horizons. The present

is defined as the time at which the materiality assessment is conducted.

We have not omitted any material information in the following sustainability

statements related to intellectual property, know-how or the results of

innovation.

During our double materiality assessments in 2025, we identified two of

the sustainability topics, namely ESRS S1 Own Workforce and ESRS S4

Consumers & End-Users, as material, to which we chose to apply amended

phase-in provisions in accordance with the ‘Quick-Fix’ Delegated Act.

However, for ESRS S1, we continue to voluntarily report in detail on relevant

policies, actions, metrics, and targets in the sustainability statement chapter

“Our People”. Individual data points that are excluded under the phase-in

provision are noted in the sustainability statement content index.

For ESRS S4, we have included only a brief description of any targets,

policies, actions, and metrics in accordance with ESRS 2 BP-2 §17, in the

chapter “Our Customers: Building Partnerships for a Sustainable Future”.

Some entity-specific disclosures and temporary interpretations were

required to remain true to Cabka’s ESG strategy and to account for

inherent measurement or evaluation uncertainties.

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“	By sourcing RTP products made from up to 99% recycled plastics, Cabka enables businesses to cut carbon emissions, reduce waste, and comply with tightening regulations.”

	Naiara Loroño Chief Commercial Officer

Any significant measurement uncertainties, reporting errors from

previous reporting periods, or value chain estimations and the use of

indirect sources, along with the respective methodology, will be described

in the topical standard where applicable. The most significant estimates

were made for reporting under the topical ESRS disclosure requirements

E1-5, E1-6, E5-4. and S1-14. Where feasible, the quantitative data in this

report is presented alongside comparative data from the previous financial

years for context and clarity. In case of changed definitions or identified

errors, we restate the comparative data if the change is expected to

influence the decisions of key stakeholders or materially affect the

credibility of the statement. Corrections are reported when deviations

exceed 5% in quantitative indicators, or when qualitative information is

found to be factually inaccurate, misleading, or non-compliant with

applicable reporting frameworks.

Furthermore, while we have integrated certain strategy and corporate

governance disclosures from ESRS 2 into other parts of this report, we

included disclosures stemming from other legislation as well as other

sustainability reporting pronouncements into the sustainability statement,

since this information is more effectively understood when considered

alongside related content in these sections.


ESRS 2 strategy and corporate governance disclosures	Included in
ESRS 2 - GOV-1	Governance & Risk
ESRS 2 - GOV 2	How we create value, Governance & Risk
ESRS 2 - GOV 3	Governance & Risk
ESRS 2 - GOV 5	Governance & Risk
ESRS 2 - SBM-1	About us, How we create value
ESRS 2 - SBM-2	How we create value
ESRS 2 - SBM-3	How we create value
ESRS 2 - IRO-1	How we create value


Disclosures from other legislations and sustainability reporting pronouncements	Included in
Task Force on Climate-related Financial Disclosures (TCFD)	ESRS E1
Greenhouse Gas Protocol’s Corporate Accounting and Reporting Standard	ESRS E1
UN’s Sustainable Development Goals (SDGs	Value Creation & throughout sustainability statement
EU Taxonomy	Appendix

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Cabka’s Materiality Assessment Process

Cabka’s 2025 double materiality assessment (DMA), conducted in line with

CSRD and ESRS 1, strengthened the foundation of our sustainability

reporting by validating all previously identified impacts, risks, and

opportunities and adding cybersecurity, and corruption and fraud as new

material topics. Using CSRD-defined criteria, we evaluated each IRO across

time horizons and value chain positions to ensure that our ESG priorities

remain relevant, comprehensive, and actionable.

To identify the ESG-related impacts, risks, and opportunities material to

Cabka, an update of the 2024 comprehensive double materiality

assessment (DMA) was undertaken during 2025. The assessment process

focusses on individual impacts, risks, and opportunities (IROs) within the

ESG topics which allows for a deeper insight into the reasons behind the

materiality of certain ESG topic, allowing for a more targeted management

of ESG-related issues. We will continue to update our materiality

assessment on an annual bases according to the established methodology.

Developing an overview of the context in which Cabka operates is a key

measure to identifying potential relevant IROs. Therefore, the reassessment

considered Cabka’s activities, geographical locations and their potential

vicinity to protected natural areas, products, assets, business plan, strategy,

financial performance, business relationships, value chain, legislative

developments, and all identified stakeholders. Moreover, we updated our

research on media reports that impacted other companies’ financial

performance and/or reputation, international standards regarding ESG,

relevant industry developments and trends as well as scientific papers

published on the industry and market in which Cabka operates.

This research also included an analysis of sustainability reporting by

other companies in our industry and ESG criteria utilized by different

sustainability ratings and ESG indices for investment purposes. Since Cabka

does not operate anywhere in or near biodiversity-sensitive areas, and is

not significantly dependent on ecosystem services for the execution of its

economic activities, biodiversity related material IROs could be ruled out.

All the information gathered served as input to review potential and actual

IROs for Cabka. Dependencies that were identified during the evaluation of

Cabka’s stakeholders and business activities were translated into potential

risks, as were impacts on people and the environment by Cabka and its

business partners, where applicable. The identified IROs were subsequently

recategorized as actual or potential, the value chain position where they

would occur or are occurring, and the time horizon of occurrence.

The criteria used to assess the materiality of each identified IRO were

based on the criteria requirements of the CSRD ESRS 1 §43-51 and differed

depending on whether an impact, a risk, or an opportunity was analyzed,

and additionally for impacts, whether they were actual or potential.

To assess each IRO’s materiality, research included external sources like

market analyses, scientific papers, media reports, stakeholder interviews,

and internal sources such as company analyses, contracts, and staff

expertise. ESG risks were further evaluated using scenario analyses for

climate change and water scarcity. A color-coded risk matrix assessed both

impact and financial materiality. In some cases, impact levels relied partly

on judgment due to a lack of clear indicators.

Impact Materiality Assessment

Following the 2024 approach, we evaluated impact scope, scale, likelihood

(for potential impacts), and remediability (for negative impacts) on a 1 to 5

scale to assess Cabka’s material impacts on people and the environment

across its value chain. This assessment included all business activities,

locations, and relationships in the plastic and transport packaging sectors.

We prioritized quantitative analysis, using metrics like volume, weight, and

geographic size, resorting to qualitative assessment when quantification

wasn’t possible. Materiality thresholds were set based on relevant

quantitative criteria combinations.

For positive impacts, the criteria used were the impact scope and scale, as

all positive impacts were classified as actual and not potential, excluding the

likelihood of occurrence as a criterion. The level of impact determined for

both scope and scale had to reach a combined numerical value of 6 to be

classified as material for Cabka. The same thresholds were applied for

actual negative impacts, with the addition of remediability as a criterion.

Therefore, for actual negative impacts, the impact score of scope and scale

were first averaged and then combined with the numerical value

determined for the level of remediability.

Potential negative effects caused by Cabka or its business partners in the

value chain are the most abstract and difficult to track, especially when

impacts stem from suppliers or customers that are not direct business

partners of Cabka but are situated further down the value chain.

Therefore, a higher numerical threshold of 7 was established for such

impacts to be deemed material enough to be addressed further in Cabka’s

ESG management in comparison to actual negative effects. The impacts of

scope, scale & remediability were averaged and then combined with

determined level of likelihood.

Financial Materiality Assessment

For the assessment of potential risks and opportunities, we first reviewed

the initial definition of which area of finance the risk or opportunity would

be expected to affect in the set time horizon. Subsequently, we updated

the established the likelihood of occurrence and the potential magnitude of

the financial impact. Similar to the impact materiality assessment, we

prioritize quantifying the magnitude of effects over qualitative analysis.

The scale for the magnitude of effects was linked to specific monetary

values, with the fourth level on the five-point scale being set to the

monetary value that is also used as the threshold for financial materiality

for general business purposes. The same scale was applied to the level of

likelihood, determined based on qualitative criteria.

Once we reassessed both the likelihood and potential magnitude, we

evaluated the materiality of risks and opportunities by combining their

individual likelihood and magnitude scores. The threshold for materiality

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was set at a combined score of 6 of the financial impact magnitude and

likelihood of occurrence of potential risks and opportunities.

Sustainability-related risks at Cabka are assessed in both the context of

the double materiality assessment as well as the general financial risk

management process of the company, using the same criteria to determine

materiality. Thus, all material risks that are reported in the context of this

sustainability statement are also reported in the risk management section

of the management report in the general business context. In general,

the results of the double materiality assessment inform Cabka’s half-yearly

overall risk management process and risk profile, and vice versa. Where

applicable, the same criteria and grading scales are used for both the DMA

and the overall risk assessment. Any relevant information gathered to

identify, assess, and manage principal business risks and ESG-related

material IROs is included in the respective other analysis.

Final Assessment Results

The DMA results underwent several internal control procedures.

The validation process in 2025 included direct business partners

(selected suppliers and customers) and concluded with the evaluation

and approval by Cabka’s Executive Leadership Team, Management Board,

and Supervisory Board. The impacts, risks, and opportunities that have

been determined as material for Cabka are illustrated below. Not all

material IROs that were identified during the assessment process are

covered by the ESRS topical standards, namely the risks Changes to

ESG-related regulations, Availability of capital and Cybersecurity as well

as the opportunities regarding Sustainability regulations and Innovation.

For these specific IROs, Cabka has included a description of their

management according to the minimum disclosure requirements of

ESRS 2.


Impacts, Risks and Opportunities Overview
	–– Negative Impacts	– Risks	\|+ Opportunities	\|++ Positive Impact	Environment ò Climate change ò Circular economy
Own Activities	ò GHG emissions	ò Increase in energy costs	ò Attracting talent	ò Recycled material use
	ò Waste created in operations	ò Raw material availability	ò Leveraging sustainability trends
	ò Resource consumption	ò Retention of talent	ò Market leadership through ESG		Social ò Own workforce ò Consumers & End users
	ò Health & Safety incidents	ò Concerns regarding materials used	ò Innovation
		ò Changes to ESG-related regulations
		ò Availability of capital			Governance ò Regulatory compliance ò Business conduct ò Innovation
		ò Corruption and fraud
		ò Cybersecurity

Downstream			ò Sustainable products demand	ò Transport efficiency benefits
			ò Sustainability regulations

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ESRS STANDARD	CLASSIFICATION	MATERIAL IRO	TIME HORIZON	LOCATION IN THE VALUE CHAIN	DESCRIPTION
ò E1 Climate change	Risk —	Increase in energy costs	Long-term ò ò ò ò ò	Own operations	Transitional risk related to the ongoing switch from fossil fuel-based energy production to renewable sources in Europe and North America. Some predictions see this change in the energy market and the related potential increase in volatility of energy availability to lead to increasing energy prices.
ò E1 Climate change	Negative impact ——	GHG emissions caused by Cabka’s operations	Short-term ò ò ò ò ò	Own operations	The recycling of plastic waste and manufacturing of plastic products requires energy. Cabka’s manufacturing plants are currently still using fossil fuels as their energy source, impacting climate change.

ò E5 Resource use and circular economy	Risks —	Decreasing availability of plastic raw materials	Short-term to long-term ò ò ò ò ò	Own operations	Since Cabka’s products are primarily made from recycled materials, the availability of sufficient amounts of recycled plastic materials and plastic waste is an ongoing concern. Shortages might be caused by increasing competition and demand, rising costs, or shortages in virgin material supplied to the market. Furthermore, a long-term decrease in plastic production due to consumer shift away from plastic packaging and products can ultimately reduce the available recycled plastic feedstock.
	Negative impact ——	Waste created in Cabka’s recycling operations	Short-term ò ò ò ò ò	Own operations	Due to high levels of contamination, not all waste being processed in Cabka’s recycling facilities can be recovered as material input for our products. Residual waste can only be used as fuel for energy recovery.
	Negative impact ——	Resource consumption	Short-term ò ò ò ò ò	Own operations	Cabka’s manufacturing is partly still dependent on non-regenerative raw materials, impacting the availability of the world’s finite resources.
	Positive impact +	Recycled raw material use	Short-term ò ò ò ò ò	Own operations	Use of mostly recycled materials in the manufacturing of our products, leading the market in circular transport packaging and driving the circular economy.

ò S1 Own workforce	Opportunity +	Attraction of talent	Short-term to medium-term ò ò ò ò ò	Own operations	A strong commitment to sustainability and transparency helps us attract and retain top talent, ensuring continued progress towards our strategic objectives.
	Risk —	Retention of talent	Medium-term to long-term ò ò ò ò ò	Own operations	The potential future inability to retain talent at Cabka could lead to unsuccessful management of operations and hinder the pursuit of our strategic objectives in the long term.
	Negative impact ——	Health or safety incidents	Short-term ò ò ò ò ò	Own operations	Workplace safety is of high importance at Cabka, particularly for those working in our production and recycling operations. These employees face a higher risk of occupational health and safety incidents due to their direct interaction with machinery and exposure to more complex operational environments.

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ESRS STANDARD	CLASSIFICATION	MATERIAL IRO	TIME HORIZON	LOCATION IN THE VALUE CHAIN	DESCRIPTION
ò S4 Consumers and end-users	Opportunities +	Increase in demand for sustainability in products and businesses	Short-term to medium-term ò ò ò ò ò	Own operations & Downstream	We expect continued growth in demand for sustainable packaging solutions with the implementation of new packaging and packaging waste regulation. This growth, together with the general trend towards sustainability present great opportunities for Cabka to attract new customers and business partners and ensure the loyalty of our existing customers.
	Positive impact ++	Increasing customers’ transport system efficiency	Short-term ò ò ò ò ò	Downstream	Cabka has a significant positive impact on the transport efficiency benefits for our customers due to the nestability or foldability of our products, higher durability, fewer damages to transported products, as well as reduced risks of injuries.
	Risk —	Concerns regarding materials used in our products	Long-term ò ò ò ò ò	Own operations	While this is not the case at present, a potential risk pertains that certain materials or substances present in the products Cabka manufactures might be found to be harmful to our customers or the environment in the future, which could impact our business activities.

ò G1 Business conduct	Opportunities +	Improving company stance and market leadership through sustainability	Medium-term ò ò ò ò ò	Own operations	Transparency in reporting on Cabka’s sustainable business practices and management of ESG-related risks, opportunities, and impacts, in line with European reporting regulations is seen as a crucial opportunity to strengthen our market leader position, enhance stakeholder trust, and attract investors and customers.
ò G1 Business conduct	Risk —	Availability of capital	Long-term ò ò ò ò ò	Own operations	The sustainability of business activities of organizations is being increasingly connected to financing and the interest of investors on sustainability information is growing progressively. It is likely, that a potentially poor performance in certain ESG areas reduces the access to capital for Cabka in the future.
	Risk —	Corruption and fraud	Short-term ò ò ò ò ò	Own operations	Cabka’s business and financial environment is characterized by an increased risk of unethical practices within or against the organization such as bribery. This risk poses threats to market integrity and corporate reputation and could result in financial losses, legal penalties, and potentially harms to the company's trustworthiness
	Risk —	Cybersecurity	Short-term ò ò ò ò ò	Own operations	In the event of a data security incident leading to the compromise of customer, supplier, or employee information, Cabka could face significant consequences, including regulatory fines under EU legislation and the General Data Protection Regulation (GDPR). Additionally, such incidents could result in revenue losses stemming from business interruption, reputational damage, and the potential loss of customers.

ò Innovation	Opportunities +	Innovation securing the future of our business	Short-term to long-term ò ò ò ò ò	Own operations	Further innovation in recycling and materials science by Cabka’s Innovation Center creates more innovative and more sustainable products. Furthermore, new automation technologies can enhance material efficiency, improve quality control processes, and reduce the need for manual labor.

ò Regulatory requirements	Risks —	Changes to ESG-related regulations	Short-term to long-term ò ò ò ò ò	Own operations	Future changes to environmental, health, and safety laws might increase operational costs for our production sites, and under new EU plastic laws, we might be required to change the design or make-up of our material handling products to ensure compliance, leading to potentially costly changes in procurement, development, and manufacturing.
ò Regulatory requirements	Opportunities +	Leveraging on sustainability regulations	Medium-term ò ò ò ò ò	Downstream	The greater regulatory focus on environmental topics opens up opportunities for Cabka. We are already a market leader in the use of recycled raw materials, design for recyclability, and product reuse, making it easier for our customers to be compliant as well.

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Governance Structure

ESG Governance at Cabka

Cabka recognizes that effective oversight of Impacts, Risks, and

Opportunities (IRO) begins with a knowledgeable board skilled in

sustainability topics. Our Management Board receives consistent updates

on environmental, social, and governance outcomes, progress along our

strategic roadmaps, and necessary actions through our established

strategic framework, risk management processes, and ESG oversight.

Cabka is dedicated to meeting its climate objectives, aiming for carbon

neutrality in its operations by 2030, and is continuously enhancing its

understanding of climate-related risks. As we conduct more in-depth

analyses and create targeted action plans, the expertise of our CEO and

CFO regarding climate matters will continue to develop.

Members of the Executive Leadership Team (ELT) supervise IRO

management, while ESG topic leaders provide guidance by implementing

relevant policies and executing agreed-upon actions to meet established

objectives. The ELT is responsible for overseeing and monitoring both IRO

management and ESG reporting, as well as setting corporate goals and

approving policies.

In 2022, Cabka established an ESG Taskforce to address the sustainability

challenges faced by the company and to ensure optimal management of the

Group's Environmental, Social and Governance aspects. It is structured to

enable decision-making related to IRO at the Group level with a holistic

perspective, and thereby performs the task of macro-oversight of the

overall ESG strategy and manages the aspects identified as material to

Cabka. Members of the Taskforce include the ELT, our Sustainability

Director, and the topic leaders of Cabka’s material ESG topics.

Other contributing members are Cabka’s Legal Counsel, Site Managers

and VP of Group Controlling.

The ESG topics are regularly reviewed in monthly Executive Leadership

Team meetings about ongoing projects and progress. There are monthly KPI

reportings on social topics with HR statistics as well as Health and Safety

incident updates provided by the topic leaders. On environmental topics,

the implementation of actions is overseen by the CEO and discussed

directly with site managers, topic leaders and their support teams. Our CPO

monitors the effects of policies and actions to mitigate risks and impacts on

social matters.

Within Cabka’s integrated and decentralized ESG Management approach,

topic leaders from various business functions are responsible for the

monitoring of ESG trends and the analysis of improvement areas. Topic

leaders are chosen based on their optimal position and expertise to

perform this role according to each specific material topic. During 2025,

we updated our materiality assessment and reviewed our IRO management

assigning new topic leaders to certain ESG topics.

Cabka’s Sustainability Department, headed by our Sustainability Director,

offers a comprehensive support and specific expertise in the technical

aspects of ESG management and works closely with topic leaders to

develop targets and oversee the management of material IRO.

We understand that continued integration of ESG considerations into our

daily business can only be achieved with a dedicated, flexible, and

professional team of experts.

Cabka’s ESG Taskforce

In 2025, Cabka adapted its Short-Term Incentive (STI) scheme for the

Management Board, top management, management and eligible sales

functions to further align individual performance with the company’s

strategic objectives. The updated STI framework aims to strengthen shared

responsibility and support constructive cooperation across the

organization.

Beyond the financial performance component, all STI‑eligible employees

were required to include a dedicated ESG target as part of their individual

goals for 2025. Supervisors selected these ESG targets for their teams

based on example targets jointly developed by the People & Culture and

Sustainability department, ensuring relevance to each role and alignment

with Cabka’s broader sustainability priorities.

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The revised STI scheme was reviewed and approved by the Executive

Leadership Team (ELT) and the Supervisory Board. While the STI framework

is not directly linked to Cabka’s corporate GHG emissions‑reduction target,

it supports progress indirectly by incentivizing actions and achievements

that contribute to the implementation of our sustainability agenda.

Addressing Due Diligence in the ESG Statement


CORE ELEMENTS OF DUE DILIGENCE	REPORT CHAPTERS	PAGES
Embedding due diligence in governance, strategy and business model	• ESG Governance at Cabka • Our Strategy • Risk Management • Cabka’s Materiality Assessment Process • Environment, Social, Governance chapters	16-18, 50-52, , 65-68, 72-99
Engaging with affected stakeholders in all key steps of the due diligence	• ESG Governance at Cabka • Stakeholders • Cabka’s Materiality Assessment Process • Working Towards a Positive Climate Impact • Work with a purpose	23-24, 65-68, 71-74, 81-84
Identifying and assessing impacts	• Cabka’s Materiality Assessment Process • Environment, Social, Governance chapters	65-68, 71-97
Taking action to address those adverse impacts	• Environment, Social, Governance chapters	71-97
Tracking the effectiveness of these efforts and communicating	• Environment, Social, Governance chapters	71-97

The sustainability statement has been developed collaboratively by the

ESG Taskforce and the ESG Department. The primary reporting team is

made up of individuals from both the Sustainability Department and the

Finance Department. These teams evaluate all qualitative and quantitative

data provided.

To mitigate the risk of over reporting or underreporting, we use robust

definitions and clear data collection processes and analysis descriptions.

Depending on the metric, data owners are defined and a data reviewer is

assigned to reduce the risk of inaccuracy. Before publication, the Executive

Board reviews and signs off on the report, followed by approval from the

Supervisory Board.




“	We translate ESG into day-to-day decisions through a defined set of measurable targets and operational rules.”

	Alexander Masharov Chief Exceutive officer

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Environment

As extreme weather events become more frequent, the global mean


Working Towards
A Positive Climate Impact
The world is facing multiple challenges as climate change continues to unfold. Mitigation and adaptation of the effects remain important topics on governmental and business agendas. Cabka is fully committed to the required transformation and has set targets to continuously reducing our GHG emissions.
	ESRS STANDARD	CLASSIFICATION	MATERIAL IRO	TIME HORIZON	LOCATION IN THE VALUE CHAIN
	E1 Climate change	Risk	Increase in energy costs	Long-term ò ò ò ò ò	Own operations
	E1 Climate change	Negative impact	GHG emissions caused by Cabka’s operations	Short-term ò ò ò ò ò	Own operations

temperature rising above the 1.5°C (above pre-industrial levels) goal of

the Paris agreement in 2024 and water scarcity continuing to intensify,

the world faces mounting pressures. Every businesses needs to prepare

themselves to face these challenges and the resulting risks - including

Cabka.

Climate-Related Impacts, Risks, and Opportunities

From the 2025 double materiality assessment, two issues emerged as

material for Cabka and our stakeholders: the climate-related transition risk

of increasing volatility of energy prices due to the growing use of renewable

energy sources, and the negative impact that Cabka’s operations have on

the environment and people, primarily due to the greenhouse gas (GHG)

emissions from our business activities.

The assessment of climate-related Impacts, Risks and Opportunities (IRO)

was supported by an update of our climate scenario analysis during 2025.

This analysis evaluated the potential impact of physical climate risks on,

and the resilience of, Cabka’s business activities in Weira, Germany,

Ieper and Herstal, Belgium, Hazelwood, USA, and the Innovation Center

in Valencia, Spain, as well as our upstream value chain. A meteorology

company identified climate hazards using the IPCC climate scenarios

SSP1-2.6, SSP2-4.5, SSP3-7.0, and SSP5-8.5 for both the present (2011-2040)

and future (2031-2060 at these locations. Their approach involved

considering the values of variables describing the climate dimensions

listed in the Climate Delegated Act of the EU Taxonomy Regulation, Annex I,

Appendix A, in the current climate and their future evolution due to climate

change. The values of the climate variables at each location were

determined by combining IPCC global climate model data with the ERA5-

reanalysis, resulting in statistically down-scaled, i.e., more localized data.

The future climate-related risk level was determined based on the

probability, defined as the relative number of years in the 41-year data

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ensemble, that values in the future climate will exceed the mean value of

the current climate at the specified location. Since the geographies and

climates of the locations of our sites differ greatly, the portfolio of physical

climate risks is diverse.

Following this, Cabka performed a quantitative vulnerability and resilience

analysis to its business operations at each of Cabka’s manufacturing

locations and our Innovation Center. This analysis identified the gross

climate-risks that Cabka currently faces and might potentially face in

the future. The resilience analysis was informed by engaging various

departments and positions at each site, conducting interviews with key

suppliers and business partners, and consulting with the representative of

the local community at our largest production site in Weira, Germany.

Where applicable, costs of past incidents that might be worsened by

climate change in the future were referenced to calculate the potential

financial effect. The results of the resilience analysis demonstrated that,

with present knowledge, Cabka’s business activities at all of our

manufacturing sites have limited vulnerability to climate change and are

therefore not at material financial risk, even if global warming reaches its

worst projected levels.

Our Policies and Action Plan for Reducing Emissions

As a frontrunner in circular production, Cabka demonstrates its

commitment to tackling climate change through the establishment of

ambitious targets aimed at decreasing the carbon footprint of its business

activities. This commitment is reflected in our organization-wide policies,

which address both the risks associated with climate change and the

negative impacts resulting from our operations. Our Environmental Policy

outlines Cabka’s climate-related commitments to improving energy

efficiency, reducing energy consumption and GHG emissions, and favoring

and initiating the use of energy from renewable sources. The policy

establishes Cabka’s climate ambition to support the Paris Agreement by

setting a near-term Science-Based Target (SBT) and moving towards

net-zero for the entire value chain by 2050.The Environmental Policy is

communicated via Cabka’s intranet and is available on our website, with its

enforcement being the responsibility of Cabka’s Management Board and

monitored by our Sustainability Department.

Furthermore, our internal Energy Hedging Policy includes Cabka’s strategy

for cost-effective and secure electricity purchasing. It is an internal

document, shared only with responsible managers due to its confidential

strategy descriptions

A comprehensive climate action plan has been established. Among these

measures are the introduction of renewable energy across all Cabka

facilities, the substitution of combustion-powered vehicles, the transition

from energy-intensive methods to more efficient processes,

and the encouragement of local green electricity projects. Our planned

actions to reduce GHG emissions are diverse and spread over the short,

medium, and long term as they are implemented at our locations in

multiple countries. Cabka does not yet consider its plan a climate transition

plan, as it lacks external scientific validation. The company aims to have its

climate goals approved by the Science-Based Target initiative and plans to

make its plan fully science-based.


				We are proud to announce that we achieved our current target to increase the share of renewable energy intake to over 50% by 2025
Our road to Carbon Neutrality and Circular Economy
Our objective	Metrics	2025	2024
Solely rely on renewable energy intake and operate carbon-neutral by 2030	Scope 1 emissions	3,252 t CO2eq	3,914 t CO2eq
	Scope 2 emissions (market-based)	13,786 t CO2eq	41,107 t CO2eq
	Share of renewable electricity	78,8%	14,1%	Share of renewable energy
Maintain a recycled content share in our annual raw material inflow of at least 80%	Recycled share of raw material	86%	88%	Share of renewable energy
	Share of recycled waste	93%	93%	67,4%
	Continuous suppliers assessed (ESG)	93%	92%	67,4%

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Our action plan to reduce GHG emissions in our own operations outlines

a step-by-step roadmap for each of our production sites to allow for

balanced allocation of financial resources, which are regularly reviewed.

Transitioning each site to a sustainable electricity source—either by

producing power onsite or obtaining green energy from suppliers—is the

most urgent and pivotal task. The difficulty of implementing this project

depends on the specific geographic location of our operating sites.

In Belgium, besides installing a photovoltaic system in Ieper in 2023,

we switched completely to electricity generated from renewable sources

for both locations in 2025. For our site in Weira we increased the share of

electricity derived from renewable energy sources to above 50%.

In addition to electricity, company vehicles such as cars, forklifts, and

cranes are another source of GHG emissions. For this reason, we started

replacing vehicles running on fossil fuels with battery-powered alternatives.

Namely, in Herstal, we switched all of our diesel-fueled forklifts and in

Weira, we accomplished 40% of CO2 emission savings by switching to

electrical on-site vehicles. This exchange will continue over the short-

to medium-term until all our vehicles operate on electricity.


DECARBONIZATION LEVER	ACTION	TIME HORIZON	EXPECTED OUTCOME (estimated in 2024)	Current value in 2025 (in t CO2e)	Accomplished CO2 savings (in t CO2e)	Accomplished CO2 savings (in %, compared to 2024)
Energy efficiency increase	Implement more granular energy consumption measurement system	Short-term	Reduction of energy consumption	‘-	‘-	‘-
GHG emission reduction	Exchange fossil fuel-based electricity supply with renewable sources	Short-term to medium-term	Expected GHG emission savings: 41,107 t CO2e	13,786	27,321	66%
GHG emission reduction	Change all Cabka company cars from combustion engine ones to electric vehicles	Short-term to long-term	Expected GHG emissions savings: 281 t CO2e	123	158	56%
GHG emission reduction	Exchange on-site combustion engine vehicles of logistic department with electric ones in Weira	2025	Expected GHG emissions savings: 271 t CO2e	163	108	40%
GHG emission reduction	Change from gas for heating and manufacturing processes to electricity from renewable sources	Long-term	Expected GHG emissions savings: 35 t CO2e	29	6	16%
GHG emission reduction	Exchange all combustion engine on-site vehicles with electric ones	Long-term	Expected GHG emissions savings: 504 t CO2e	373	131	26%

Progressing on our long‑term transition plan, we intend to fully replace

gas‑fueled forklifts in Ieper and further expand the share of electric on‑site

vehicles in Weira. With the implementation of Manufacturing Execution

Systems (MES) at our main manufacturing sites, we obtain further insights

into the material and energy efficiency of our production processes.

This supports our local Energy Management Systems and identifies further

improvement areas. All key actions implemented in 2025 and planned for

the future are listed in the table below. The identified actions are not based

on a transitional climate scenario analysis.

All of the implemented and planned actions were chosen for their

effectiveness in reducing Scope 1 and Scope 2 GHG emissions and

contribute to Cabka’s targets of achieving a 50% share of renewable energy

in our total energy consumption by 2025 and becoming fully climate neutral

in own operations by 2030.

After analyzing our Scope 3 emissions, we found that materials entering

our organization are the largest source of value chain GHG emissions.

This makes it crucial to collaborate with suppliers to minimize upstream

GHG emissions. The high usage of recycled material already contributes to

reducing carbon emissions. We also partner with customers to

improve circularity, such as extending the life and reuse of transport

packaging. Since Scope 3 data is difficult to collect, we collaborate across

our value chain and use tools like the Ecochain platform to improve data

quality and life cycle analysis. These efforts, along with industry initiatives,

strengthen our ability to develop effective emission reduction strategies.

In 2025, Cabka continued to advance its decarbonization agenda across

multiple operational levers. Key progress was achieved through a full switch

to renewable electricity in Ieper and Herstal, contributing significantly to

the 27,321 t CO₂e of accomplished savings from the transition to renewable

electricity sources alone.

Additional emission reductions resulted from the reduction of the company

car fleet (158 t CO₂e saved) and from replacing combustion‑engine forklifts

in Weira, delivering 108 t CO₂e in savings in 2025.

Looking ahead, the company will continue to advance its decarbonization

efforts through a range of organizational and technical measures.

These include planned improvements to energy‑management capabilities,

⁶ Comparative data of 2023 and 2024 were restated due to improved data recording in Cabka North America, enabling the retroactive inclusion of heater emissions. It only had an marginal effect on the total emissions.

⁷ The ESRS E1 KPIs for energy consumption as well as Scope 1 and Scope 2 GHG emissions received limited assurance by BDO.

⁸ The net revenue figure used in the calculation of emissions intensity can be found in the first line item in the consolidated financial statement table on page 100.

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ongoing updates to the company car frameworks, and the further

development of initiatives that support the gradual transition toward

lower‑emission equipment and processes across key sites.

In addition, Cabka is exploring options to optimize its renewable‑energy

sourcing and assesses potential long‑term solutions for reducing on‑site

fossil‑fuel use. Collectively, these activities are intended to strengthen the

company’s trajectory toward lower operational emissions in the coming

years.

Our Climate & Energy Targets

Cabka aims to:

• Increase the share of renewable energy in the total annual energy

intake of Cabka and its subsidiaries to 50% by 2025

• 100% renewable energy and carbon-neutral operations in 2030

Cabka’s climate neutrality and renewable energy targets support

its Environmental Policy and cover all Scope 1 and 2 emissions,

reported as CO2 equivalents. Although aligned with the Paris Agreement,

these targets are not yet scientifically validated. Cabka committed to

set a near-term emissions-reduction target with the Science-Based

Target initiative (SBTi) in 2024, aiming for SBTi approval during 2026.


	See the Climate & Energy Target Setting methodology on page 168.

We assess our performance towards achieving our targets and the

effectiveness of our Environmental Policy annually by measuring our

organization-wide energy consumption, share of renewable energy,

and emissions caused by all operations under operational control following

the consolidation approach of the GHG protocol.

The relevance of our targets is evaluated annually, incorporating new

external developments such as geopolitical tensions and shifts in the

political climate. These factors can significantly impact the availability

and cost of green energy, as well as the pace of the transition toward a

climate-neutral future.

We continuously monitor and review the successful implementation of

our planned emission reducing actions and prioritize these, which have

the most significant impact on Cabka’s climate performance regarding

their expected emissions savings.

In 2025, this approach delivered measurable results: Cabka successfully

achieved its intended climate ambition, marking important progress toward

becoming fully climate neutral in our own operations by 2030. Our goal of

increasing the share of renewable energy to 50% of the total annual energy

intake across Cabka and its subsidiaries was not only achieved but

exceeded significantly, reaching 67%. This outcome highlights the strength

of our action plan and our continued commitment to reducing our

operational climate impact.

Our 2025 Climate Performance ⁶


	RETROSPECTIVE					MILESTONES AND TARGET YEARS
	BASE YEAR	2025	2024	2023	% 2025 -2024	2025	2030	ANNUAL % TARGET
Scope 1 GHG emissions (t CO2e) ⁷
Gross emissions	2024	3,252	3,914	3.235	-17%	-	0	-
• Stationary combustion	2024	2,421	2,426	-	-0.2%	-	-	-
• Mobile combustion	2024	742	1,136	-	-35%	-	-	-
• Fugitive emissions	2024	88	352	-	-75%	-	-	-
Scope 2 GHG emissions (t CO2e)¹⁰
Gross location- based emissions	2024	26,988	27,181	27,120	-0.7%	-	-	-
Gross market- based emissions	2024	13,786	41,107	43,650	-66%	-	0	-
Significant scope 3 GHG emissions (t CO2e)
Gross emissions	2024	175,599	163,234	179,366	7.6%	-	-	-
Total GHG emissions (t CO2e)
Total emissions (location- based)	2024	205,839	194,329	209,721	5.9%	-	-	-
Total emissions (market- based)	2024	192,637	208,255	226,251	-7.5%	-	-	-


GHG INTENSITY PER NET REVENUE (T CO2E/€) ⁸	2025	2024
Location-based	0,00114	0.00107
Market-based	0,00107	0.00115

⁹All of Cabka’s economic activities (manufacture of plastics in primary form, manufacture of plastic packaging goods, and recovery of sorted materials) are classified to be in high climate impact sectors. Therefore, the total energy consumption of 2025 and the total revenue of Cabka in 2025 are used to calculate

the energy intensity figure. The net revenue figure used in the calculation of energy intensity can be found in the first line item in the consolidated financial statement table on page 99.

¹⁰ Comparative data of 2023 and 2024 were restated due to improved data recording in Cabka North America, enabling the retroactive inclusion of heater emissions. It only had an marginal effect on the total emissions.

¹¹ The ESRS E1 KPIs for energy consumption as well as Scope 1 and Scope 2 GHG emissions received limited assurance by BDO.

¹² Based on a calculation by Partners for Innovation, an external firm that developed Cabka’s custom lifecycle analysis tool.

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In 2025, we achieved an 7.5% reduction on total market-based GHG

emissions compared to 2024. This overall decrease reflects the combined

effect of meaningful improvements across our Scope 1 and Scope 2

emissions. Scope 1 emissions declined primarily due to continued shifts

toward electric on‑site mobility and significantly lower refrigerant‑related

emissions, while our market‑based Scope 2 emissions decreased

substantially as major sites transitioned toward renewable electricity

procurement. In contrast, Scope 3 emissions saw a moderate increase,

largely influenced by slightly higher purchases of virgin materials and

enhanced data accuracy resulting from improved material traceability.


	See the GHG Emission calculation on page 168.


IN MWH	2025	2024	2023
Total energy consumption ^9,10,11	105,746	109,853	101,132
From fossil sources	31,247 (30%)	70,441 (64 %)	-
• Coal and coal products	-	-	-
• Crude oil & petrol products	3,306	12,787	-
• Natural gas	11,896	3,863	-
• Other fossil sources	-	-	-
• Purchased electricity	16,046	53,791	-
From nuclear sources	3,183 (3%)	26,294 (24 %)	-
From renewable sources	71,316	13,117	5,259
• Biofuels	-	-	-
• Purchased electricity	71,316	13,117	5,259
• Self-generated non-fuel RE	-	-	-
Total share of RE	67.4%	11.9%	5,2%


ENERGY INTENSITY PER NET REVENUE (KWH/€)¹²	2025	2024
Total energy consumption from Cabka’s economic activities per net revenue	0.604	0.604

Carbon Avoidance from Working with Recyclates

In 2025, Cabka took in 121 kt of plastic waste. According to emission data

by our software partner Ecochain, based on EcoInvent 3.11 emissions

data on plastics and modelling of Cabka’s processes, each Kg of recycled

polyethylene or polypropylene plastics recycled and used by Cabka instead

of primary plastics saves approximately 1.97 Kg of CO2 when comparing it to

the emissions associated with in-house recycled processes at Cabka ¹².

Furthermore, each Kg of plastic waste diverted from incineration saves

approximately 2.99 Kg of CO2.

In 2025, our in-house waste processing and the use of predominantly

recycled material input led to the avoidance of 295,811 t CO2.

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Cabka JV2025_concept_ESG INTRo_circular economy.jpg

Growing global consciousness regarding sustainability is fueling the need

for eco-friendly products and stricter regulations aimed at elevating


Working Towards
A Circular Economy
In a truly circular economy, waste has no place. The idea is both simple and transformative: materials and products are designed for repeated use, and once they reach the end of their life, any remaining waste becomes a valuable input for new products. The transition to this model is guided by the waste hierarchy, which prioritizes reducing waste in the first place, followed by reuse and, only then, recycling. By applying these principles, we can lay the foundation for a more sustainable future.
	ESRS STANDARD	CLASSIFICATION	MATERIAL IRO	TIME HORIZON	LOCATION IN THE VALUE CHAIN
	E5 Resource use and circular economy	Risks	Decreasing availability of plastic raw materials	Short-term to long-term ò ò ò ò ò	Own operations
		Negative impact	Waste created in Cabka’s recycling operations	Short-term ò ò ò ò ò	Own operations
		Negative impact	Resource consumption	Short-term ò ò ò ò ò	Own operations
		Positive impact	Recycled raw material use	Short-term ò ò ò ò ò	Own operations

environmental benchmarks. Additionally, embracing a circular economy

encourages the preservation of energy, limited natural resources, and raw

materials. This also contributes to lower greenhouse gas emissions and, in

the long term, helps to boost economies. Keeping plastics in the loop and

minimizing the use of virgin plastics plays an essential role in realizing these

benefits and reaching circularity targets.

Cabka uses a unique business model that integrates the entire process

from waste to product, leveraging our in-house material and product

engineering expertise with our own recycling and production facilities.

As a result, Cabka processed 121 kilotons of waste and recycled plastic to

create new products in 2025. With this concept and our set action plan,

we are eager to fortify our strong positioning and enhance Cabka's circular

economy performance as we align ourselves to the European Union's

objective of transitioning to a fully circular economy by 2050.

The circular economy is at the core of Cabka’s business, shaping our

mission to turn plastic waste into reusable transport packaging (RTP).

Through advanced material processing, innovative product design, and

state-of-the-art recycling technologies, we support the transition to a

more sustainable and circular logistics system. With 86% of our product

materials sourced from recycled content in 2025, we exceed the European

average and are positioned as a leader in circular transport packaging.

We believe that while resources are finite, the potential for innovation is

limitless. Our goal is not only to minimize environmental impact but also to

drive positive change across global supply chains. Cabka’s products—

including pallets and large containers—are made from recycled plastics and

engineered for long-lasting use. At the end of their lifecycle, these products

can be returned, recycled, and used again in new products, supporting true

circularity.

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Circular Economy Related Impacts, Risks, and

Opportunities

Cabka’s core focus on circularity links most of its material ESG-related IRO

to the circular economy. As products are mainly made from recycled

materials, securing enough recycled plastic at reasonable prices is a

constant challenge. Material shortages may result from higher demand for

recyclates, rising costs, or limited supply of virgin or recyclable materials,

potentially worsened by future regulations reducing plastics production.

Cabka leads in circular transport packaging. However, challenges remain,

such as continued use of some virgin plastics for food and pharmaceutical

packaging and reliance on fossil fuels. Addressing these issues is crucial to

further enhance our circularity performance.

Some waste from Cabka’s recycling processes cannot be further recycled

and must be incinerated for energy recovery. As a final point for hard-to-

recycle, contaminated plastics, Cabka still generates residual waste, which

negatively affects the circular economy.

Policies Related to Resource Use and Circular

Economy

To effectively manage material environmental impacts, risks, and

opportunities in our own operations as well as in our supply chain, we have

established and regularly revise our Environmental Policy and Sustainable

Procurement Policy. These policies set the environmental standards that

form the basis of our daily business at Cabka and the expectations we have

regarding our suppliers. Our Sustainable Procurement Policy has been

established to ensure that our suppliers align with our sustainability

standards and values while remaining compliant with emerging circularity

and plastics regulations, to foster long-term, strategic partnerships with

suppliers who are committed to sustainability and prepared for the evolving

regulatory landscape.

The Environmental Policy, in particular, outlines how Cabka governs

environmental protection within the organization and our commitments

related to the circular economy. This includes using resources efficiently

and minimizing waste generation through the waste management hierarchy,

optimizing water use, and supporting the use of sustainable, renewable

natural resources. By adopting a circular lifecycle approach, we aim to

mitigate environmental risks and seize opportunities offered by a circular

economy.

Cabka’s Management Board is ultimately accountable for implementing

both policies. While the Environmental Policy applies to Cabka’s whole

organization, including its divisions, subsidiaries, and greater than 50%

owned joint ventures, our Sustainable Procurement Policy only applies to all

people within the organization that are connected to or responsible for

procurement of any kind.

Actions and Resources Related to Resource Use and

Circular Economy

In 2025, we advanced our long-term action plan to meet policy

commitments and reduce circular economy risks. We expanded our

material and lab processing capabilities to support recycling expertise and

improve transport packaging efficiency. These enhancements allow faster

material testing, enabling quicker decisions and a smoother resource

inflow, with further improvements planned for 2026.

Another action, that we continued to pursue throughout 2025, was our

buyback program. We are eager to get as much of our products back to our

our production site, to fully close the loop. Therefore, we made it possible

to integrate a buyback clause into the supply contracts. In addition,

we collaborate with external recyclers and customers to integrate other

plastic waste streams into our manufacturing processes, giving us access to

higher-quality waste materials and further supporting our recycling efforts.

Our roll-out of a comprehensive energy measurement system to track

consumption in individual production lines and machines continued in 2025.

For two of our sites we completed the integration and will further extend

utilization to other sites during 2026. Other measures to reduce the

consumption of non-renewable resources are described in further detail in

the Sustainability Statement on ESRS E1 (p. 71-74).

To minimize Cabka’s negative impact on the circular economy, we conduct

regular employee training sessions on correct waste handling, sorting and

disposal at our manufacturing sites. Waste sorting and ultimately recycling

of waste that occurs during manufacturing processes is addressed at

Cabka’s largest production site in Weira, Germany, where we adapt the

number and variety of bins in the different production areas to improve

waste sorting and ultimately recycling of waste that occurs during

manufacturing processes. The site is ISO 14001 certified and continually

strives to improve its waste management system and divert as much waste

as possible from disposal. During 2025, we have implemented third-party

transport packaging recycling to further decrease incineration of materials.

We have a dedicated process for managing hazardous waste like hydraulic

oils and cleaning agents. All Cabka production sites report and analyze

waste outputs to monitor changes and assess how much waste is recycled,

used for energy recovery, or sent to landfill.




“	More transparent energy data improves day‑to‑day control of consumption and supports stable peak‑load management, which is directly tied to cost‑relevant grid fees.”

	Thomas Wisser Managing Director of Cabka Weira

¹³ Resource inflow KPIs under ESRS E5, covering products and packaging, were subject to limited assurance performed by BDO

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To improve the sustainable sourcing of our resources, Cabka conducts

sustainability assessments of our continuous resin suppliers. By requesting

information on their sustainability certifications, policies, past ESG issues,

and their commitment to support Cabka’s Supplier Code of Conduct, we

can evaluate the supplier’s alignment with our own sustainability principles.

This then influences our relationship with and future purchasing decisions

from these suppliers.

In 2025, we further extended our supplier evaluation efforts to include

suppliers of other products besides raw materials. While raw material

makes up the largest part of the resource inflow at Cabka, this broader

evaluation initiative is crucial for assessing sustainability throughout our

entire supply chain to ensure sustainable sourcing of resources.

The new EU Packaging and Packaging Waste Regulation (PPWR) and its

provisions which start to apply from August 2026, is poised to be

instrumental in determining the packaging industry’s future. The regulation

focuses on minimizing packaging waste and advocates for a circular system

where materials must be reused or recycled. As per the regulation, pallets

must contain at least 35% recycled content—a threshold Cabka already

exceeds in most instances. We have kept pace with the regulatory process

and are prepared to engage proactively with the forthcoming secondary

legislation, using it as a foundation to further develop our strategic

approach in the coming months and years.

Our commitment to circularity is also reflected in our EU Taxonomy

disclosure on the environmental objective of transition to the circular

economy. Cabka already reports 56% of its CapEx and 51%of OpEx as

aligned with this objective. This proves that the majority of our business

activities are focused on increasing circularity.

Targets Related to Resource Use & Circular Economy

Our key target for circularity is to remain a leader in the transition to a

circular economy by continuously raising the bar on material use and

manufacturing practices, surpassing any mandatory circularity

requirements. We aim to maintain a recycled content share in our annual

raw material inflow of at least 80%, thereby consistently avoiding new

primary resources entering the market.

We also take responsibility for our environmental impacts on resource

consumption beyond our direct operations by engaging with our suppliers

to improve their environmental performance.

Initially we set the target of assessing 100% of our continuous resin

suppliers on ESG criteria in 2024. The assessment is well established

and the results are integral part of our overall supplier assessments.

We maintain this target as a commitment to continuously address risks,

opportunities and impacts in our supply chain.

During the target setting process of both circular economy related targets,

relevant stakeholders were involved to inform the process. Cabka currently

has no targets focussing waste volumes and recycling, but we will consider

to set such targets to further confirm commitment to our ambitions set in

our Environmental Policy.

Our 2025 Circular Economy Performance ¹³

In line with our material IRO related to the circular economy, our material

resource inflows include both recycled and virgin plastic materials

necessary for the manufacturing of Cabka’s products. Despite water

resources not being a material issue for Cabka, we also report annual water

withdrawal volumes. Low amounts of water are used in our operations since

we process waste through dry recycling and use closed circuit water

systems where technically feasible. Hence, water usage in production is

minimal, primarily for cooling machinery in a closed-circuit system, and

none of Cabka’s sites are currently located in high water risk areas.

In Europe and the United States, waste management practices are strictly

regulated. Therefore, dedicated containment systems beneath production

machinery are installed, e.g., for collecting waste oil. All waste is

subsequently removed by licensed waste management companies.

By reporting annual waste data, we can measure our performance towards

the effectiveness of our Environmental Policy commitment to minimize

waste in our operations. By calculating and analyzing this data, we can

identify areas of improvement and implement targeted strategies, bringing

us closer to our circularity goals.

Resource Inflow: Products and Materials

In 2025, Cabka’s total resource inflow decreased by 3 kt compared to the

previous year, driven by slightly lower demand as well as adjustments in

outsourcing and stock management. Despite this reduction in overall

volumes, we sustained a strong level of circularity across our material use.

Our recycled content share in the annual raw material inflow reached 86%

in 2025, remaining above our target threshold of 80% and demonstrating

continuity in our circular material sourcing approach. While the recycled

share within products and packaging decreased, the overall circularity

performance across raw materials and total material inflow remained

stable, underscoring Cabka’s ongoing commitment to high recycled

content.


OUR CIRCULARITY PERFORMANCE¹⁶	2025			2024			2023
OUR CIRCULARITY PERFORMANCE¹⁶	TOTAL WEIGHT (T)	RECYCLED SHARE (T)	RECYCLED SHARE (%)	TOTAL WEIGHT (T)	RECYCLED SHARE (T)	RECYCLED SHARE (%)	TOTAL WEIGHT (T)	RECYCLED SHARE (T)	RECYCLED SHARE (%)
Products & materials inflow	149,959	124,320	83%	152,983	131,184	86%	174,859	148,315	85%
Raw materials	141,607	121,397	86%	145,028	127,047	88%	156,971	139,934	89%
Products & packaging	8,351	2,923	35%	7,955	4,136	52%	17,661	8,381	47%
Water consumption	11,092 m³			11,222 m³			10,772 m³

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This strong circularity performance is complemented by the long service

life of our products, further supporting resource efficiency across the value

chain. In terms of longevity, our transport packaging can be used for up to

200 cycles, though their lifespan may vary based on the conditions in which

they are used and how carefully they are handled. Our products are

designed for durability, enabling them to withstand repeated use in

demanding environments without compromising performance.

The majority of our products are made from 100% recycled plastic

materials. At the end of their lifecycle, all of our products are fully

recyclable and can be repurposed into new products, closing the

material loop.


	See the Resource Inflow calculation on page 168.

Cabka focuses on the top three levels of the waste hierarchy for its

products:

• Reduce: By investing in innovative activities and a diverse product

portfolio, Cabka customizes solutions for various applications, which

helps to reduce material usage.

• Reuse: Cabka's products are designed for reusability, and we support

customers in maximizing reuse through tracking, tracing, and providing

insights into the environmental and economic impacts.

• Recycle: Cabka offers a fully circular solution through its buyback

program, facilitating product recycling.

Sustainable Procurement

While we aim for a 100% rate of assessed suppliers, we just fell short of it

by achieving a 93% assessment rate. We are proud of the efforts made to

reach the target and consider the result successful. In Europe, where the

demand for integration of sustainability aspects into procurement are

considered to be more advanced, we were able to achieve a 95%

assessment rate.

Throughout the year of 2025, we quarterly reviewed our supplier base,

to continuously identify new suppliers and regularly request missing

information. We also began assessing our continuous component suppliers

against ESG criteria. In contrast to our continuous resin suppliers,

we applied a spend‑based approach for this assessment. As this is the first

year in which we conducted this analysis, we were not yet able to achieve

full coverage; however, we are committed to expanding the scope and

improving the completeness of this assessment in the coming years.


	See the Supplier Assessment methodology on page 168.

¹⁴Exchange of waste for submission to one of the possible recovery operations

¹⁵Treatment which results in final compounds that are discarded through one of the possible disposal operations

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Resource Outflow: Waste

By addressing plastic waste with contaminants that most recyclers are

unable to handle, Cabka provides a final opportunity for these materials to

be repurposed. Waste that remains unprocessable within Cabka’s

operations is subsequently allocated for energy recovery, resulting in high

volumes of generated waste and a large share of waste reflected as going to

energy recovery in the company’s waste reporting.


	2025		2024
	NON- HAZARDOUS WASTE (t)	HAZARDOUS WASTE (t)	NON- HAZARDOUS WASTE (t)	HAZARDOUS WASTE (t)
Total recycled & non- recycled	18,506	164	21,611	145
Waste diverted from disposal	17,396	47	20,108	33
• Preparation for reuse	6	0	9	0
• Recycling	1,847	14	1,370	12
• Waste to fuel	14,905	27	18,256	2
• Other ¹⁴	638	7	473	19
Waste directed to disposal	1,110	116	1,503	112
• Incineration	58	0	60	0
• Landfill	1,048	0	1,443	0
• Other ¹⁵	4	116	0	112
Total waste generated (t)	18,670		21,755
	T	%	T	%
Total non-recycled waste	1,226	7%	1,615	7%

At Cabka, we prioritize recycling and, where recycling is not possible,

energy recovery to maximize resource efficiency and minimize

environmental impact is next preferred. By focusing on recycling first, we

ensure that materials are reused to their fullest potential before

considering other waste management options. The main types of waste that

occur are production scrap and residual materials from our in-house

recycling processes.

• Scrap from production is re-routed back into production through

our in-house recycling facility, hence no material waste results from our

manufacturing process. The introduction of our Manufacturing Execution

System (MES) furthermore contributes to the reduction of production

scrap.

• Residual materials from Cabka’s recycling processes and other

operational waste are transferred to dedicated waste management and

recycling companies for either recycling or energy recovery.


	See the Waste Management calculation on page 168.

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Social

Our double materiality assessment has highlighted several key areas where


Our People
Work with a purpose
At Cabka, we work collaboratively as part of an international team, directly on some of the most challenging issues of our time. We are driven by purpose and offer a variety of opportunities for professional development. By focusing on the well-being of our people, we help secure the long-term success of Cabka - something we all strive for. From establishing high health and safety standards to fostering a diverse and inclusive working culture, we create a workplace, where everyone feels recognized. Our values guide respectful, transparent, and accountable interactions, upholding the highest ethical standards.
	ESRS STANDARD	CLASSIFICATION	MATERIAL IRO	TIME HORIZON	LOCATION IN THE VALUE CHAIN
	S1 Own workforce	Opportunity	Attraction of talent	Short-term to medium-term ò ò ò ò ò	Own operations
		Risk	Retention of talent	Medium-term to long-term ò ò ò ò ò	Own operations
		Negative impact	Health or safety incidents	Short-term ò ò ò ò ò	Own operations

we can further strengthen our approach to enforcing Cabka’s values

regarding the well-being of all of our employees.

Achieving our strategic objectives can only be realized by attracting and

retaining top talents. Therefore, we strongly commit to social sustainability

and transparency. Maintaining high standards in our people management

and sustainability performance reflected in transparent reporting, enhances

our attractiveness as an employer and positions Cabka as a preferred

choice for individuals who value corporate responsibility and sustainable

business practices.

Workplace safety plays a crucial role in our day-to-day business.

Particularly those working in our production and recycling operations face

a higher risk of occupational health and safety incidents due to their direct

interaction with machinery and exposure to more complex operational

environments. Proactive risk mitigation and continuous improvement in

safety measures, ensuring a secure and supportive workplace for all.

By addressing these areas with a forward-thinking approach, we aim to

strengthen our resilience as a company while fostering a workplace culture

that prioritizes both employee well-being and business success.

Policies Related to our Own Workforce

As the well-being of our people is focal point of our strategy, Cabka has

implemented several policies to achieve its ultimate goal of creating a work

environment where everyone feels valued, supported, and understood.

To prevent human rights violations, discrimination, and occupational health

and safety incidents, our Code of Ethics outlines our core values, including

respect of human rights according to international human rights law,

exclusion of forced labor, child labor and human trafficking, and

commitment to equal treatment. Additionally, our Human Rights and

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Working Conditions Policy further states our alignment with the UN Guiding

Principles for Business and Human Rights and draw on the UN’s Declaration

of Human Rights, the ILO’s Declaration on Fundamental Principles and

Rights at Work, the OECD Guidelines for Multinational Enterprises as well as

the UK’s Modern Slavery Act. These two policies commit us to promoting

and respecting human rights, ensuring equal treatment, and rejecting any

form of discrimination on the basis of race, gender, religion, worldview,

disability, age, or sexual identity.

To effectively remediate any negatively impacted employees' right, the

Human Rights and Working Conditions Policy further emphasizes the

importance of actions that must be implemented in due time. To identify

and track any breach of human rights witnessed, Cabka implemented a

whistleblowing tool as part of the general whistleblowing mechanism, which

is outlined in our Whistleblowing Policy, available on Cabka’s website.

All whistleblowers will be protected and Cabka prohibits retaliation.

Our Environmental Policy further supports our Human Rights and Working

Conditions Policy commitments, focusing on continuous improvement

through our Environmental Management System. This includes regular

audits and training that reinforce our health and safety protocols.

Environmental incidents can pose significant risks to the health and safety

of our employees, and by maintaining strict environmental standards,

we mitigate these risks and enhance workplace safety.

Cabka ensures that its Health and Safety Management System protects all

employees, adhering to local laws, ISO 45001 standards, and the OECD’s

Responsible Business Conduct guidelines for multinational organizations.

The pursuit of zero harm and accident prevention stands at the heart of

our Health and Safety Policy, a challenging goal we have wholeheartedly

adopted. Our policy stipulates the supply of necessary PPE, extensive

training, and strong emergency response procedures. Furthermore,

the policy applies to external parties such as contractors, so everyone

present in our facilities is shielded and follows our established safety

protocols. Through these commitments and initiatives, we strive to

continually lower incident numbers, with ongoing improvement as a

central focus.

All stated policies apply to all Cabka employees and are ultimately enforced

by Cabka’s Management Board. Our monitoring mechanisms to ensure

compliance with these policies include regular audits and employee

feedback sessions. Each year, we conduct comprehensive reviews of our

policies to ensure continuous alignment with best practices. All our policies

are part of the onboarding program and yearly instructions, are accessible

via our intranet, and are revised annually.

Processes for Engaging with our Employees

Cabka’s achievements rely heavily on the interests, expertise, and

knowledge of its workforce. To address risks and leverage opportunities

regarding employee retention and internal mobility, we maintain consistent

interaction with staff via meetings, training sessions, and surveys.

These activities provide us with critical feedback, enabling us to better

comprehend what our employees need and desire for both a supportive

work atmosphere and their personal growth at Cabka. Additionally,

to foster transparency and guarantee compliance with both national

and international legal standards, we have continued to promote awareness

of our whistleblowing channels. Communication initiatives inform our

employees about the process and their rights. Furthermore, we pointed out

that every person at any of our locations can raise a concern anonymously

through Cabka’s whistleblowing channel or through directly contacting their

superior. An Ethics Committee oversees investigation procedures and

decision-making processes.

In addition, to address any concerns and provide an opportunity to

exchange on social matters, we conduct regular meetings with workers’

representatives at our Innovation Center in Valencia, Spain, and our

production site in Ieper, Belgium. Within our ongoing performance

evaluation framework, managers are required to hold yearly interviews or

performance discussions with each member of their teams. These

conversations serve as a chance to reflect on achievements from the

previous year, establish fresh individual objectives, solicit feedback,

and address the employee’s overall well-being. We document and archive

every training session and meeting, which enables us to monitor our

dedication to inclusivity and confirm that we are providing comprehensive

support to all staff members.

Since implementing global monthly Internal Safety Audit in 2024, Cabka

proactively engages employees in hazard identification and corrective

measures. These audits help us to identify potential risks that may

negatively impact our own workforce at an early stage and allow us to take

the necessary precautions. Each Cabka site’s management is responsible

for such engagements and any actions following those at their location.

To underline the importance of health and safety, we organized a Global

Health and Safety Week at our production locations with various activities

addressing specific key topics of our agenda.

In order to help minimize the number of health and safety incidents,

we promote the sharing of experiences among employees and active

involvement in training programs. After an incident occurs, learning teams

led by HSE Managers review the situation to determine root causes and

implement necessary improvements. Furthermore, we regularly conduct

training on key topics—including first aid, emergency response, and on-site

vehicle use—to further develop our employees’ knowledge and proficiency.

Moreover, we provide periodic training on our Code of Ethics and Human

Rights and Working Conditions Policy to all employees. All new professional

employees participate in a mandatory Code of Ethics and Whistleblowing

Policy training as a part of their onboarding. Our salaried employees receive

regular briefings as part of their Health & Safety trainings. Cabka’s values

for a positive, equal, safe, and healthy work environment are reiterated

during various trainings. Lastly, all our policies are easily accessible to all

employees through our website as well as our intranet platform.

Taking Action

To attract talent through high-quality sustainability performance and

reporting, and to minimize the risk of potentially losing key employees,

we continued to drive our people & culture measures during 2025.

Cabka introduced a new HR master data management system to facilitate,

modernize, and standardize HR processes with employee and manager

self-services. While it assist in the daily processes on the one hand,

it also supports an comprehensively fair and reasonable performance

management on the other. With the tool and documented processes

we foster feedback, development, equality and motivation. The newly

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implemented HR landscape will improve reporting, leading to more

transparent and reliable metrics as the bases for decisions.

Additionally, we further advanced our organizationwide employee

satisfaction survey and repeated it in 2025 to allow all of our employees to

indicate their overall level of well-being at Cabka and provide valuable

feedback on areas of improvement to increase people’s job satisfaction.

The results of this survey were translated into an action plan. We expect

the happiness survey to be conducted at regular intervals to allow for

a continuous insight into our workforce’s well-being. Furthermore,

we introduced the Leadership Development program, a global talent

program to maximize potential and maintain organizational continuity.

In 2025, we continued training on anti-corruption, bribery, gifts and

benefits, as well as on human rights, respect, and equal treatment to

uphold our dedication to conducting business in accordance with our

values and principles.

The Leadership Development Program also addressed our principle values

and promoted the topics with a communication campaign to continue to

raise awareness. Our structured onboarding process for all new employees,

integrating the acknowledgement and endorsement of Cabka’s Code of

Ethics, highlights the importance of ethical considerations and our

corporate culture from the very beginning of an employee’s journey with us.

To further advance our actions in the area of Health and Safety we

continued conducting monthly Global Health and Safety meetings.

This helps to identify trends, set targets, and benchmark our performance.

We strive to ensure consistent quality, standards, and knowledge of health

and safety at all sites. Incident reporting and analysis is also important of

the regular site management meetings. At all Cabka operational sites,

there are personnel dedicated to the management of health and safety

topics. We have two full-time employees fully dedicated to health and

safety at our largest production site in Weira, Germany. At Cabka’s other

sites, Health, Safety, and Environment (HSE) project teams are supported

by third-party experts to ensure sufficient time and knowledge for HSE

management.

Looking ahead to 2026, we will continue strengthening our people-related

processes by advancing the digitalization and standardization of key HR

activities across all European locations. A central focus will be the further

development of our HR system, including the continued harmonization of

core processes and enhancements to the onboarding experience.

In 2026, we will introduce standardized and digitalized performance

and development dialogues, including structured conversation process,

a consistent evaluation framework, and seamless integration into our

HR software solution, where all documentation will be stored. In addition,

we aim to develop Manager and Employee Self Service functionalities,

enabling greater transparency and efficiency through access to data on

organizational structures and other relevant KPIs. In the future, we also plan

to create internal talent pools to identify and retain employees with

advancement potential, ensuring effective succession planning. We are also

actively monitoring potential gender pay gaps to ensure equity among all

employees.


				We are proud to announce that we achieved our 2025 health and safety target to reduce the LTA rate by 10%
Our road to a thriving workplace culture
Our objective	Metrics	2025	2024
To strengthening diversity in leadership, ensuring a strong culture of ethics and integrity across our organization, and continuously improve our health and safety performance in line with our zero‑harm ambition	Employees in organization	656	700
	Share of Executive Leadership Team and senior management positions held by women	40%	33%
	Number of recordable work-related accidents (LTA)	44	59	LTA rate reduction in 2025
	Employee Endorsement of our Code of Ethics	93%	88%	25%
				25%

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Acknowledging the need for a workplace that inspires, values, and treats

everyone equally is essential to preserving our status as an employer of

choice, yet we are aware of the difficulties that arise when implementing

this across multiple countries. By adhering to a decentralized People

Management framework, our individual entities customize their methods

to their respective cultural settings, supporting diversity and reinforcing

Cabka’s principal values. This approach empowers them to confront

localized challenges and create solutions that are tailored to the particular

circumstances of the areas in which our employees work.

The feedback gained in the implementation of the wide range of actions

together with the KPIs we have introduced help us to evaluate the

effectiveness of engagement with our employees.

Targets Related to Managing Material IROs

At Cabka we acknowledge diversity and inclusion as crucial to establish

an attractive workplace for our current workforce and potential future

employees. Cultivating the differences in skills, experience, background,

nationality, age, race, gender, sexual orientation, religious beliefs, physical

ability, and other characteristics of our employees also ensures a

continued operational excellence, where problem solving is facilitated

by incorporating different perspectives.

Cabka’s commitment is rooted in providing equal opportunities for all

employees and fostering an inclusive environment that enables individuals

to bring their strengths to the organization. A central element of this

commitment is our ambition to ensure that at least one‑third of the

Executive Leadership Team and senior management positions are held by

women, a target that continues to guide our long‑term workforce strategy.

In consultation with the teams responsible for our workforce‑related

material IROs, we have also established additional objectives that

strengthen our approach to talent attraction and retention as well as health

and safety. These include maintaining a turnover rate below 20% and

ensuring that all employees sign our Code of Ethics each reporting year.

Our health and safety target, which aligns with our overarching zero‑harm

objective, aims to reduce the Lost Time Accident (LTA) rate by 10% in 2025

and 15% in 2026 compared with the 2024 baseline. We are pleased to

report that the 2025 LTA reduction target has already been achieved,

underscoring the effectiveness of our measures to safeguard our

workforce. The introduction of our new HR master data management

system already enhanced our ability to establish a comprehensive database

on employee characteristics, diversity and equality metrics, health & safety

performance, and career development. With it, we are continuously

improving the foundation to measure our performance on the targets we

have set to manage our material risk, negative impact, and realize the

opportunities related to our own workforce in the coming years. The

performance will be regularly communicated to our employees at the

different Cabka sites to identify improvements and potential gaps that

could have a negative effect.

Our 2025 Social Performance

Characteristics of our People

Cabka’s workforce includes our own employees as well as external hires.

Cabka employees are hired directly by Cabka while external hires are

individual contractors supplying labor to Cabka and people contracted

by third-party agencies. The following performance disclosure is based on

our own employees, excluding external hires.


EMPLOYEES BY EMPLOYMENT TYPES 2025 (HEAD COUNT)
FEMALE	MALE	OTHER	NOT DISCLOSED	TOTAL
Total number of employees
102	538	0	16	656
Permanent employees
65	342	0	16	423
Temporary employees
37	196	0	0	233
Non-guaranteed hours employees
5	58	0	0	63


	See the Workforce Data calculation on page 168.

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“	Greater diversity brings different perspectives, strengthens innovation, and improves decision‑making quality.”

	Sarah Thau People Operations & Digitalization Director

Gender Diversity

In 2025, overall female representation within the organization declined

back to the percentage of 2023, reflecting shifts in workforce composition

across several areas. At the management level, the share of women

decreased from 20% to 15%, while representation at the executive level

increased from 33% to 40%, marking a positive development toward our

long‑term gender balance ambition. Female representation on the

Supervisory Board remained stable at one‑third. While the overall decrease

underscores the need for continued attention to gender diversity,

Cabka remains committed to advancing gender balance across all

levels of the company and will continue to expand initiatives that

support equal opportunities and diverse leadership development.


	See the Diversity Data calculation on page 168.


COMPANY LEVEL	HEAD COUNT NUMBERS 2025			% OF FEMALES
COMPANY LEVEL	FEMALE	MALE	NOT REPORTED	2025	2024	2023
Supervisory board	2	4	0	33%	33%	33%
Executive level	2	3	0	40%	33%	—%
Management level	6	33	0	15%	20%	24%
Whole organization	102	538	16	16%	20%	16%

Employee Training

The introduction of our updated HR master data management system

has led to a rise in the documentation of employee training sessions.

When analyzing the data from 2024 alongside this year’s figures, we

observe an increase of 18%. This increase is primarily attributable to

improved and more comprehensive documentation of training activities

following the system update.

The enhanced data capture and reporting processes have resulted in

a more accurate reflection of the training sessions already being

conducted across the organization. While a portion of the growth

may also be linked to a greater number of internal, cross-functional

training opportunities, the most substantial driver is the improved

recording and tracking of trainings. Looking ahead, Cabka remains

dedicated to supporting employees in accessing essential training,

equipping them to tackle challenges with comprehensive knowledge

and tailored approaches.


AVERAGE NUMBER OF TRAINING HOURS OF EMPLOYEES
2025			2024
FEMALE	MALE	TOTAL	FEMALE	MALE	TOTAL
13.37	6.72	7.59	8.64	5.99	6.44


	See the Employee Training calculation on page 168.

Health & Safety

Percentage of own workforce covered by Cabka’s H&S management

system: 100%


HEALTH & SAFETY METRICS	2025	2024
Number of fatalities as a result of work-related injuries	0	0
Number of recordable work-related accidents (LTA)	44	59
Rate of recordable work-related accidents (LTIFR)	34.64	56.54

The number of LTAs has decreased by 25% which is considerably higher

than our targeted reduction. We are really pleased to see the continuous

attention to the topic of Health & Safety and raised awareness deliver such

strong performance improvement.

Due to the intricate nature of our operations, the elevated-risk tasks at

our manufacturing facilities, and variations in our workforce, we experience

a higher-than-average Lost Time Injury Frequency Rate (LTIFR) and Lost

Time Accidents (LTA). Acknowledging these issues, Cabka is steadfast in

its dedication to minimizing workplace incidents and promoting a secure

environment for every staff member. We will maintain our emphasis on

anticipating and preventing accidents, ongoing enhancements, and

cultivating a culture where safety is prioritized in every aspect of our work.


	See the Health and Safety Data calculation on page 168.

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Incidents, Complaints, and Severe Human Rights Impacts


INCIDENT METRICS	2025
Total number of incidents of discrimination	0
Number of other complaints filed through channels for people in Cabka’s own workforce to raise concerns	0
Identified cases of severe human rights incidents	0

In 2025, no incidents of discrimination, no whistleblowing reports, and no

other complaints were filed through Cabka’s internal reporting channels.

While this could indicate a generally positive working environment, it also

suggests potential limitations in the effectiveness or awareness of the

mechanisms available for raising concerns. As 2025 marked the first full

year of our expanded whistleblowing system, the absence of reports may

point to uncertainty among employees about how and when to use the tool,

or whether their concerns will be handled confidently and without negative

consequences. Despite communication efforts such as flyers and

information shared at workers’ councils, the low usage rate indicates that

visibility and trust in the mechanism remain insufficient. To address this,

we will strengthen communication and training on the whistleblowing

mechanism, clarify its purpose and confidentiality, and reinforce that raising

concerns is both protected and essential to maintaining the ethical and safe

workplace Cabka aims to uphold.

Entity-Specific Disclosure: Code of Ethics Signatures 2025

In 2025, 93% of our employees formally endorsed our Code of Ethics,

demonstrating broad recognition and support for our ethical values and

principles.

In 2025, we continued to advance our commitment to integrity,

responsibility, and ethical business conduct. Our ongoing initiative to

secure formal acknowledgement of our Code of Ethics among all

employees showed solid progress, reflecting broad engagement with

our ethical principles across the organization.

While not everybody did sign our Code of Ethics yet, we remain firmly

committed to reaching 100% acknowledgement. In the coming reporting

periods, we will further strengthen awareness efforts and integrate

compliance processes more deeply into the onboarding process to

ensure consistent and comprehensive adherence




	Employee endorsement of our Code of Ethics
	(in %)
	93%
	2024: 88%


	See the CoE Signature Share calculation on page 168.

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Cabka JV2025_concept_ESG INTRo_Partnerships.jpg

Our double materiality assessment highlights the importance of our

customers and the growing demand for sustainable packaging solutions.


Our Customers
Building Partnerships for a Sustainable Future
At Cabka, we are not only seeking to meet the needs of our customers, but develop solutions collaboratively. In this way we can optimise our products and drive our mission to create the most environmental friendly and efficient solutions. With innovation and the drive to build long-lasting trustworthy relationships, we can build the foundation and shared goals that encourage a positive environmental impact.
	ESRS STANDARD	CLASSIFICATION	MATERIAL IRO	TIME HORIZON	LOCATION IN THE VALUE CHAIN
	S4 Consumers and end-users	Opportunities	Increase in demand for sustainability in products and businesses	Short-term to medium-term ò ò ò ò ò	Own operations & Downstream
		Positive impact	Increasing customers’ transport system efficiency	Short-term ò ò ò ò ò	Downstream
		Risk	Concerns regarding materials used in our products	Long-term ò ò ò ò ò	Own operations

Understanding customer needs creates opportunities for new product

development and helps attract new clients. Our innovative designs, such

as nestable or foldable pallets and durable containers, have improved

transport efficiency, reduced product damage, and lowered injury risks.

However, we recognize ongoing risks related to processing plastic materials,

as some substances may pose future health concerns.

While these material IROs have been identified for Cabka, we have chosen

to utilize the phase-in provision for ESRS S4 (Consumers and End-Users) in

this reporting period. As an early adopter of the CSRD in 2024, Cabka

applied the amended phase-in provisions from the 2025 ‘Quick-Fix’

Delegated Act. We prioritized key areas with immediate impact to ensure

high-quality, meaningful disclosures and a stronger strategic position.

This phased approach lets us allocate resources effectively and build a

solid foundation for future reporting.

As we recognize our customer relationships as a key contributor for our

future strategy, we continuously seek for potential action to realize the

identified opportunities, refining internal processes, and engage relevant

stakeholders to further enhance the management of the material IROs.

To highlight a few initiatives, our strategy includes expanding circular, data-

informed solutions and customizing our offerings to address the evolving

demands of emerging markets, all while maintaining close observation of

regulatory shifts and customer trends outside our primary regions.

Through these efforts, we fine-tune our risk management—such as

addressing varying compliance standards—while seizing opportunities like

local buy-back initiatives and closed-loop systems. Leveraging the

momentum from our 2025 projects, our goal is to diversify our portfolio

with tailored, client-focused products and to investigate transitions in

materials or products where clear improvements in cost, efficiency, and

sustainability are evident. The positive feedback for innovations such as the

Eco CP3 pallet (created with Renewi) and our transparent, case-based

outreach (including webinars with INPOST) will continue to guide how we

communicate concrete advantages, emphasizing that financial success and

sustainability are compatible.

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Furthermore, our CRM-integrated ‘Voice of Customer’ process and IoT-

supported container trials (like CabCube) provide practical usage insights

that drive ongoing product development and deliver increased value to our

customers.

We expect continued growth in demand for sustainable packaging solutions

with the implementation of new packaging and packaging waste regulation,

on a European and national level. These regulations are expected to have a

significant impact on our customers’ packaging strategies. The regulatory

status will dynamically evolve also over 2026 and through our existing

dedicated resources we will be able to proactively assist our customers in

this transformation process.

By leveraging our 30-year experience in circular transport packaging with

cross-industry solutions and and our in-house expertise of innovative

product development and material use, Cabka emerges as a reliable

partner for its existing and future customers during this industry

transformation. Our vision is clear; we dedicate our effort to create

transport packaging solution that not only benefit the transport efficiency

of goods, but also minimalize the environmental impact.




“	When discussing with customers on the sustainability performance of their transport packaging, we quickly identify the main levers for environmental impact reduction.”

	Katrin Poirier Sustainability Director

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Governance

Cabka was founded to address plastic waste by embedding sustainability


Upholding Business Conduct for Sustainable Success
Embracing Transparency and Responsibility
As a business, Cabka fundamentally relies on a transparent and accountable work ethic. More importantly, Cabka aims to become a leader in the sustainable transformation of our economy. Even though the current legislative landscape creates significant uncertainty, we are committed to reporting on our environmental, social, and governance impacts. This approach allows us to demonstrate that we are not merely talking about transformation, but are genuinely committed to aligning our growth with the well-being of the planet, its people, and the economy.
	ESRS STANDARD	CLASSIFICATION	MATERIAL IRO	TIME HORIZON	LOCATION IN THE VALUE CHAIN
	G1 Business conduct	Opportunities	Improving company stance and market leadership through sustainability	Medium-term ò ò ò ò ò	Own operations
		Risk	Availability of capital	Long-term ò ò ò ò ò	Own operations
		Risk	Corruption and fraud	Short-term ò ò ò ò ò	Own operations
		Risk	Cybersecurity	Short-term ò ò ò ò ò	Own operations

into its business model. For over 30 years, Cabka has innovated to turn

waste into durable products and aligned with evolving sustainability

standards, especially recent EU regulations like the EU Taxonomy

Regulation and CSRD. The company’s ongoing commitment to sustainability

includes adapting to new trends and improving sustainability reporting.

Our double materiality assessment emphasized the importance of

transparent ESG reporting, which strengthens Cabka’s market leadership,

builds stakeholder trust, and attracts investors. Conversely, poor ESG

performance or reporting poses risks to capital access and financing.

Furthermore, we identified two new potential risks within our own

operations that may arise in the short-term. Firstly, as the number of

cyberattacks continuous to rise, becoming increasingly sophisticated and

strategically motivated, cybersecurity plays a critical role in ensuring the

continuity of Cabka’s business activities. In case of a compromise of any

kind of data due to data security issues, Cabka may be fined or lose

revenues due to business interruption and the loss of customers. Secondly,

as Cabka is a stock-listed company, the increased risk of unethical

practices, including, insider trading arises from this status. The potential for

unethical practices within or against the organization, such as bribery, is

indisputable and may result in financial losses, legal penalties, and harm to

the company's reputation.

Business Conduct Policies and Corporate Culture

Although Cabka does not currently have formal policies targeting

transparency and ESG performance, our dedication to sustainability is

evident in the vision and mission statements of the company.

Our mission, “Transformation is our power. Where others see waste, we see

opportunity” with our vision, “A world where supply chains don’t just move

things, but change things, making a positive impact” along with our goal of

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“Striving to be the circularity leader in the industry”, directly relate to our

overall company sustainability performance.

Cabka’s strength lies in transformation because we know that while

resources are limited, possibilities are endless. Central to our operations is

the pioneering of solutions that turn used plastics into valuable new items.

Our commitment to the environment shapes every aspect of our work.

By employing our business model, we strive to balance the principles

of circularity, the impact on the climate, and the management and

consequences of the world’s resources. We are prepared to take on

this challenge and are eager to evaluate our success in relation to it.

To further protect our company and business activities from internal

and external threats, we have implemented robust internal policies.

Our Anti-Corruption Policy sets out a zero-tolerance approach to corrupt

practices, including the acceptance or offering of gifts or hospitality to or

from business partners. The management of gifts, hospitality, and anti-

corruption measures is also addressed in our Code of Ethics, which all

employees are required to read, acknowledge, and sign. In line with our

anti-corruption framework, Cabka complies with all relevant anti-bribery

and anti-corruption laws in the countries where we operate.

Any suspected cases of corruption or fraud must be reported by

employees in accordance with our Whistleblowing Policy.

Additionally, our Code of Ethics covers other key areas such as the

prevention of money laundering, responsible negotiations with third parties,

financial accountability, and proper accounting practices. It also addresses

insider trading, for which Cabka has a dedicated policy available on our

website. This policy provides clear guidelines on stock trading and outlines

the legal consequences of employee misconduct.

All employees subject to this policy are registered and receive regular

updates, with the list maintained on an ongoing basis.

In regards to the cyber threats, we have an IT Security Policy in place,

which is binding for all of Cabka’s employees, consultant,s and contact

persons. It is derived from the guidelines of the international standard ISO

27001 and is handed out to every new employee joining Cabka during the

onboarding process, for acknowledgement and endorsement. This policy

provides basic rules and information on IT security for end users, including

responsibilities related to securing and protecting information and data,

the handling of provided equipment, and the conditions for mobile working.

Additionally, it states how cybersecurity, access control, and incident

management are handled.

Guided by these policies, we ensure the continuity of our business activities

within a transparent and accountable governance framework, thereby

strengthening the credibility of Cabka’s mission and long‑term value

creation.

Actions for Transparency and Responsibility

The CSRD, the EU Taxonomy, and related sustainability policies and

regulations are relatively new to Cabka and to many other organizations,

and they continue to evolve. In response, Cabka has established a

dedicated ESG team to advise the organization on ESG‑related matters

and to work closely with all relevant functions. The ESG team ensures

compliance with applicable reporting requirements and drives the

implementation of Cabka’s sustainability agenda. Transparent and reliable

reporting depends on the full commitment of the organization; therefore,

the ESG team supports designated ESG topic owners in monitoring

performance and continuously improving the effectiveness of our

ESG‑related impact, risk, and opportunity (IRO) management.

In alignment with this approach, the ESG team facilitated the identification

of measures that support the achievement of policy objectives related to

the recently determined material topics of corruption and fraud, as well

as cybersecurity. Both of these areas represent significant risks that

warrant careful consideration and should not be underestimated.

Beyond the associated financial penalties and legal sanctions, such risks

possess the potential to erode the trust of customers, investors, and other

stakeholders, which may ultimately result in diminished revenue.

In recent years, Cabka has implemented a comprehensive suite of

preventive measures designed to mitigate the occurrence of such adverse

events. For instance, the introduction of an insider trading policy has

established explicit guidelines concerning stock transactions and clarified

the potential legal ramifications of employee misconduct. Additionally, the

segregation of information technology systems has been undertaken to

minimize service interruptions and strengthen cybersecurity.

Notwithstanding these efforts, it is acknowledged that further progress is

required, and Cabka remains committed to continuous improvement in

these areas. Consequently, the organization plans to implement further

measures to strengthen its risk management framework and maintain

highest standards of corporate integrity and security.

To support the integration of the non-financial reporting and the financial

reporting, our ESG team collaborates closely with Cabka’s Finance

Department. This allows us to establish a strong internal control system,

that ultimately limits the exposure to non-compliance risks. In addition,

highlighting the importance of ESG in our business objectives, Cabka has

established a short-term incentive scheme related to sustainability targets.

Thus, awareness for and the commitment to maintaining the high-level ESG

performance is emphasized.

Our internal expertise is enhanced by engaging in training sessions,

workshops, and webinars. This is essential for keeping our ESG program

updated with emerging trends and shifting stakeholder demands. Attending

seminars organized by both government and independent organizations

forms a core part of our approach to deepening and progressing our

technical understanding of different ESG topics.

In 2025, we expanded Cabka’s participation in sustainability initiatives to

demonstrate our commitment to the environment and people. We joined

the Roundtable for reusable containers trays and pallets (RCTP). The aim

to enhance our ESG-related reporting on the other hand was hindered by

this years proposed Omnibus proposal. Nevertheless, did we find ways to

extend our communication around our sustainability performance and

specific achievements besides the impeding EU regulation revision by

increasing our external marketing and partnership communication.

As we further strive to enhance our communication, we have over the past

years, gradually developed new content, channels, and communication

highlights to meet the demands of customers for ESG communication.

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Our ESG team continues to participate in meetings with customers,

industry, and customer events, as well as relevant trade shows annually.

Cabka acknowledges the importance of being a transparent and

trustworthy company. We want to act reliably, demonstrate integrity and

conduct ourselves in an authentic, compliant and exemplary manner.

This is why we place strong emphasis on continuous training on our code

of ethics, anti-corruption policies, and whistleblowing mechanisms.

Within 2025, we conducted anti-corruption trainings for our employees

in management, finance, sales, purchasing, and customer service

departments. We further enhanced the whistleblowing mechanisms,

including the implementation of a whistleblowing tool, now available to

every employee within Cabka. This also included on-site training at our

locations to demonstrate how the system works and specifically, how they

can report a case anonymously. In the future, we will continue to conduct

these trainings, including those related to our Code of Ethics, as we aim to

foster open communication where everyone feels heard and to prevent any

incidents that could harm our company.

While these recurring sessions support awareness of human-centered risks,

robust protection against cyber threats remains crucial for Cabka’s

business continuity, and cybersecurity is recognized as a key element of

Cabka’s risk management and governance framework. In 2024, Cabka

strengthened the management of it IT‑related risks through enhanced

governance, improved security measures, and the support of external

specialists. These efforts continued in 2025 with the rollout of advanced

protection tools for laptops and mobile devices, supported by centralized

monitoring to enable early detection of unusual activity. With the help of

specialized analysts, we also enhanced the security of our operational

systems and increased visibility into potential cyber threats. Building on this

foundation, we continued the development of a group‑wide IT policy that

includes a framework for more clearly linking identified technical

vulnerabilities to their potential impact on business operations.

Looking ahead, Cabka plans to further develop its IT policy to address

several important areas of future security and resilience. This includes

strengthening access controls, enhancing recovery capabilities by

automating key recovery processes, and further aligning IT security

governance with Cabka’s ESG framework. We also intend to introduce

regular annual cybersecurity training programs to increase employee

awareness and support organizational resilience to evolving digital threats.

In the medium to long term, Cabka aims to further formalize incident

recovery processes by clearly defining analysis procedures, roles, and

responsibilities, and by improving documentation of IT architecture and

data flows.

Targets Related to Business Conduct

In 2022, the Executive Leadership Team of Cabka set targets for all material

ESG matters, which were communicated in our first ESG report for the

financial year 2022.

These targets remained relevant until 2025. They ensure that we maintain

and further improve our performance on our ESG-related commitments.

In 2024, additional targets were determined, which as well stay pertinent

in 2025.

Assessing the impact of transparency in reporting on customers, investor

choices, and Cabka’s reputation is challenging to quantify and evaluate.

ESG evaluations and sustainability ratings, however, serve to determine

the quality of ESG management and disclosure. These tools also combine

regulatory obligations with voluntary guidelines, offering direction for

optimal ESG reporting and performance. Despite this, Cabka has yet to

establish a clear, time-specific, and measurable objective for tracking

progress in sustainability transparency.

Concerning the newly identified material topics, namely corruption

and fraud and cybersecurity, specific time-bound, measurable and

outcome-oriented targets have not yet been defined. To act in line

with our policies, mitigation measures to reduce these risks are

identified and communicated in the risk management section of this

year’s report. Together with the ESG-topic leaders, the ESG Team

tracks the implementation of planned actions by reviewing progress

throughout the year.

Metrics to Measure our Performance

In the same way to observations reported for target setting, there are no

unique metrics available to assess our effectiveness in transparent

reporting regarding Cabka’s sustainable business activities as required by

EU regulations. In essence, the various quantitative key performance

indicators included in the ESG disclosures within this Integrated Report

collectively enhance the openness and caliber of Cabka’s sustainability

reporting, as no individual KPI alone can capture the entirety of

sustainability communication.

Additionally, we have decided not to report on the topic-specific metrics

regarding corruption and fraud, as we chose to apply the amended phase-

in provisions in accordance with the ‘Quick-Fix’ Delegated Act of 2025,

nor to include entity-specific metrics on cybersecurity in order to keep

the reporting effort within an appropriate and proportionate scope.

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Cabka JV2025_concept_ESG INTRo_compliance.jpg


Entity-Specific Disclosure
Regulatory Compliance
Changes in sustainability-related regulations have been and will continue to be very dynamic. Governments and regulatory bodies worldwide have implemented stricter rules to address pressing issues like climate change, pollution, and worker well-being. Adhering to these new regulatory requirements is crucial for all organizations. It ensures legal standing, protects the company's reputation, and prevents operational disruptions and costly penalties or legal actions. Compliance is a key aspect of responsible corporate governance, fostering trust among internal and external stakeholders alike.
	ESRS STANDARD	CLASSIFICATION	MATERIAL IRO	TIME HORIZON	LOCATION IN THE VALUE CHAIN
	Regulatory requirements	Risks —	Changes to ESG- related regulations	Short-term to long-term ò ò ò ò ò	Own operations
	Regulatory requirements	Opportunities +	Leveraging on sustainability regulations	Medium-term ò ò ò ò ò	Downstream

IRO Management and Policies

While compliance with regulations aimed at increasing sustainability is

not explicitly included in the scope of the CSRD ESRS, this topic remains

relevant for Cabka in 2025.

Changes to environmental, health, and safety laws might increase

operational costs. On the other hand, the greater regulatory focus on

environmental topics also opens up opportunities for us. Cabka is

already a market leader in the use of recycled raw materials, design

for recyclability, and product reuse, making it easier for our customers to

be compliant as well.Cabka’s commitment to adhering to the legal

requirements of the countries in which we operate is embedded in all

Cabka policies, including the Code of Ethics, Environmental Policy and

Health & Safety Policy. These policies are applicable to all Cabka employees

and our Management Board is responsible for their enforcement.

They are updated regularly and communicated to all directors, managers,

and employees via Cabka’s website and intranet. These policies adhere to

international standards, regulations, or initiatives such as the Paris Climate

Agreement, the UN’s Declaration of Human Rights, and the OECD

Guidelines for Multinational Enterprises where applicable. All of Cabka’s

policies are established with the interest of our internal and external

stakeholders in mind, as described further on p. 23-24 of this Annual

Report. Certain policies, such as the Code of Ethics, are reinforced through

employee signatures, training sessions (e.g., Code of Ethics, Whistleblowing

Policy), and our onboarding process. Cabka responds to each legal change

on a case-by-case basis, allowing us to maintain compliance while balancing

operational efficiency and cost-effectiveness.

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Planned Actions and Targets

Cabka continuously reviews regulatory updates and implements them as

quickly as possible to avoid potential additional costs or negative impacts.

In 2025, we continued to work with dedicated resources to evaluate

legislative trends, and drive relevant actions. Beyond our engagement with

Plastic Recyclers Europe and the US Association of Plastic Recyclers

through which we monitor ongoing and planned legal changes, especially in

the plastics industry, we joined the manufacturer association Roundtable

for Reusable Containers, Trays and Pallets. This supports our proactive

approach to the PPWR and national regulations related to packaging.

Working with associations helps us to understand and anticipate potential

implications in order to reduce the costs of compliance and identify

opportunities emerging from these regulations early on. With this,

changes to regulation can be implemented in a timely manner.

Because regulatory changes demand adaptability, also to uncertainties of

the future, we have not established concrete objectives for handling the

risks and opportunities associated with compliance. Similarly, we do not

currently employ any measurement tools to assess how effectively we

manage these risks and opportunities, owing to these same considerations.

“Cabka’s commitment to adhering

to the legal requirements of the

countries in which we operate is

embedded in all Cabka policies.”

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Other Sustainability Related Disclosures


Entity-Specific Disclosure
Innovation
Innovation allows Cabka to differentiate, accelerate time to market, and enhance value generation. By combining recycling material knowledge, engineering expertise, and circular design to deliver solutions with higher performance and lower environmental impact, innovation sits at the heart of Cabka’s future success. Even with the recycled market being volatile, Cabka mitigates the dependency through diversified sourcing, strong partnerships, and the development of robust formulations and new recycling material sources. Hence, our innovation strategy ensures our current leadership position and our long-term competitiveness.
	ESRS STANDARD	CLASSIFICATION	MATERIAL IRO	TIME HORIZON	LOCATION IN THE VALUE CHAIN
	Innovation	Opportunities +	Innovation securing the future of our business	Short-term to long-term ò ò ò ò ò	Own operations

IROs and Related Policies

Our double materiality assessment update of 2025 reconfirmed the role of

innovation for Cabka’s business success and continuity. On the one hand,

with our Innovation Center in Valencia, we leverage our expertise in the

area of product development and material use to create more innovative

and more sustainable products. By doing this, Cabka utilizes its innovations

in recycling and materials science to bolster its sustainability drive in the

plastic packaging industry. On the other hand, Cabka perceives the quickly

progressing enhancements of automation technologies as a genuine

opportunity to increase the operational efficiency of Cabka’s production

processes, by elevating material efficiency, improving quality control

processes, and reducing the need for manual labor.

The pursuit of these opportunities is ingrained in Cabka’s overall business

strategy and day-to-day operations, which is why no specific policy is in

place to ensure their realization.

Our Innovation Ecosystem

With our structured stage-gate innovation and development process we

answer to customer requirements on durability, recyclability and economic

and ecologic efficiency. We see ourselves as catalysts and advocates for

global transformation towards a circular economy. Innovation is part of our

business model, enabling us to identify and develop promising solutions.

We set clear objectives to pursue new opportunities in the transport

packaging industry that not only help our customers, but the whole

environment. The nestability and foldability of our product already

decreases the emission rate per transport and we continuously include

further sustainable design characteristics. In addition, material innovation is

particularly important. To improve the recovery and reuse of material, we

explore new possibilities to employ advanced technologies and

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methodologies for the sorting and the recycling of our materials, as well as

fostering partnerships with organizations dedicated to sustainable waste

management.




“	Innovation focuses not only on the material, but also on the design of the product, ensuring that it is easy to disassemble and recycle at the end of its useful life.”

	Merche Carril Material Development Manager

Cabka has implemented a quality control sample register and material

validation process to assess materials against Target Data Specifications

(TDS). Based on these assessments, materials are either accepted and used

as intended, blended as necessary to make them usable, or rejected if

unusable. This allows for a large variety of materials to be used, increasing

innovation, and reducing waste.

Automatization

Cabka’s sites run broad automation and continuous‑improvement

programs, spanning first‑line automation, machine upgrades, tooling,

logistics, and operator support. Robotics and machine upgrades are

delivering measurable performance gains, including higher overall

equipment effectiveness or OEE , reduced scrap, and significant reductions

in machine downtime.

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ESG INTRo_Memberships and partnerships 3.jpg

As a member of the Polyolefin Circular Economy Platform (PCEP), Cabka

supports and contributes to the platform’s pledge to increase the reuse


	Connecting Through
	Memberships and Partnerships
	To foster innovation and support the long-term growth, profitability, and sustainability of our business, Cabka is deeply engaged with industry associations across Europe and the United States. By actively participating in these associations, we stay at the forefront of industry developments, share best practices, and advocate for policies that promote both environmental stewardship and economic resilience.

and recycling of polyolefin-based products and the use of recyclates as raw

material.

Since 2024, Cabka is an active Plastic Recyclers Europe (PRE) member,

an association that represents over 600 companies and recycling facilities

across Europe. This brings together companies with concentrated

knowledge of materials, processes, and more to advance the European

circular economy agenda. During 2025, the Cabka Group joined the

Roundtable of Reusable Containers, Trays and Pallets.

In the US, Cabka is a long-term member of the Reusable Packaging

Association (RPA), an organization driving innovation in and performance

of reusable packaging systems. We regularly participate in events to

promote circular economy concepts and sustainable practices.

At the end of 2025, our US branch also became a member of the US

association of plastic recyclers (APR). Through our membership, we aim

to collaborate with industry partners, share best practices, drive innovation

in recycled materials, and contribute to durable, high-quality applications

that advance the transition to a circular economy

Already in 2024, we became a signatory to the Science Based Target

initiative (SBTi), committing us to setting a company-wide, near-term

emissions reduction target in line with the latest climate science.

This is a crucial step towards reducing our carbon footprint across all

operations and our value chain and is further described in chapter

”Working Towards a Positive Climate Impact”.

Cabka also reaffirmed its support to the United Nation’s Global Compact

(UNGC) in 2025, a global corporate social responsibility and corporate

sustainability initiative aiming to support businesses worldwide to adopt

sustainability and social responsibility policies and report their

implementation. Cabka supports the 10 principles of the UNGC and has

reported the annual communication on progress in regard to ESG policy

implementation in 2025.

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Cabka JV2025 ENG_Page 97_logos memberships.jpg




“	We don’t treat sustainability as a side activity — it’s embedded in how we design products, manage operations, and make investment decisions.”

	Katrin Poirier Sustainability Director

The involvement of Cabka’s Innovation Team in a variety of other events

demonstrates our commitment to ongoing progress and a continual desire

for collaboration and exchange. These include the following:

• The innovation center works closely with multiple research organizations,

platforms, and corporate partners. At present, Cabka contributes to a

range of initiatives focused on boosting the proportion of recycled

materials used in certain industrial packaging applications, as well as

assessing the effectiveness of packaging solutions within cutting-edge

production platform models by leveraging our expertise, testing

resources, and engineering capabilities.

• Cabka is a partner of INCREACE, a project funded by the European

Health and Digital Executive Agency (HADEA) of the European

Commission under the Horizon Europe Cluster 4 program. The project

aims to increase the uptake of recycled plastics in various products

through innovative and interdisciplinary solutions along the plastics

recycling value chain, with a focus on Electronic and Electric Equipment.

Increasing the share of recycled plastics in new products is a central

aspect of the European Strategy for Plastics, adopted by the European

Commission in 2018 as a part of the first Circular Economy Action Plan

(2015).

• In June 2024, Cabka became one of 32 partners of CircSyst, a Horizon

Europe-funded project coordinated by AIJU - Instituto Tecnológico de

Producto Infantil y Ocio and EURADA - the European Association of

Development Agencies. The project aims to develop large-scale pilot

systems that implement circular business models. Cabka is among the

demonstrators developing solutions related to food packaging waste

valorization. Through this initiative, we are establishing roadmaps for

sustainable and circular business practices that serve as a blueprint for

replication across different sectors, industries, and countries.

In 2025, Cabka engaged in multiple sustainability evaluations centered on

climate initiatives and broader ESG topics. These assessments offer

important perspectives on Cabka’s sustainability journey, allow us to

benchmark against industry peers and other sectors, and identify possible

opportunities for future enhancements.

For its sustainability management performance, Cabka achieved for the first

time the prestigious “Platinum” medal in the EcoVadis assessment of 2025.

This rating from EcoVadis is a testament to Cabka’s commitment and

excellence across the various sustainability categories and demonstrates

the significant progress that was made in one year. The Ecovadis Platinum

medal is awarded only to the Top 1% of rated companies.

Cabka also participated again in the climate risk management assessment

with the Carbon Disclosure Program (CDP), a non-profit organization that

runs a global disclosure system for companies on climate impacts. In this

third assessment (2025/2026), Cabka was able confirm the B score on a

scale from A to D-, with A being best practice. The B rating underscores

how much Cabka prioritizes climate concerns and shows that we are

aligned with our European peers regarding this issue. Compared to the

broader plastic manufacturing industry, Cabka achieves a higher score than

the sector’s typical performance.

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	Financial Report 2025
	99	Consolidated Financial Statements
	99	Consolidated Statement of Comprehensive Income
	101	Consolidated Statement of Financial Position
	102	Consolidated Statement of Changes in Equity
	103	Consolidated Statement of Cash Flows
	104	Notes to the Consolidated Financial Statements

	137	Company Financial Statements
	137	Company Statement of Profit and Loss
	138	Company Statement of Financial Position
	139	Notes to the Company Financial Statements

	CabFold Prime CabFold Prime redefines circular logistics with a rigid, foldable container engineered for protection and efficiency—combining high reuse cycles, recycled materials, and space‑saving design to reduce environmental impact.

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Consolidated Financial Statements

Consolidated Statement of Comprehensive Income

for the year ending on December 31, 2025 and 2024


In Euro x 1,000	NOTES	2025	2024

Revenue	6	180,828	181,868

Change in inventories of finished goods and work in progress	21	-1,438	1,859
Other operating income	8	6,030	8,670
Total Operating income		185,420	192,397

Material expenses / expenses for purchased services	9	-92,882	-99,820
Personnel expenses	10	-42,239	-44,910
Amortization/depreciation and impairment of intangible and tangible fixed assets	16, 17	-19,437	-20,169
Other operating expenses	11	-29,076	-29,154
Total Operating expenses		-183,634	-194,052

Finance income	12	20	1,313
Finance expenses	13	-5,899	-5,381
Net Financial Result		-5,879	-4,068

Result before taxes		-4,093	-5,723

Income tax (expense)/income	14	-3,301	-3,631
Result for the year		-7,394	-9,355

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100

Other Comprehensive Income


In Euro x 1,000	NOTES	2025	2024
Result for the year		-7,394	-9,355

Items that may subsequently be reclassified to profit or loss
Exchange differences on translation of foreign operations		1,205	-109
Other comprehensive income/(loss)- cash flow hedges		251	-510
Total comprehensive (loss) / income		-5,939	-9,975

Earnings per share
Basic = Diluted, result for the year attributable to ordinary equity holders of the parent	15	-0.30	-0.38

The accompanying notes are an integral part of these consolidated financial statements.

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101

Consolidated Statement of Financial Position

as at December 31 , 2025 and 2024


In Euro x 1,000	NOTES	2025	2024
ASSETS
Non-current assets
Intangible assets	16	2,240	2,718
Property, plant and equipment	17	71,830	83,937
Right of Use assets	18	8,923	11,619
Long-term financial assets	19	90	90
Other long-term assets	20	—	1
Deferred tax assets	25	4,496	5,908
Total non-current assets		87,579	104,273

Current assets
Inventories	21	34,085	36,208
Trade receivables	22	18,951	19,542
Short-term financial assets	19	28	47
Other short-term assets	23	10,819	9,067
Cash and cash equivalents	24	3,147	4,388
Total current assets		67,030	69,251
Total assets		154,609	173,524


In Euro x 1,000	NOTES	2025	2024
LIABILITIES
Equity
Share capital	26	408	408
Treasury shares	26	-160	-160
Share premium	26	74,080	73,995
Other reserves	28	7,036	6,928
Retained earnings		-30,405	-22,945
Foreign currency translation reserve	29	-277	-1,481
Total equity		50,682	56,745

Non-current liabilities
Long-term financial liabilities	30	37,331	38,897
Other long-term liabilities	33	357	481
Deferred tax liabilities	25	—	29
Total non-current liabilities		37,688	39,408

Current liabilities
Short-term financial liabilities	30	28,624	37,460
Provisions	32	183	786
Contract liabilities	31	1,793	3,141
Trade payables	31	25,062	29,037
Other short-term liabilities	31	10,577	6,948
Total current liabilities		66,239	77,371
Total equity and liabilities		154,609	173,524

The accompanying notes are an integral part of these consolidated financial statements.

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102

Consolidated Statement of Changes in Equity

as at December 31, 2025 and 2024


In Euro x 1,000	Share capital	Share premium	Treasury shares	Other reserves	Foreign currency exchange reserve	Retained earnings	Non-Controlling interest	Total equity
At January 1, 2024	408	77,687	-160	7,762	-1,372	-13,588	-	70,737

Loss for the year	-	-	-	-	-	-9,355	-	-9,355
Other comprehensive income/(loss)- exchange difference	-	-	-	-	-109	-	-	-109
Other comprehensive income/(loss)- cash flow hedges	-	-	-	-510	-	-	-	-510
Other comprehensive (loss)/income for the year	-	—	—	-510	-109	-9,355	—	-9,975

Decrease of share based payments	-	-	-	-324	-	-	-	-324
Dividends to equity holders	-	-3,707	-	-	-	-	-	-3,707
Other movements of the year	-	15	-	-	-	-2	-	12
Total transactions with owners of the Company	-	-3,692	-	-324	-	-2	-	-4,018

At December 31, 2024	408	73,995	-160	6,928	-1,481	-22,945	-	56,745

At January 1, 2025	408	73,995	-160	6,928	-1,481	-22,945	-	56,745
Loss for the year	-	-	-	-	-	-7,394	-	-7,394
Other comprehensive income/(loss)- exchange difference	-	-	-	-	1,205	-	-	1,205
Other comprehensive income/(loss)- cash flow hedges	-	-	-	251	-	-	-	251
Total comprehensive income/(loss)- for the year	—	—	—	251	1,205	-7,394	—	-5,939

Decrease of share based payments	-	-	-	-143	-	-	-	-143
Dividends to equity holders	-	-	-	-	-	-	-	-
Other movements of the year	-	85	-	-	-	-66	-	19
Total transactions with owners of the Company	-	85	-	-143	-	-66	-	-124
At December 31, 2025	408	74,080	-160	7,035	-277	-30,405	-	50,682

¹⁶ The main non-cash activities for 2025 involve releasing a contract liability valued at €1.070 in the USA.

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103

Consolidated Statement of Cash Flows

for the year ending on December 31, 2025 and 2024


In Euro x 1,000	NOTES	2025	2024
Cash flow from operating activities
Net result after tax		-7,394	-9,355

Adjustments for:
Amortization/depreciation of intangible and tangible fixed assets	16, 17	19,437	20,169
Loss on disposal/profit on sale of property, plant & equipment	17	-1,018	-302
Share-based payment expense	27	-143	-324
Other non-cash transactions ¹⁶		-1,326	-731
Finance income	12	-20	-1,313
Finance expenses	13	4,845	4,813
Income tax expenses	14, 25	3,301	3,631
Net foreign exchange differences	12, 13	4,038	-1,016

Changes in:
Inventories	21	2,123	-4,150
Trade receivables and other current assets	22, 23	-1,142	11,570
Trade payables and other current liabilities	31, 32	-2,297	-6,627
Cash generated/(utilized) from operations		20,404	16,367

Income taxes paid	14	-1,745	-1,509
Net cash from/(used in) operating activities		18,658	14,858

Cash flow from investing activities
Cash outflow for investment in intangible assets	16	-432	-637
Cash inflow from sale of property, plant and equipment	17	6,432	296
Cash outflow for investment in property, plant and equipment	17	-11,235	-18,098
Interest received on cash and equivalents	12	5	447
Net cash from/(used in) investing activities		-5,230	-17,992


In Euro x 1,000	NOTES	2025	2024

Cash flow from financing activities
Cash inflow from sale of treasury shares	26	-	-
Cash outflow for dividend payments	26	-	-3,707
Cash outflow for the repayment of liabilities to banks	30	-9,961	-2,292
Cash inflow from receipt of liabilities to banks	30	-	15,515
Cash outflow for the repayment of lease liabilities	18, 30	-3,365	-2,942
Cash inflow from receipt of sale and lease back activities	30	3,671	-
Cash outflow for the repayment of sale and lease back activities	30	-1,372	-1,472
Interest paid	13	-4,845	-4,723
Net cash from/(used in) financing activities		-15,872	380

Changes in cash and cash equivalents		-2,445	-2,755
Cash and cash equivalents at the beginning of the year	24	4,388	7,252
Net foreign exchange difference		1,205	-109
Cash and cash equivalents at the end of the year	24	3,147	4,388

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104

Notes to the Consolidated Financial Statements

1. Corporate Information

Cabka N.V. is a company, registered with the Chamber of Commerce

Amsterdam under number 80504493. As of March 1, 2024, the Company

has its registered office at John M. Keynesplein 10, 1066 EP, Amsterdam,

The Netherlands.

Cabka N.V is listed on Euronext Amsterdam. It has subsidiaries in the USA,

Spain, Germany and Belgium. Throughout this report, the name “Cabka”,

“Cabka Group“, “the Group” or ‘’the Company’’ will be used

interchangeably to refer to Cabka N.V. including its consolidated

subsidiaries.

Cabka is in the business of recycling plastics from post-consumer and post-

industrial waste into innovative reusable pallets and large container

solutions enhancing logistics chain sustainability (the “RTP-Business”) and

producing sustainable products made from 100% recycled post-consumer

plastic waste ( the “Eco-Products-Business”) .

These products are used, for example, in construction, road and traffic

safety, as well as in gardening and landscaping. With products made

approximately 85-90% of recycled plastics, Cabka is leading the industry in

its integrated approach closing the loop from waste to recycling, to

manufacturing.

The consolidated financial statements of Cabka N.V. and its subsidiaries for

the year ending December 31, 2025 are presented in thousands of Euros,

unless indicated otherwise.

Statement of compliance

The consolidated financial statements as of December 31, 2025 have been

prepared in accordance with International Financial Reporting Standards

(IFRS) and IFRS IC interpretations (IFRIC), published by the International

Accounting Standards Board (IASB) as adopted by the European Union

(hereinafter referred to as EU-IFRS) and in accordance with the legal

requirements of Part 9, Book 2 of the Dutch Civil Code.

The Company financial statements are an integrated part of the 2025

financial statements of Cabka N.V. The financial statements were authorized

for issue by the Management Board and Supervisory Board on 28 April 2025.

2. Basis of Preparation

These consolidated financial statements of the Group have been prepared

in accordance with International Financial Reporting Standards as adopted

by the European Union (EU-IFRS) and also comply with financial reporting

requirements included in Part 9 of Book 2 of the Dutch Civil Code, as far as

applicable.

The annual report has been prepared in ESEF and is in accordance with the

requirements as set out in the Delegated Regulation (EU) 2019/815 with

regard to the regulatory technical standards on the specification of a single

electronic reporting format (hereinafter: the RTS on ESEF).

2.1 Basis of Preparation: Going concern

The accompanying consolidated financial statements of the Group have

been prepared assuming Cabka N.V. will continue as a going concern.

The going concern basis of presentation assumes that the company will

continue to operate for at least a period of 12 months after the date these

financial statements are issued and contemplates the realization of assets

and the satisfaction of liabilities in the normal course of business.

In preparing the annual financial statements, management has assessed

the Group’s ability to continue as a going concern and has considered the

principal risks and uncertainties that could impact its financial position and

the company’s future performance. As part of this assessment,

management has taken into account the Group’s current financial position,

projected cash flows, available funding, and potential mitigating actions.

Based on this review, management recognizes no significant doubts to

continue as a going concern.

This improved confidence can be determined by the following factors:

• Bank covenant adjustments concluded: In September 2025, the Group

successfully negotiated with the banks to waive and adjust certain

financial covenants. By the end of Q4 2025 the companies’ numbers

showed a significant improvement in the leverage covenant, bringing the

ratio below even the initial covenant maximum. The forecast does show

limited margin in exceeding the interest cover covenant Q1 2027,

therefore additional actions will need to be taken throughout 2026 to

ensure that we have sufficient headroom above the target to prevent it

from becoming an issue for the loan renewal at the end of 2027.

• Net debt: The Group’s net debt was reduced by nine million Euros year-

over-year. The company will continue to work on improving the balance

sheet. This will help improve the capital ratio’s and will support growth in

ebitda.

• Sufficient available funds: Cabka has sufficient room to draw down

additional funds from its current debt facility, if needed. However, the

company’s aim for 2026 is to have a positive balance in the net cash

inflow minus outflow and to further reduce our net debt.

• Cost optimization initiative: The Company has implemented a cash-

saving and operational excellence program, “SHIFT”, which is designed to

stabilize the company’s net debt via balancing the cash inflow and

outflow. The program focuses on reducing our cost base and improving

our operational excellence and profitability. The SHIFT plan cost control

and reduction measures have resulted in three million Euros lower

personnel and operating costs. This lower cost-base will help the

Company achieve better results in the coming years. The company is also

strictly managing its capital expenditures in 2026, with the expectation

that this will be below the level of 2025 and will mainly focus on next-

generation solutions that will further enhance our profitability.

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105

• Efforts to strengthen our balance sheet: Strengthening the balance

sheet is actively considered and assessed. Regular review of working

capital and cash generation will help strengthen the balance sheet further

and will put an early brake on capital and other expenditures when results

are below expectations.

The financial statements have been prepared on a going concern basis as

management believes that the Company will be successful in staying within

the adjusted covenant boundaries and the Company has sufficient available

funds.

In light of all of the above, management has assessed the going concern

assumption, which is the basis on which Cabka's consolidated financial

statements for the period ended on December 31, 2025 have been

prepared.

2.2 Measurement Basis

The consolidated financial statements have been prepared on a historical

cost basis, except for financial instruments such as derivatives, Special

Shares liabilities, share-based payments and warrants, which are measured

at fair value. Refer to Note 3.4 and 7 for fair value measurement.

2.3 Accounting Judgements and Sources of Estimation Uncertainty

The preparation of the financial statements necessitates the use of

estimates, assumptions and judgments by management. These estimates

and assumptions affect the reported amounts of assets, liabilities, and

contingent assets and liabilities at the statement of financial position date

as well as the reported income and expenses for the year. Although

estimates are based on management’s best knowledge and judgment of

current facts as at the statement of financial position date, the actual

outcome may differ from these estimates.

As a result, there is a significant risk that the aforementioned causes a

potential material adjustment to the carrying amounts of assets and

liabilities within the next financial year, see notes:

• Note 14 – utilization of tax losses

• Note 17 – impairments of property, plant and equipment

• Note 18 – lease liabilities

• Note 27 – accounting for share-based payments

Where relevant, the group has provided sensitivity analyses demonstrating

the impact of changes in key estimates and assumptions on reported

results.

2.4 Presentation of Cash Flow Statement

The consolidated statement of cash flows is prepared using the indirect

method. The cash flow statement distinguishes between operating,

investing and financing activities. Cash flows in foreign currencies are

converted at the exchange rate at the dates of the transactions.

Currency exchange differences on cash held are shown separately.

Payments and receipts of corporate taxes are included as cash flow from

operating activities and interest paid is shown as cash flow from financing

activities. Cash flows resulting from acquisition/divestment of financial

interest in subsidiaries and associates are included as cash flow from

investing activities, taking into account the available cash in these interests.

Dividends paid are part of the cash flow from financing activities.

3. Summary of Significant Accounting Policies

Cabka N.V. has consistently applied the following accounting policies to all

years presented in these consolidated financial statements.

3.1 Basis of Consolidation

3.1.1 Subsidiaries

The consolidated financial statements comprise the financial figures of

the Company and its subsidiaries as of December 31, 2025. Control is

achieved when the Group is exposed, or has rights, to variable returns from

its involvement with the investee and has the ability to affect those returns

through its power over the investee. Subsidiaries are fully consolidated,

from the date on which control is transferred to the Group. They are

deconsolidated from the date that control ceases.

Profit or loss and each component of Other Comprehensive Income (OCI)

are attributed to the equity holders of the parent of the Group and to the

non-controlling interests, even if this results in the non-controlling interests

having a deficit balance. When necessary, adjustments are made to the

financial statements of subsidiaries to bring their accounting policies in line

with the Group’s accounting policies.

3.1.2 Transactions Eliminated on Consolidation

All intragroup assets and liabilities, equity, income, expenses, and cash flows

relating to transactions between members of the Group are eliminated in

full on consolidation.

3.1.3 Changes in Ownership Structure

A change in the ownership interest of a subsidiary, without a loss of control,

is accounted for as an equity transaction.

3.2 Foreign Currencies

The Group’s consolidated financial statements are presented in Euros,

which is also the parent company’s functional currency. For each entity,

the Group determines the functional currency and items included in the

financial statements of each entity are measured using that functional

currency. The Group uses the direct method of consolidation and, on

disposal of a foreign operation, the gain or loss that is reclassified to profit

or loss reflects the amount that arises from using this method.

Transactions in foreign currencies are initially recorded by the Group’s

entities at their respective functional currency spot rates at the date the

transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are

translated at the functional currency spot rates of exchange at the

reporting date. Differences arising on settlement or translation of monetary

items are recognized in profit or loss.

Non-monetary items that are measured in terms of historical cost in a

foreign currency are translated using the exchange rates at the dates of the

initial transactions. Non-monetary items measured at fair value in a foreign

currency are translated using the exchange rates at the date when the fair

value is determined. The gain or loss arising on translation of non-monetary

items measured at fair value is treated in line with the recognition of the

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gain or loss on the change in fair value of the item (i.e., translation

differences on items whose fair value gain or loss is recognized in OCI or

profit or loss are also recognized in OCI or profit or loss, respectively).

In determining the spot exchange rate to use on initial recognition of the

related asset, expense or income (or part of it) on the derecognition of a

non-monetary asset or non-monetary liability relating to advance

consideration, the date of the transaction is the date on which the Group

initially recognizes the non-monetary asset or non-monetary liability arising

from the advance consideration. If there are multiple payments or receipts

in advance, the Group determines the transaction date for each payment or

receipt of advance consideration.

On consolidation, the assets and liabilities of foreign operations are

translated into Euro at the rate of exchange prevailing at the reporting date

and their statements of profit or loss are translated at exchange rates

prevailing at the dates of the transactions. The exchange differences arising

on translation for consolidation are recognized in OCI. On disposal of a

foreign operation, the component of OCI relating to that particular foreign

operation is reclassified to profit or loss.

3.3 Current and Non-Current Classification

The Group presents assets and liabilities in the statement of financial

position based on current/non-current classification. An asset is current

when it is:

• Expected to be realized or intended to be sold or consumed in the

normal operating cycle;

• Held primarily for the purpose of trading;

• Expected to be realized within twelve months after the reporting period;

• Cash or cash equivalent unless restricted from being exchanged or used

to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is current when:

• It is expected to be settled in the normal operating cycle;

• It is held primarily for the purpose of trading;

• It is due to be settled within twelve months after the reporting period; or

• It does not have the right at the end of the reporting period to defer

settlement of the liability for at least twelve months after the reporting

period.

The Group classifies all other liabilities as non-current. Deferred tax assets

and liabilities are classified as non-current assets and liabilities.

3.4 Fair Value Measurement

The Group measures financial instruments such as derivatives at fair value

through profit and loss.

Fair value is the price that would be received to sell an asset or paid to

transfer a liability in an orderly transaction between market participants at

the measurement date. The fair value measurement is based on the

presumption that the transaction to sell the asset or transfer the liability

takes place either:

• In the principal market for the asset or liability; or

• In the absence of a principal market, in the most advantageous market for

the asset or liability.

The principal or the most advantageous market must be accessible by the

Group.

The fair value of an asset or a liability is measured using the assumptions

that market participants would use when pricing the asset or liability,

assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a

market participant's ability to generate economic benefits by using the

asset in its highest and best use or by selling it to another market

participant that would use the asset in its highest and best use.

The Group uses valuation techniques that are appropriate in the

circumstances and for which sufficient data are available to measure fair

value, maximizing the use of relevant observable inputs and minimizing the

use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in

the financial statements are categorized within the fair value hierarchy,

described as follows, based on the lowest level input that is significant to

the fair value measurement as a whole:

• Level 1 — Quoted (unadjusted) market prices in active markets for

identical assets or liabilities.

• Level 2 — Valuation techniques for which the lowest level input that is

significant to the fair value measurement is directly or indirectly

observable.

• Level 3 — Valuation techniques for which the lowest level input that is

significant to the fair value measurement is unobservable.

For assets and liabilities that are recognized in the financial statements at

fair value on a recurring basis, the Group determines whether transfers

have occurred between levels in the hierarchy by reassessing

categorization (based on the lowest level input that is significant to the fair

value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Group has determined classes

of assets and liabilities on the basis of the nature, characteristics and risks

of the asset or liability and the level of the fair value hierarchy, as explained

above.

Fair value related disclosures for financial instruments and non-financial

assets that are measured at fair value or where fair values are disclosed,

are summarized in the following notes below. For a summary of the

categories specific to Cabka, refer to fair value measurement (Note 7).

3.5 Property Plant and Equipment

3.5.1 Owned Assets

Plant and equipment are stated at cost, net of accumulated depreciation

and accumulated impairment losses, if any. The costs include the purchase

price and any directly attributable transaction costs. Supplier discounts

have been deducted.

Self-developed assets are stated at cost, net of depreciation and

accumulated impairment losses, if any. The costs include directly

attributable transaction costs, such as for material and personnel.

Prepayments at the stage of assets under construction are stated at cash

value.

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Depreciation is calculated on a straight-line basis over the estimated useful

lives of the assets, as follows:

• Buildings 20 to 25 years;

• Technical equipment and machines 3 to 15 years;

• Other equipment, factory and office equipment, vehicles 3 to 15 years.

The Group reviews the estimated residual values and expected useful lives

of assets at least annually. In particular, the Group considers the impact of

health, safety, and environmental legislation in its assessment of expected

useful lives and estimated residual values.

The residual values, useful lives and methods of depreciation of property,

plant and equipment are reviewed at each financial year end and adjusted

prospectively, if appropriate.

3.5.2 Leases

At inception of a contract, the Group assesses whether a contract is, or

contains, a lease. A contract is, or contains, a lease if the contract conveys

the right to control the use of an identified assets for a period of time in

exchange for a consideration. To assess whether a contract conveys the

right to control the use of an identified asset, the Group uses the definition

of a lease in IFRS 16.

The Group applies a single recognition and measurement approach for

all leases, except for short-term leases and leases of low-value assets.

The Group recognizes lease liabilities to make lease payments and right-of-

use assets representing the right to use the underlying assets.

Right-of-use assets

The Group recognizes right-of-use assets at the commencement date of

the lease (i.e., the date the underlying asset is available for use). Right-of-

use assets are measured at cost, less any accumulated depreciation and

impairment losses, and adjusted for any remeasurement of lease liabilities.

The cost of right-of-use assets includes the amount of lease liabilities

recognized, initial direct costs incurred, and lease payments made at or

before the commencement date less any lease incentives received. Right-

of-use assets are depreciated on a straight-line basis over the shorter of

the lease term and the estimated useful lives of the assets, as follows:

• Land and buildings, plant, and machinery 3 to 15 years

• Motor vehicles and other equipment 3 to 5 years

Lease Liabilities

At the commencement date of the lease, the Group recognizes lease

liabilities measured at the present value of lease payments to be made over

the lease term. The lease payments include fixed payments (including in-

substance fixed payments) less any lease incentives receivable, variable

lease payments that depend on an index or a rate, and amounts expected

to be paid under residual value guarantees. The lease payments also include

the exercise price of a purchase option reasonably certain to be exercised

by the Group and payments of penalties for terminating the lease, if the

lease term reflects the Group exercising the option to terminate.

In calculating the present value of lease payments, the Group applies the

interest rate of the contract if applicable. In case of contracts, where the

interest rate implicit in the lease cannot readily be determined, it uses its

incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the

rate of interest that the Group would have to pay to borrow over a similar

term, and with a similar security, the funds necessary to obtain an asset of a

similar value to the right-of-use asset in a similar economic environment.

After the commencement date, the amount of lease liabilities is increased

to reflect the accretion of interest and reduced for the lease payments

made. In addition, the carrying amount of lease liabilities is remeasured if

there is a modification, a change in the lease term, a change in the lease

payments (e.g., changes to future payments resulting from a change in an

index or rate used to determine such lease payments) or a change in the

assessment of an option to purchase the underlying asset.

The group presents right-of-use assets in “Right-of-Use assets” and lease

liabilities in “Financial liabilities” in the statement of financial position.

Interest on lease liabilities is included in “Interest expense” in the income

statement and included in the cash flows from financing activities in the

statement of cash flows. The group’s leasing arrangements relate primarily

to office buildings, warehouse space, equipment and motor vehicles.

Lease expenses – short-term leases and leases of low-value assets

The Group has elected not to recognize right-of-use assets and lease

liabilities for short-term leases of machinery that have a lease term of

12 months or less and leases of low-value assets. Individual lease assets with

a new value of €5,000 or less (or any other foreign exchange equivalent) are

considered to be low value assets. The Group recognizes the lease

payments associated with these leases as an expense on a straight-line

basis over the lease term.

3.6 Intangible Assets

Research expenditures are recognized as expenses as incurred.

Development costs that are directly attributable to the design and testing

of identifiable and unique products controlled by the group are recognized

as intangible assets if, and only if:

• it is probable that the expected future economic benefits that are

attributable to the asset will flow to the entity; and

• the cost of the asset can be measured reliably.

An intangible asset arising from development (or from the development

phase of an internal project) shall be recognized if, and only if, an entity

can demonstrate all of the following:

(a) the technical feasibility of completing the intangible asset so that it

will be available for use or sale.

(b) its intention to complete the intangible asset and use or sell it.

(d) how the intangible asset will generate probable future economic

benefits. Among other things, the entity can demonstrate the

existence of a market for the output of the intangible asset or the

intangible asset itself or, if it is to be used internally, the usefulness

of the intangible asset.

(e) the availability of adequate technical, financial and other resources

to complete the development and to use or sell the intangible asset.

(f) its ability to measure reliably the expenditure attributable to the

intangible asset during its development.

Other development expenditures that do not meet these criteria are

recognized as an expense as incurred.

Self-developed intangible assets are stated at cost, net of amortization

and accumulated impairment losses, if any. The costs include directly

attributable transaction costs, such as for material and personnel.

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The Group capitalizes and recognizes, as internally generated assets,

the automation and development costs arising from the design and

development of new assets in order to ensure maximum customization

of final products.

Intangible assets acquired separately are measured on initial recognition

at cost.

Following initial recognition, intangible assets are carried at cost less any

accumulated amortization and accumulated impairment losses.

There are only intangible assets with finite useful lives at the Group.

Intangible assets with finite lives are amortized over the useful economic

life and assessed for impairment whenever there is an indication that the

intangible asset may be impaired. The amortization period and the

amortization method for an intangible asset with a finite useful life are

reviewed at least at the end of each reporting period. Changes in the

expected useful life or the expected pattern of consumption of future

economic benefits embodied in the asset are considered to modify the

amortization period or method, as appropriate, and are treated as changes

in accounting estimates. The amortization expense on intangible assets with

finite lives is recognized in the statement of profit or loss. Intangible assets

at the Group are split into customer relationships, internally developed

intangible assets, purchased intangible assets and advance payments

charged.

All categories of intangible assets are considered long-term intangible

assets and are amortized on a straight-line basis over their useful economic

lives, between 3 and 5 years.

3.7 Financial Instruments and other Investments

Financial instruments are contracts which result in a financial asset with

one company and a financial liability or an equity instrument with another.

Financial instruments comprise primary financing instruments such as

receivables and trade payables or also financial receivables and financial

liabilities.

Financial Instruments of the Group include derivative financial instruments

such as forward exchange contracts as well as interest rate derivatives and

currency swaps. Financial assets and liabilities are categorized as follows:

1. Assets and liabilities measured at amortized cost

2. Assets and liabilities measured at fair value through profit or loss

3. Assets measured at fair value through other comprehensive income

A financial asset or a financial liability is initially measured at fair value plus,

in the case of the first and third category, transaction costs.

The subsequent measurement of financial assets and liabilities of the first

category is made at amortized cost or by using the effective interest

method.

Financial assets and liabilities of the second category are measured at fair

value on the balance sheet date. Market fluctuations are recognized in the

income statement.

The Company enter into derivative financial instruments (derivatives) in

order to manage interest and currency fluctuation. Hedge accounting

allows derivatives to be designated as a hedge of another (non-derivative)

financial instrument, to mitigate the impact of potential volatility in the

income statement of changes in the fair value of the derivative instruments.

To qualify for hedge accounting, documentation is prepared specifying the

hedging strategy, the component transactions and methodology used for

effectiveness measurement. Cabka uses the following hedge

accounting method only for interest rate derivatives:

Changes in the carrying value of financial instruments that are designated

and effective as hedges of future cash flows (cash flow hedges) are

recognized directly in equity and any ineffective portion of the hedge is

recognized immediately in the income statement. Amounts deferred in

equity in respect of cash flow hedges are subsequently recognized in the

income statement in the same period in which the hedged item affects net

profit or loss.

Changes in the fair value of derivatives that do not qualify for hedge

accounting are recognized in the income statement as they arise.

Hedge accounting is discontinued when the hedging instrument expires or

is sold, terminated, exercised or no longer qualifies for hedge accounting.

At that time, any cumulative gains or losses relating to cash flow hedges

recognized in equity are initially retained in equity and subsequently

recognized in the income statement in the same periods in which the

previously hedged item affects net profit or loss.

3.7.1 Cash and Cash Equivalents

Cash and cash equivalents in the statement of financial position comprise

cash at banks and on hand and are carried at amortized cost.

For the purpose of the consolidated statement of cash flows, cash and cash

equivalents consist of cash and short-term deposits.

3.7.2 Trade and Other Receivables

Trade and other receivables represent the Group’s right to a consideration

that is unconditional. Initial recognition of trade and other receivables takes

place at transaction price and then at amortized cost, and are subsequently

carried less impairment losses or expected credit losses (see Note 22). The

Group uses non-recourse factoring, accounts receivable are removed from

the balance sheet once sold to the factor. The cash received is recognized,

and factoring fees or discounts are recorded in the income statement. A

retention amount and/or deferred purchase price is recognized as

receivable against the factor.

3.7.3 Trade and Other Payables

Trade and other payables are initially recorded at fair value and then

carried at amortized cost.

3.8 Inventories

Raw materials and supplies, spare parts and trading goods are valued at

acquisition costs on an average price basis. Finished and work in progress

goods are valued at the lower of cost or net realizable value.

The production costs include material costs, manufacturing costs, and

special costs of production as well as adequate parts of the necessary

material costs, manufacturing costs, and the value consumption of the fixed

assets. Reasonable costs of the administration costs are also included in

those costs.

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3.9 Impairments

3.9.1 Financial Assets

The Group recognizes impairments for financial assets based on the

‘expected credit loss’ model. The Group measures loss allowances at an

amount equal to the lifetime expected credit losses.

Expected credit losses are a probability-weighted estimate of credit losses.

Credit losses are measured as the present value of all cash shortfalls,

being the difference between the cash flows due to the entity in

accordance with the contract and the cash flows that the Group expects

to receive. The Group makes use of the simplified method for trade

receivables and contracts assets as set out in IFRS 9. The expected credit

losses for significant financial assets are determined on an individual basis.

The remaining financial assets are assessed collectively in groups of assets

that have similar credit risk characteristics.

All impairment losses are recognized in the consolidated statement of profit

and loss.

An impairment loss is reversed if the reversal can be related objectively to

an event occurring after the impairment loss was recognized. For financial

assets measured at amortized cost, the reversal is recognized in profit or

loss.

3.9.2 Non-financial Assets

The carrying amounts of the Group’s non-financial assets, other than

inventories and deferred tax assets, are reviewed at each reporting date to

determine whether there is any indication of impairment. If any such

indication exists, then the asset’s recoverable amount is estimated.

For intangible assets that have indefinite lives or that are not yet available

for use, the recoverable amount is estimated at each reporting date.

The recoverable amount of an asset or cash-generating unit is the greater

of its value in use and its fair value less costs to sell. In assessing value in

use, the estimated future cash flows are discounted to their present value

using a pre-tax discount rate that reflects current market assessments of

the time value of money and the risks specific to the asset. For the purpose

of impairment testing, assets are grouped together into the smallest group

of assets that generates cash inflows from continuing use that are largely

independent of the cash inflows of other assets or groups of assets (the

‘cash generating unit’).

An impairment loss is recognized if the carrying amount of an asset or its

cash-generating unit exceeds its estimated recoverable amount.

Impairment losses are recognized in profit or loss.

3.9.3 Reversal of Impairment Losses

Impairment losses in respect of other assets are reversed if there has

been a change in the estimates used to determine the recoverable amount.

An impairment loss is reversed only to the extent that the asset’s carrying

amount does not exceed the carrying amount that would have been

determined, net of depreciation or amortization, if no impairment loss had

been recognized.

Reversals of impairment losses are recognized in profit or loss. No reversals

of impairment losses for other assets occurred in the reporting year.

3.10 Provisions

Provisions are recognized when the Group has a present obligation (legal or

constructive) as a result of a past event, it is probable that an outflow of

resources embodying economic benefits will be required to settle the

obligation and a reliable estimate can be made of the amount of the

obligation.

The process of determining the amount of the provision involves judgment

and estimation. Management assesses the circumstances surrounding the

obligation, considers historical data and other relevant information to

estimate the future costs and the likelihood of various possible outcomes.

When the Group expects some or all of a provision to be reimbursed,

for example, under an insurance contract, the reimbursement is recognized

as a separate asset, but only when the reimbursement is virtually certain.

The expense relating to a provision is presented in the statement of profit

or loss net of any reimbursement.

If the effect of the time value of money is material, provisions are

discounted using a current pre-tax rate that reflects, when appropriate,

the risks specific to the liability. When discounting is used, the increase in

the provision due to the passage of time is recognized as a finance cost.

3.11 Other Assets

Other receivables and other assets are initially recognized at fair market

value. Subsequently carried at the lower of amortized cost or fair market

value. Account is taken of all identifiable individual risks and general default

risks by means of appropriate value reductions. Specific cases of default

lead to the receivable in question being written off.

3.12 Revenue from Contracts with Customers

Cabka’s business can be split between reusable pallets and large container

solutions enhancing logistics chain sustainability (the “RTP-Business”),

and “Eco-Products” which find application mainly in the road safety and

construction sector. Cabka receives a recycling fee from suppliers for

handling and recycling specific post-consumer waste, i.e., mixed plastics.

Revenue from contracts with customers is recognized when control of

the goods or services are transferred to the customer at an amount that

reflects the consideration to which the Group expects to be entitled in

exchange for those goods or services. The Group has generally concluded

that it is the principal in its revenue arrangements because it typically

controls the goods or services before transferring them to the customer.

Sale of pallets and containers, Eco products, non-strategic products and

customized solutions

Revenue from the sale of pallets, containers, Eco products, non-strategic

products and customized solutions is recognized at the point in time when

control of the asset is transferred to the customer, generally on collection

of goods by customers ex works.

The Group considers whether there are other promises in the contract that

are separate performance obligations to which a portion of the transaction

price needs to be allocated (e.g., warranties, customer loyalty points).

In determining the transaction price for the sale of pallets, containers,

Eco products and non-strategic products, the Group considers the effects

of a variable consideration, existence of a significant financing component,

a non-cash consideration, and a consideration payable to the customer

(if any).

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Recycling Fees

Recycling fees are compensation for assuming the liability to recycle the

mixed plastics. When mixed plastics are received, the recycling fee is

recognized as a liability. This liability is extinguished when the mixed plastics

are recycled in the production process. At that moment, the liability is

released to profit and loss as revenue.

Sale of materials and freights

Revenue from the sale of material is recognized at the point in time

when control of the asset is transferred to the customer. Revenue for

transportation is recognized over time after measuring its progress

toward complete satisfaction of the performance obligation.

Revenue for customized solutions

In connection with customized solutions, the Group recognizes two

performance obligations. One is related to the development of the tool,

with the purpose of providing customized products to customers, and

revenues are recognized over time using the percentage of completion

method; the second performance obligation relates to delivering

customized final products with specific characteristics to customers

and revenues are recognized at a point in time when the products will be

delivered. Delivery is defined based on the terms of the sales contract.

A receivable is recognized if a consideration that is unconditional is due

from the customer (i.e., only the passage of time is required before

payment of the consideration is due).

A contract liability is recognized if a payment is received, or a payment is

due (whichever applies first) from a customer before the Group transfers

the related goods or services. Contract liabilities are recognized as revenue

when the Group performs under the contract (i.e., transfers control of the

related goods or services to the customer).

3.12.1 Other Operating Income

Other operating income includes income from all other operating activities

which are not related to the principal activities of the Company.

Other income is recognized when it is probable that future economic

benefits will flow to the Company and when the amount can be measured

reliably. Other operating income at Cabka includes, but is not limited to,

proceeds from insurance, governmental subsidies and gains on the sale of

fixed assets.

3.13 Share Capital

3.13.1 Ordinary Shares

Ordinary shares are classified as equity. Incremental costs directly

attributable to the issue of ordinary shares are recognized as a deduction

from equity.

3.13.2 Repurchase, Disposal and Reissue of Share Capital (Treasury

Shares)

When own shares recognized as equity are repurchased, the amount of the

consideration paid, including directly attributable costs and net of any tax

effects, is recognized as a deduction from equity. Repurchased shares are

classified as treasury shares and are presented as a deduction from total

equity. If treasury shares are sold or reissued subsequently, the amount

received is recognized as an increase in equity, and the resulting surplus or

deficit on the transaction is transferred respectively to or from other

reserves.

3.13.3 Dividends

The holders of ordinary shares are entitled to receive dividends as

determined from time to time by the General Meeting of Shareholders.

The Management Board has the authority to decide, with the approval of

the Supervisory Board, what portion of the profit will be allocated to the

reserves. If applicable, the declared but unpaid dividends are recognized as

a liability.

3.14 Taxes

3.14.1 Current Income Tax

Current income tax assets and liabilities are measured at the amount

expected to be recovered from or paid to the taxation authorities.

Current income tax related to items recognized directly in equity is

recorded in equity rather than in the statement of profit or loss.

Management periodically reviews the positions taken in tax returns,

especially in cases where tax regulations are open to interpretation.

This review reflects the impact of uncertainty in determining the related

taxable profit if it is unlikely that the taxation authority will accept an

uncertain tax treatment.

3.14.2 Deferred Tax

Deferred tax is provided using the liability method on temporary differences

between the tax bases of assets and liabilities and their carrying amounts

for financial reporting purposes at the reporting date.

Deferred tax liabilities are recognized for taxable temporary differences.

Deferred tax assets are recognized for all deductible temporary

differences, the carry forward of unused tax credits and any unused tax

losses. Deferred tax assets are recognized to the extent that it is probable

that taxable profit will be available against which the deductible temporary

differences, and the carry forward of unused tax credits and unused tax

losses can be utilized.

The carrying amount of deferred tax assets is reviewed at each reporting

date and reduced to the extent that it is no longer probable that sufficient

taxable profit will be available to allow all or part of the deferred tax asset to

be utilized. Unrecognized deferred tax assets are reassessed at each

reporting date and are recognized to the extent that it has become

probable that future taxable profits will allow the deferred tax asset to be

recovered.

Deferred tax assets and liabilities are measured at the tax rates that are

expected to apply in the year when the asset is realized or the liability is

settled, based on tax rates (and tax laws) that have been enacted or

substantively enacted at the reporting date.

Cabka Group offsets deferred tax assets and deferred tax liabilities if and

only if it has a legally enforceable right to set off current tax assets and

current tax liabilities and the deferred tax assets and deferred tax liabilities

relate to income taxes levied by the same taxation authority on the same

taxable entity.

3.14.3 Sales Tax

Expenses and assets are recognized net of the amount of sales tax, except:

• When the sales tax incurred on a purchase of assets or services is not

recoverable from the taxation authority, in which case, the sales tax is

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recognized as part of the cost of acquisition of the asset or as part of the

expense item, as applicable;

• When receivables and payables are stated with the amount of sales tax

included.

The net amount of sales tax recoverable from, or payable to, the taxation

authority is included as part of receivables or payables in the statement of

financial position.

3.15 Share-Based Payments

Employees of the Group receive remuneration in the form of share-based

payments, whereby employees render services as a consideration for equity

instruments (equity-settled share-based payments transactions) or for

cash-payments based on the value of equity instruments (cash-settled

share-based payments).

Equity-settled share-based payments

The cost of equity-settled share-based payments transactions is

determined by the fair value at the date when the grant is made using

an appropriate valuation model, further details of which are provided in

Note 27.

That cost is recognized in personnel expenses, together with a

corresponding increase in equity (other reserves, as presented in the

consolidated statement of changes in equity), over the period in which

the service and, where applicable, the performance conditions are fulfilled

(the vesting period). The cumulative expense recognized for equity-settled

transactions at each reporting date until the vesting date reflects the extent

to which the vesting period has expired and the Group’s best estimate of

the number of equity instruments that will ultimately vest.

The expense or credit in the statement of profit or loss for a period

represents the movement in cumulative expense recognized as at the

beginning and end of that period.

Service and non-market performance conditions are not taken into

account when determining the grant date fair value of awards, but the

likelihood of the conditions being met is assessed as part of the Group’s

best estimate of the number of equity instruments that will ultimately vest.

Market performance conditions and any other conditions attached to an

award, but without an associated service requirement (non-vesting

conditions) are reflected within the grant date fair value. Any other

conditions attached to an award, but without an associated service

requirement, are considered to be non-vesting conditions. Non-vesting

conditions are reflected in the fair value of an award and lead to an

immediate expensing of an award unless there are also service and/or

performance conditions.

No expense is recognized for awards that do not ultimately vest because

non-market performance and/or service conditions have not been met.

Where awards include a market or non-vesting condition, the transactions

are treated as vested irrespective of whether the market or non-vesting

condition is satisfied, provided that all other performance and/or service

conditions are satisfied.

When the terms of an equity-settled award are modified, the minimum

expense recognized is the grant date fair value of the unmodified award,

provided the original vesting terms of the award are met. An additional

expense, measured as at the date of modification, is recognized for any

modification that increases the total fair value of the share-based payment

transaction, or is otherwise beneficial to the employee.

Where an award is cancelled by the entity or by the counterparty,

any remaining element of the fair value of the award is expensed

immediately through profit or loss.

Cash-settled transactions

A liability is recognized for the fair value of cash-settled transactions.

The fair value is measured initially and at each reporting date up to and

including the settlement date, with changes in fair value recognized in

employee benefits expense (see Note 10). The fair value is expensed over

the period until the vesting date with recognition of a corresponding

liability. The fair value is determined using an appropriate valuation model,

further details of which are provided in Note 27. The approach used to

account for vesting conditions when measuring equity-settled share-based

payments also applies to cash-settled share-based payments.

3.16 Expenses

Expenses are recognized based on the accrual basis of accounting.

This means that expenses are recognized when the product is received, or

the service is provided regardless of when cash outflow takes place.

For expenses recognized in relation to depreciation and impairments,

reference is made to the specific accounting policy as is included in Notes

3.5 and 3.9. For the costs as expensed in relation to inventory, reference is

made to the specific accounting policy as is included in Note 3.8.

3.17 Employee Benefits

The Group has a defined contribution plan for its employees. A defined

contribution plan is a post-employment benefit plan under which an entity

pays fixed contributions into a separate entity and will have no legal or

constructive obligation to pay further amounts. Obligations for

contributions to defined contribution pension plans are recognized as an

employee benefit expense in profit or loss when incurred. Prepaid

contributions are recognized as an asset to the extent that a cash refund or

reduction in future payments will occur.

3.18 Government Grants

The Group receives government grants, such as subsidies for the

employment of permanent employees. Grants that compensate the Group

for expenses incurred, are recognized in profit or loss as other operating

income, unless the conditions for receiving the grant are not met yet.

In this situation, the grant is recognized when it becomes receivable.

Governmental grants for energy expenses are recognized in the same

expense position offsetting the occurred costs.

3.19 New and Amended IFRS

The new and amended standards and interpretations that were issued, but

are not yet effective, up to the date of issuance of the Group’s financial

statements are disclosed below. The Group intends to adopt these new and

amended standards and interpretations, if applicable, when they become

effective.

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New or Amended Standards (Issued but not yet Effective)	Amended	Content	First Time Adoption	EU-Endorsed	Major Impact on the Group
Annual Improvements to IFRS Accounting Standards - Volume 11	Amended	The amendments, aimed at clarifying wording and correcting non-urgent inconsistencies, affect IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7, mainly concerning financial instrument disclosures and derecognition.	2026	Yes	No
IFRS 9 and IFRS 7	Amended	The amendments clarify the requirements related to the date of recognition and derecognition of financial assets and financial liabilities, with an exception for derecognition of financial liabilities settled via an electronic transfer. The requirements for assessing contractual cash flow characteristics of financial assets. Characteristics of non-recourse loans and contractually linked instruments. The Amendments also introduce certain disclosure requirements for financial instruments.	2026	Yes	No
IFRS 19	Amended	IFRS 19 permits certain entities to apply the full measurement requirements of IFRS Accounting Standards, but with significantly reduced disclosures.	2027	No	No
IFRS 18	Amended	This latest IFRS Accounting Standard sets out significant new requirements for how financial statements are presented, with particular focus on the statement of profit or loss, including requirements for mandatory sub-totals to be presented, aggregation and disaggregation of information, as well as disclosures related to management-defined performance measures.	2027	No	No

There are no other IFRSs that have been issued but are not yet effective

that are expected to have a material effect on future consolidated financial

statements. The new IFRS 18 standard is currently under development, and

its full impact on financial reporting and business operations remains

uncertain at this stage.

4. Significant Events and Transactions

As of the publication of this report, the markets we operate in remain

volatile and uncertain. The tensions between Israel and the US with Iran

have escalated into a fully-blown regional war that is already affecting

global markets. It is not yet clear what the longer-term effects of this

conflict will be, but oil and energy prices have already increased

significantly and plastics commodity prices as well. More specific to the

company, the following significant events and transactions occurred during

the year:

• May 21, 2025 Mrs Tova Posner Henkin stepped down as Supervisory

Director from Cabka.

• May 30, 2025 Mrs Anja Siegesmund was elected Interim Supervisory

Director of Cabka, this appointment is subject to approval of the Annual

General Meeting of Shareholders in 2026.

• As of May 30, 2025, Oliver Seidl was appointed as Supervisory Director of

Cabka after starting as Interim Supervisory Director since November 11

2024.

• As of September 1, 2025 Mark Letterie joined Cabka as Interim CFO, this

appointment is subject to approval of the Annual General Meeting of

Shareholders in 2026.

• On September 22, 2025 Cabka secured debt covenant adjustment valid

through 2027. The new agreement ensures continued access to

committed financing and provides Cabka with flexibility to execute its

strategy.

• As of September 30, 2025, Frank Roerink stepped down as CFO of Cabka.

• On March 4, 2026 Cabka announced that it had identified a cyber security

incident affecting certain IT systems. The following forensic investigation

showed that certain personal data could have potentially been accessed

or exfiltrated. The Company’s IT security controls proved to have worked

and security was further tightened. Not all servers could be accessed due

to quarantine during the investigation, but any real economic impact was

successfully prevented.

The (financial) impact of the above events is also described in more detail in

the company statement preceding the financial section.

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5. Group Information

The consolidated financial statements of the Group includes:


Name	Principal Activities	Country of Incorporation	% Equity Interest
Name	Principal Activities	Country of Incorporation	2025	2024
Cabka N.V., Amsterdam	Ultimate parent	Netherlands	100	100
Cabka Group GmbH, Berlin	Holding	Germany	100	100
Cabka N.V. Belgium (formally known as Innova Packaging Systems)	Subsidiary	Belgium	100	100
Cabka Belgium N.V., Herstal	Subsidiary	Belgium	100	100
Cabka Spain S.L.U., Valencia	Subsidiary	Spain	100	100
System Technik GmbH, Weira	Subsidiary	Germany	100	100
Cabka North America Inc., Missouri	Subsidiary	USA	100	100
Cabka GmbH & Co. KG, Weira	Subsidiary	Germany	100	100
Cabka Eco Products GmbH & Co. KG, Weira	Subsidiary	Germany	100	100

Cabka N.V. is the ultimate parent of the Group. For an overview of share

ownership in Cabka N.V., we refer to note 52 of the Company financial

statements. There were no changes in the ownership structure of the

Group during 2025.

The holding company

The immediate and ultimate holding company of Cabka Group GmbH,

located in Germany, is Cabka N.V. and is based and listed in the

Netherlands. Cabka N.V. and Cabka Group GmbH both provide services in

various functions, such as IT, HR, Marketing, Finance and Purchasing to the

subsidiaries.

The subsidiaries in Belgium, Germany, Spain and the US primarily

manufacture the products for the RTP business as well as for Eco products

and provide services to customers. Recycling activities are spread over

various locations.

The subsidiary in Spain contains the Innovation Center, which focuses

primarily on new product development, automation projects and material

developments for the entire group.

Exemptions publication

Cabka N.V. has issued joint and several liability for the following subsidiaries.

These subsidiaries makes use of the exemption provisions pursuant to

Section 264 (3) and 264b of the German Commercial Code (HGB) -which is

similar to section 403, subsection 1 of Book 2 of the Dutch Civil Code- and

waive the disclosure of the 2025 annual financial statements and, in some

cases, the preparation of the notes or management report and the audit of

the annual financial statements:

• Cabka Group GmbH, Berlin

• Cabka Eco Products GmbH & Co. KG, Weira

• Cabka GmbH & Co. KG, Weira

• System Technik GmbH, Weira

Each of these subsidiaries has filed Cabka ’s 264 declaration with the

German trade register.

6. Revenue from Contracts with Customers and

Segment Reporting

Sales of goods and services are recognized in line with the requirements of

IFRS 15, Revenue from contracts with customers. Revenue is measured

based on the consideration Cabka expects to receive in exchange for the

goods or services.

Revenue from the sale of goods includes sales related to the development

of tooling for delivering customized products. This is recognized over time

using the percentage of completion method. The revenue was fully

recognized in 2025 as the related projects were completed within the

reporting year.

Revenue from services is recognized when the respective services have

been rendered and is related primarily to freight and transportation

services. Revenue is reported net of sales taxes, returns, discounts and

rebates. Rebates to customers are provided for in the same period that the

related sales are recorded based on the contract terms. Cabka periodically

enters into prepayment contracts with customers whereby it enters

into contract liabilities for products to be delivered in a future period.

These contract liabilities are recorded as liabilities and presented as part of

contract liabilities for €— (2024: €240,000).

6.1 Disaggregated Revenue Information

Set out below is the disaggregation of the Group’s revenue from contracts

with customers in primary business segments and geographical markets:


Revenues by Product Segment
In Euro x 1,000	2025	2024	Change
RTP Europe	123,158	124,873	-1%
Portfolio	72,606	77,475	-6%
Customized Solutions	33,730	34,519	-2%
Contract Manufacturing	16,821	12,879	31%

RTP US	21,723	21,189	3%

Eco Products	14,475	12,558	15%
Recycling Fees	12,683	13,779	-8%

Others	8,789	9,469	-7%
Non-Strategic Products	4,993	5,410	-8%
Material Sales & Freight	3,796	4,059	-6%
Total	180,828	181,868	-1%

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Revenues by Geography
In Euro x 1,000	2025	2024	Change
Europe	154,536	154,848	-%
DACH	61,396	58,874	4%
West & Nordics	57,506	59,959	-4%
CEE	8,131	10,037	-19%
South	27,503	25,977	6%

North America	23,357	21,499	9%
RoW	2,935	5,521	-47%
Total	180,828	181,868	-1%

Since Cabka is primarily selling products made from recycled plastic

materials to customers, either in the Reusable Transport Packaging (RTP)

segment or in the Eco Products business, the entity recognizes revenue

when it satisfies an identified performance obligation by transferring a

promised good or service to a customer. A good or service is transferred

when the customer obtains control of that good or service, which is mainly

at a certain point in time. Invoices are payable within agreed payment

conditions, usually between 30 – 90 days.

Recycling Fees are recognized as revenue when the performance

obligation, processing of the incoming mixed plastic materials, is fulfilled.

Revenue for services is presented under Material Sales & Freight and is

primarily related to transportation services.

All of the Group’s segments generate their revenue to the largest

extent from the sale of products. In view of the large variety of products,

a meaningful grouping below the segment information is not monitored at

this stage.

6.2 Segment Information

For Management purposes, the Group is structured to steer business

results at the legal entity level rather than by product segments.

Consequently, the most appropriate way to present the segments is by

dividing them into two main geographical regions: Europe and North

America.

In Europe, the group operates both the RTP business and the Eco Product

business, encompassing the entire value chain from in-house recycling of

plastic waste materials to the manufacturing of products and sale of

products and services.

In North America, the focus is on the RTP business, covering the full value

chain from recycling post-industrial waste to the manufacturing and sale of

products and services.


Segment Performance 2025
In Euro x 1,000	Europe and RoW	North America	Total
Revenue	157,471	23,357	180,828
Change in inventories of finished goods and work in progress	-1,394	-44	-1,438
Other operating income	5,975	55	6,030
Total Operating income	162,052	23,368	185,420

Material expenses / expenses for purchased services	-79,820	-13,062	-92,882
Gross profit	82,232	10,306	92,538

Personnel expenses			-42,239
Amortization/depreciation and impairment of intangible and tangible fixed assets			-19,437
Other operating expenses			-29,076
EBIT			1,786

Finance income			20
Finance costs			-5,899
Financial Result			-5,879

Result before taxes			-4,093

Income tax expense			-3,301
Net result for the year			-7,394
Attributable to:
Equity holders of CABKA N.V.			-7,394

The revenue information above is based on the realization of sales of

goods and services assigned to the legal entity either in the US or in Europe.

There is no specific customer in any of the regions with a revenue share of

10% or more of the total revenue.

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Segment Performance 2024
In Euro x 1,000	Europe and RoW	North America	Total
Revenue	160,369	21,499	181,868
Change in inventories of finished goods and work in progress	2,061	-202	1,859
Other operating income	8,453	217	8,670
Total Operating income	170,883	21,514	192,397

Material expenses / expenses for purchased services	-88,866	-10,954	-99,820
Gross profit	82,017	10,560	92,577

Personnel expenses			-44,910
Amortization/depreciation and impairment of intangible and tangible fixed assets			-20,169
Other operating expenses			-29,154
EBIT			-1,656

Finance income			1,313
Finance costs			-5,381
Financial Result			-4,068

Result before taxes			-5,723

Income tax expense			-3,631
Net result for the year			-9,355
Attributable to:
Equity holders of CABKA N.V.			-9,355

The average number of FTEs with permanent employment contracts can be

specified as follows:


Full Time Equivalents	2025
Per Department	Europe	US	TOTAL
Production	350	56	406
Sales & Marketing	47	6	53
Innovation Center	23	0	23
General & Administration	76	10	86
Total	496	72	568


Full Time Equivalents	2024
Per Department	Europe	US	TOTAL
Production	381	60	441
Sales & Marketing	45	7	52
Innovation Center	32	0	32
General & Administration	78	8	86
Total	536	75	611

Assets and liabilities are not monitored by segment and therefore not

presented per segment.

The Executive Management Committee monitors the gross profit of its

business units separately for the purpose of making decisions about

resource allocation and performance assessment. Segment performance

is evaluated based on profit or loss and is measured consistently with profit

or loss in the consolidated financial statements. The Group’s financing

(including finance costs, finance income and other income) is managed on a

Group basis in close alignment with local Management. Income taxes are

managed on the legal entity level in close coordination with Group

Management.

Transfer prices between operating segments are on an arm’s-length basis in

a manner similar to transactions with third parties.

Finance costs, finance income, and fair value gains and losses on financial

assets are not allocated to individual segments as the underlying

instruments are managed on a group basis.

7. Fair Value Measurement

The Group's best estimate is that the book value of the following financial

assets and liabilities is considered a reasonable approximation of their fair

value:

• trade and other receivables;

• cash and cash equivalents;

• bank loans; lease liabilities and liabilities to other financial institutions;

• trade and other payables;

• other liabilities.

The fair value of the financial instruments for 2025 is as follows:


Fair value measurement
IN EUR x 1.000	At Amortized Cost	Mandatory at FVTPL	Total Carrying Value
At December 31, 2025
Trade and other receivables	19,187	—	19,187
Cash and cash equivalents	3,147	—	3,147
Financial assets at amortized costs	22,334	—	22,334

Liabilities to banks	52,000	—	52,000
Lease liabilities	8,076	—	8,076
Lease purchase agreements	5,688	—	5,688
Trade and other payables	25,062	—	25,062
Financial liabilities at amortized costs	90,827	—	90,827

Special shares liabilities	—	191	191
Other liabilities - derivatives	—	260	260
Financial liabilities measured at fair value	—	450	450

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The overview below summarizes the fair value movements for 2024:


IN EUR x 1,000	At Amortized Cost	Mandatory at FVTPL	Total Carrying Value
At December 31, 2024
Trade and other receivables	19,860	—	19,860
Cash and cash equivalents	4,388	—	4,388
Financial assets at amortized costs	24,248	—	24,248

Other long-term assets (Note 21)	—	—	—
Financial assets measured at fair value	—	—	—

Liabilities to banks	61,961	—	61,961
Lease liabilities	10,802	—	10,802
Rental purchase agreements	3,388	—	3,388
Trade and other payables	29,037	—	29,037
Financial liabilities at amortized costs	105,189	—	105,189

Special shares liabilities	—	205	205
Other liabilities	—	510	510
Financial liabilities measured at fair value	—	716	716

Derivative financial instruments are measured at fair value and are

recorded as a financial asset or financial liability depending on their fair

value (positive or negative). Such fair value measurements are classified as

level 2 of the fair value hierarchy of IFRS 13.

Special Shares liabilities are measured at fair value based on estimations at

each reporting date using a modified Black-Scholes-Merton option pricing

model, taking into account the market conditions. Further details of the

terms are disclosed in Note 30. Such fair value measurements are classified

as level 3 of the fair value hierarchy of IFRS 13.

There have been no transfers between levels of the fair value hierarchy

used in measuring the fair value of financial instruments. Such transfers may

occur where directly observable prices may become available or where

market data from independent sources may no longer be available.

There were no significant interrelationships between unobservable inputs

that materially affect fair values.

8. Other Operating Income

Other operating income is summarized in the overview below:


Other operating income
In Euro x 1,000	2025	2024
Income from insurance	739	118
Other own work capitalized	2,858	6,711
Personnel related operating income	887	968
Other operating income	1,546	872
Total other operating income	6,030	8,670

During 2025 the company received €739,000 which related to insurance

proceeds in Germany (2024: €118,000). Other own work capitalized in both

financial years relates to operational costs, such as personnel expenses,

capitalized for in-house manufactured property and equipment, such as

molds and assets related to recycle lines. The personnel related operating

income amounting to €887,000 (2024: €968,000) and is primarily related to

governmental subsidies for the employment of permanent staff, especially

for social securities.

The category other operating income of €1,546,000 (2024: €872,000)

relates to the release of accruals from previous periods amounting to

€669,000 (2024: €431,000).

9. Material Expenses / Expenses for Purchased

Services

Material expenses and expenses for purchased services are summarized in

the overview below:


Material expenses / expenses for purchased services
In Euro x 1,000	2025	2024	Change
Cost of raw materials, consumables and supplements	65,232	68,216	-4%
Cost of purchased services	9,583	12,346	-22%
Transportation costs	5,217	5,594	-7%
Gas, Power, Water	12,850	13,664	-6%
Total material expenses / expenses for purchased services	92,882	99,820	-7%

Material costs/expenses for purchased services include direct attributable

costs, such as costs for raw materials and production-related materials,

energy costs and purchased services. The latter are costs related to the

external manufacturing of products and temporary employees, supporting

the in-house production of finished goods.

Purchased services, primarily external manufacturing costs in Europe,

decreased whereas external production costs decreased in the US

compared to the prior year. The utilization of temporary staff to ensure a

certain flexibility for extra capacity was reduced as well.

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10. Personnel Expenses

Personnel expenses are summarized in the overview below:


Personnel expenses
In Euro x 1,000	2025	2024	Change
Salaries and wages	32,218	34,563	-7%
Social securities and other benefits	7,347	7,382	-%
Other staff costs	2,816	3,288	-14%
Share-based payment expense	-143	-324	-56%
Total personnel expenses	42,239	44,910	-6%

The stock option programs are further elaborated in the section share-

based payments program (see Note 27). During the year, Cabka N.V.

released a part of the accrued stock options expense raised in prior years,

which is the result of employees whom have left the company in 2025 and

thereby have forfeited their right to the stock options.

Personnel expenses declined by 6% compared to the previous year,

primarily as a result of restructuring measures that were completed by the

end of 2025.

The average number of FTE in 2025 is 568 and represents a decline of 7% in

the financial year compared to the previous year (2024: 611 FTEs).

Reference is made to Note 6 for further disclosure on FTEs per segment

and per department.

11. Other Operating Expenses

Other operating expenses are summarized in the overview below:


Other operating expenses
In Euro x 1,000	2025	2024
Flood related expenses	-	53
Legal, audit and consulting fees	4,415	4,519
Repairs and maintenance	5,045	5,183
Transport expenses	6	8
Insurance and fees	2,856	2,943
IT services	2,140	1,959
Sales and promotion expenses	2,053	1,797
Car, travel and representation costs	1,892	2,002
Waste and disposal	2,829	2,889
Rental costs	1,429	1,379
Other costs	6,410	6,422
Other operating expenses	29,076	29,154

The category other costs in other operating expenses in 2025 mainly

include expenses related to other taxes for real estate and city and

province taxes €1,206,000 (2024: €1,024,000), medical & safety costs

€1,013,000 (2024: €1,013,000), expenses related to other accounting

periods €898,000 (2024: €294,000), recruiting and training costs €322,000

(2024: €435,000), board compensation fees €240,000 (2024: €236,000),

and operations totaling €2,320,000 (2024: €2,305,000).

Legal, audit and consulting fees relate primarily to fees paid to freelancers

of €850,000 (2024: €1,004,000), closing and audit fees of €1,098,000 (2024:

€902,000). The remaining amount of €2,463,000 (2024: €2,612,000)

includes, among other costs, consulting costs for legal, tax, ESG, investor

relations and patents.

When compared to the prior period, other operating expenses decreased

by €78,000 during 2025.

12. Finance Income

Finance income is summarized in the overview below:


Finance income
In Euro x 1,000	2025	2024
Changes in fair value of Special Shares liabilities	15	866
Interest income	5	447
Foreign exchange gain	-	-
Total finance income	20	1,313

The change in fair value of the Special Shares conversion option relates to

the revaluation of this financial liability on the reporting date and is based

on changes in the ordinary share price of Cabka N.V. Further details on the

Special Shares and the conversion option are disclosed in Note 30.

13. Finance Expenses

Finance expenses are summarized in the overview below:


Finance expenses
In Euro x 1,000	2025	2024
Interest on debts and borrowings	3,303	3,484
Interest arising from factoring	421	74
Interest on lease liabilities (IFRS 16)	226	256
Interest on rental purchase liabilities	105	163
Other interest and similar expenses	790	836
Foreign exchange loss	1,054	568
Total finance costs	5,899	5,381

Other interest and similar expenses contain the proportional arrangement

fees for the syndicated loan as well as commitment fees. Further details

and terms of the syndicated loan are included in note 30. In 2025, interest

expenses totaled €4,845,000. The reported foreign exchange loss reflects

the net result of a foreign exchange gain of €3,405,000 and a foreign

exchange loss of €4,442,000, both of which are associated with hedging

activities.

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14. Income Tax

Income tax expenses are summarized in the overview below:


Income tax expenses reported in the statement of profit and loss
In Euro x 1,000	2025	2024
Current income tax	1,972	408
Adjustments in respect of current income tax of previous year	-	-
Deferred tax adjustments	1,329	3,223
Income tax expenses reported in the statement of profit and loss	3,301	3,631

Total income tax paid in 2025 is €1,745,000 (2024: €1,509,000).

The nominal tax rates and amount in 2025 are 19% up to an amount of

€200,000 and 25.8% above €200,000.

Reconciliation of tax expense and the accounting profit multiplied by the

domestic tax rate for 2025 and 2024:


Reconciliation of tax expense and the accounting profit multiplied by domestic tax rate:
In Euro x 1,000	2025	2024
Result before taxes	-4,093	-5,723
Income tax expense at statutory tax rate (25.8%)	1,041	1,506

Effect tax free income	283	440
Non-deductible expenses for tax purposes	-230	-222
Adjustments in respect of current income tax of previous years	-80	-33
Interest due to special balance of Cabka Group GmbH and Trade Tax	-	860
Release of previously recognized deferred taxes on loss carry forwards	-1,330	-4,114
Impact from the revaluation and previously unrecognized deferred taxes on tax loss carry forwards	-	338
Realization of carry forward losses in the Netherlands	-146	-
Current year losses for which no deferred tax asset is recognized	-3,096	-1,926
Effect on temporary differences without recognized deferred taxes	30	190
Tax rate changes for deferred taxes	-	-
Differences to local tax rates	227	-671
Income tax expense reported in the statement of profit or loss	-3,301	-3,631

At the effective income rate of	-80.64%	-63.45%

Critical judgments on taxes

Deferred tax assets are recognized for unused tax losses to the extent that

it is probable that taxable profit will be available against which the losses

can be utilized. Management’s judgment is required to determine the

amount of deferred tax assets that can be recognized, based upon the likely

timing and the level of future taxable profits, together with future tax

planning strategies. Deferred tax assets are disclosed in Note 25.

For 2025, the average nominal tax rate of an entity operating in the

Netherlands is 25.8%.

15. Earnings per Share

Generally, basic Earnings Per Share (EPS) is calculated by dividing the profit

for the year attributable to ordinary equity holders of the parent by the

weighted average number of ordinary shares outstanding during the year.

Diluted EPS is calculated by dividing the profit attributable to ordinary

equity holders of the parent by the weighted average number of ordinary

shares outstanding during the year plus the weighted average number of

ordinary shares that would be issued on conversion of all the dilutive

potential ordinary shares into ordinary shares, such as the Roll-over shares

(see note 27). Currently, there is no distinction at Cabka between basic and

diluted EPS as there are no items that have a dilutive effect.

The following table reflects the income and share data used in the basic

and diluted EPS calculations:


Earnings per share
In Euro	2025	2024
Profit attributable to ordinary equity holders of the parent for basic and diluted earnings	-7,394,092	-9,354,956

Weighted average number of ordinary shares for basic and diluted EPS	24,710,600	24,710,600

During 2024 and 2025, no new shares were issued. The basic and diluted

earnings per share in the financial year 2025 amounts to €-0.30 (in 2024:

€-0.38).

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The following instruments were not included in the basic or diluted EPS

(Note 31, 32). As the Group has incurred a loss for the financial year ended

December 31, 2024, the effect of the instruments below are not included in

determining diluted earnings per share as these would decrease the loss

per share and hence create an anti-dilution effect. Therefore, diluted

earnings per share equal basic earnings per share.


Instrument	Hurdle	Number of Potential Ordinary Shares
PSU	EUR 11.00	146,545
PSU	EUR 12.00	146,545
SPECIAL SHARES CONVERSION	EUR 12.00	586,668
DSC2 WARRANTS	EUR 12.00	880,000
IPSU	EUR 13.00	146,545
DSC3 WARRANTS	EUR 13.00	1,320,000
PERFORMANCE SHARES	EUR 16.00	750,000
PERFORMANCE SHARES	EUR 18.00	750,000
PERFORMANCE SHARES	EUR 20.00	750,000

PSU and 450,000 of the Performance shares are additionally conditional

upon service conditions for the eligible employees.

16. Intangible Assets

The carrying value of intangible assets including among others software

licenses in the item purchased intangible assets is summarized below:


Intangible Assets at December 31
In Euro x 1,000	2025	2024
Customer relationships	-	-
Internally generated intangible assets	1,842	2,081
Purchased intangible assets	398	478
Assets under construction	-	158
Total intangible assets	2,240	2,718

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The movement during the year for intangible assets is as follows:


Intangible assets
In Euro x 1,000	Customer Relationship	Internally developed intangible assets	Purchased intangible assets	Assets under construction	Total
Historical Cost
At January 1, 2024	150	2,601	5,487	200	8,438
Additions	-	339	340	-42	637
Disposals	-	-	-	-	-
Transfers	-	-	-	-	-
Currency translation	-	28	-	-	28
At December 31, 2024	150	2,968	5,827	158	9,103

Accumulated amortization and impairment
At January 1, 2024	-150	-493	-4,982	-	-5,625
Additions	-	-388	-367	-	-755
Disposals	-	-	-	-	-
Transfers	-	-	-	-	-
Currency translation	-	-6	-	-	-6
At December 31, 2024	-150	-886	-5,349	-	-6,385

Net book value
At December 31, 2024	-	2,081	478	158	2,718


Intangible assets
In Euro x 1,000	Customer Relationship	Internally developed intangible assets	Purchased intangible assets	Assets under construction	Total
Historical Cost
At January 1, 2025	150	2,968	5,827	158	9,103
Additions	-	257	332	-158	432
Disposals	-	-	-	-	-
Transfers	-	-	-	-	-
Currency translation	-	-54	-	-	-54
At December 31, 2025	150	3,171	6,160	-	9,480

Accumulated amortization and impairment
At January 1, 2025	-150	-886	-5,349	-	-6,385
Additions	-	-460	-413	-	-873
Disposals	-	-	-	-	-
Transfers	-	-	-	-	-
Currency translation	-	18	-	-	18
At December 31, 2025	-150	-1,328	-5,762	-	-7,240

Net book value
At December 31, 2025	-	1,842	398	-	2,240

Additions to internally developed assets refer primarily to product

development costs.

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17. Property, Plant and Equipment

The carrying value of property, plant and equipment is summarized below:


Property, plant and equipment at December 31
In Euro x 1,000	2025	2024
Land, land rights and buildings	21,294	21,384
Technical equipment and machines	33,197	38,166
Other equipment, factory and office equipment	14,651	14,948
Prepayments on tangible assets and construction in process	2,688	9,439
Property, plant and equipment	71,830	83,937

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The movement during the year for property, plant and equipment is as follows:


Movement schedule of property, plant and equipment
In Euro x 1,000	Land, land rights and buildings on third party land	Technical equipment and machines	Other equipment, factory and office equipment	Assets under construction	Total
Historical Cost
At January 1, 2024	37,007	137,103	59,595	9,820	243,525
Additions	3,341	9,699	5,364	-487	17,917
Disposals	-	-	-296	-	-296
Currency translation	482	2,173	745	105	3,506
At December 31, 2024	40,830	148,975	65,408	9,439	264,651

Accumulated depreciation And impairment
At January 1, 2024	-17,731	-99,587	-45,413	-	-162,731
Additions	-1,632	-10,084	-4,756	-	-16,473
Disposals	-	146	288	-	434
Currency translation	-83	-1,282	-580	-	-1,944
At December 31, 2024	-19,446	-110,808	-50,461	-	-180,715

Net book value
At December 31, 2024	21,384	38,167	14,947	9,439	83,937


Movement schedule of property, plant and equipment
In Euro x 1,000	Land, land rights and buildings on third party land	Technical equipment and machines	Other equipment, factory and office equipment	Assets under construction	Total
Historical Cost
At January 1, 2025	40,830	148,975	65,408	9,439	264,651
Additions	2,431	8,656	6,637	-6,600	11,125
Disposals	-	-3,683	-2,749	-	-6,432
Currency translation	-1,064	-4,327	-1,480	-151	-7,021
At December 31, 2025	42,197	149,622	67,816	2,689	262,324

Accumulated depreciation And impairment
At January 1, 2025	-19,446	-110,808	-50,461	-	-180,715
Additions	-1,647	-8,961	-4,650	-	-15,258
Disposals	-	653	751	-	1,404
Currency translation	189	2,691	1,194	-	4,075
At December 31, 2025	-20,903	-116,425	-53,167	-	-190,495

Net book value
At December 31, 2025	21,294	33,197	14,649	2,689	71,830

As of December 31, 2025 , no individual machines were assigned as collateral for liabilities to banks (2024: €2.2 million).

Further information is provided in the note financial liabilities (Note 34).

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18. Leases

The Group has lease contracts for various items of land and buildings, plant,

machinery, motor vehicles and other equipment used in its operations.

Leases of land and buildings, plant, and machinery generally have lease

terms between 3 and 15 years. Motor vehicles and other equipment

generally have lease terms between 3 and 5 years.

There are some lease contracts that include extension and purchase

options. These are taken into account accordingly in the calculations.

The Group also has certain leases with lease terms of 12 months or less

and also with low value. The Group applies the ‘short-term lease’ and ‘lease

of low-value assets’ recognition exemptions for these leases.

The carrying amounts of the right-of-use assets are summarized below:


Right-of-use assets at December 31
In Euro x 1,000	2025	2024
Land and buildings	4,792	5,328
Technical equipment and machines	1,874	3,115
Other equipment, factory and office equipment	2,257	3,178
Total right-of-use assets	8,923	11,619

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The movement during the year for the right-of-use is as follows:


Movement schedule of right-of-use assets
In Euro x 1,000	Land and buildings	Technical equipment and machines	Other equipment	Total
Historical Cost
At January 1, 2024	6,932	6,984	1,421	15,337
Additions	1,461	-	2,905	4,366
Disposals	-	-	-198	-198
Currency translation	-	97	22	119
At December 31, 2024	8,393	7,081	4,150	19,624

Accumulated depreciation And impairment
At January 1, 2024	-1,917	-2,629	-620	-5,166
Additions	-1,149	-1,269	-535	-2,953
Disposals	-	-	194	194
Currency translation	-	-68	-11	-79
At December 31, 2024	-3,066	-3,966	-973	-8,004

Net book value
At December 31, 2024	5,327	3,115	3,176	11,619


Movement schedule of right-of-use assets
In Euro x 1,000	Land and buildings	Technical equipment and machines	Other equipment	Total
Historical Cost
At January 1, 2025	8,393	7,081	4,150	19,624
Additions	710	-	12	723
Disposals	-87	-482	-530	-1,099
Currency translation	-	-188	-38	-226
At December 31, 2025	9,017	6,411	3,594	19,022

Accumulated depreciation And impairment
At January 1, 2025	-3,066	-3,966	-973	-8,006
Additions	-1,200	-1,203	-918	-3,320
Disposals	41	477	530	1,048
Currency translation	-	156	24	179
At December 31, 2025	-4,225	-4,537	-1,337	-10,099

Net book value
At December 31, 2025	4,792	1,874	2,257	8,923

The disposals in 2025 €1,099,000 and 2024 of €198,000 are primarily

related to machines and forklifts.

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The carrying amounts of lease liabilities and the movements during the

period are set out below:


Carrying amounts of lease liabilities and movements during the period
In Euro x 1,000	2025	2024
As at January 1	10,802	9,353
Additions	787	4,391
Payments	-3,739	-3,198
Interest	226	256
As at December 31	8,076	10,802

Current	2,757	3,654
Non-Current	5,319	7,148

The maturity analysis of lease liabilities is disclosed in the financial liabilities,

Note 30. New lease liabilities in the financial year 2025 amounted to in total

€787,000 (2024: €4,391,000).

The following lease related expenses are recognized in profit or loss:


Lease liabilities recognized in profit or loss
In Euro x 1,000	2025	2024
Depreciation expense of right-of-use assets	3,321	2,956
Interest expense on lease liabilities	226	256
Expense relating to short-term leases / leases of low-value assets	1,328	1,667
Total amount recognized in profit or loss	4,875	4,879

The Group had total cash outflows for leases of €3,365,000 in 2025

(€2,942,000 in 2024), excluding short-term leases.

The future lease payments for recognized lease contracts are €2,757,000

(2024: €3,654,000) within one year and €5,319,000 (2024: €7,148,000)

thereafter. The Group has no lease contracts that have not yet commenced

as at December 31, 2025.

Extension and termination options are included in a number of property

and equipment leases across the Group. These are used to maximize

operational flexibility in terms of managing the assets used in the Group’s

operations. The majority of extension and termination options held are

exercisable only by the Group and not by the respective lessor.

Incremental Borrowing Rate on Leases

The Group applies the interest rate of the contract if applicable. In case of

contracts, where the interest rate implicit in the lease cannot readily be

determined, the Group uses its incremental borrowing rate (IBR) to

measure lease liabilities. The IBR is the rate of interest that the Group

would have to pay to borrow over a similar term, and with a similar security,

the funds necessary to obtain an asset of a similar value to the right-of-use

asset in a similar economic environment. The average IBR of all contracts in

place as at December 31, 2025 is 1.77% (2024:1.78%).

19. Financial Assets

Financial assets are summarized by maturity in the overview below:


Financial assets by maturity at December 31	2025	2025	2025	2025	2024
In Euro x 1,000	< 1 year	1-5 years	> 5 years	Total	Total
Shares in affiliated companies	-	-	87	87	87
Shares in companies in which participations are held	-	-	3	3	3
Receivables to affiliated companies	3	25	-	28	26
Receivables to shareholders	-	-	-	-	21
Financial assets	3	25	90	118	137

The shares in affiliated companies relate to shares in Cabka Verwaltungs

GmbH, Weira, and Cabka Eco Products Verwaltungs GmbH (Weira), which

are not included in the consolidation as they are individually and on

aggregate not considered to be material for the Group.

20. Other Long-term Assets

Other long-term assets relate to a purchased interest rate option with a

nominal amount of €5,000,000 and an initial term of 5 years. The paid

premium was recognized in other assets at the purchase date and will be

adjusted according to its fair value at the reporting dates. At December 31,

2025, the fair value of this instrument was €0 (2024: €0).

21. Inventories

Inventories are summarized in the overview below:


Inventories at December 31
In Euro x 1,000	2025	2024
Raw material, consumables, and supplies	12,400	12,939
Work in process	4,545	5,474
Finished goods and merchandise	17,140	17,794
Inventories	34,085	36,208

Inventories include obsolete stock with a total impact of €504,000 (2024:

€501,000) on the overall value in the reporting year.

22. Trade Receivables

Trade receivables are summarized in the overview below:


Trade receivables at December 31
In Euro x 1,000	2025	2024
Receivables from third-party customers	19,040	19,633
Allowance for expected credit losses (ECL)	-90	-91
Trade receivables	18,951	19,542

Further information on the Expected Credit Loss (ECL) calculation is

provided in Note 33.

In 2024, Cabka N.V. entered into a non-recourse factoring agreement with

a factory company for some of its affiliates. Under this agreement, the

company sells its accounts receivable to the factor at a discount, and the

factor assumes the credit risk associated with the receivables. As a result,

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the receivables are derecognized from the company's balance sheet upon

transfer to the factor.

As of December 31, 2025, the total amount of receivables transferred from

the balance sheet under this agreement was €7.3 million (2024: €8.3

million). This arrangement has improved the company's liquidity position by

providing immediate cash flow while mitigating the risk of debtor insolvency.

The factoring fees and any discounts applied to the receivables are

recorded as financing expenses in the income statement.

23. Other Short-term Assets

Other short-term assets are summarized in the overview below:


Other short-term assets at December 31
In Euro x 1,000	2025	2024
VAT	3,481	2,637
Receivables from employees	99	230
Energy taxes	1,995	1,888
Prepayments	-	-87
Security deposit	138	175
Income tax	323	1,449
Accrued charges and other assets	4,784	2,775
Other short-term assets	10,819	9,067

The increase in other short-term assets is mainly attributable to a higher

balance in the VAT receivable and Accrued charges and other assets which

refers mainly to deferred current assets € 3,239,000 (2024: € 2,015,000),

while income tax receivables declined over the period.

24. Cash and Cash Equivalents

Cash and cash equivalents are summarized in the overview below:


Cash and short-term deposits at December 31
In Euro x 1,000	2025	2024
Cash at bank and on hand	3,147	4,388
Cash and cash equivalents	3,147	4,388

25. Deferred Taxes

Deferred taxes relate to the following financial items:


Deferred taxes as at December 31
In Euro x 1,000	2025	2024
Deferred tax assets on
Intangible assets	-	-
Inventories	-	-
Trade Receivables	-	-
Provisions	-	-
Contract liabilities	-273	-252
Financial liabilities	18	1,070
Losses available for offsetting against future taxable income	4,771	5,203
Deferred tax assets, gross	4,516	6,020
Offsetting with deferred tax liabilities	-21	-112
Deferred tax assets reflected in statement of financial position, net	4,496	5,908

Deferred tax liabilities on
Property, plant and equipment	-	142
Financial liabilities	21	-
Deferred tax liabilities, gross	21	142
Offsetting with deferred tax assets	-21	-112
Deferred tax liabilities reflected in statement of financial position, net	-	29

The Group has in total of €99,157,000 tax losses carried forward for which

€31,467,000 (2024: €33,978,000) recognized tax losses carried forward and

€67,690,000 unrecognized. Deferred tax assets for any unused tax losses

are recognized to the extent that it is probable that taxable profit will be

available against which the unused tax losses can be utilized. For this

purpose, the Group has recognized deferred tax assets for the amount of

€4,771,000 (2024: €5,203,000). Deferred tax assets have been recognized

for tax losses resulting from Germany €30,526,000

and the Netherlands €781,000. There are tax losses carried forward

amounting to €2,074,000 which expire within the following five years and

€4,163,000 will expire after five years. The group has €92,920,000 for which

the tax losses can be carried forward indefinitely. However, the amount of

carry forward tax losses that can be utilized in one financial year can be

restricted to a certain amount.

Management reassessed the deferred tax assets which have accumulated in

the German entities due to their loss making positions in 2025. Management

has decided out of prudence not to create any additional deferred tax

assets for the losses incurred in 2025. Management also reviewed the

deferred tax assets for the previously recognized tax losses in Germany and

concluded that these are still appropriate and in line with expected future

tax incomes.

At the time of publication of this report, the tax assessment for the US

operation was not finalized yet. Hence, the numbers mentioned above are

based on the US commercial result and not the fiscal result.

26. Share Capital and Share Premium

Share Capital:

In 2025, no additional shares were issued ( 2024: €0).

The issued share capital of Cabka N.V. as at December 31, 2025 can be

specified as follows:

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Cabka Share Capital	Shares	Nominal value	Share capital	ISIN
	(units)	in EUR	in EUR
Ordinary shares in treasury	15,994,378	0.01	159,944	DSC2S / NL00150002R5
Ordinary shares outstanding	24,710,600	0.01	247,106	CABKA / NL00150000S7
Total ordinary shares issued	40,704,978		407,050
Special Shares	97,778	0.01	978
Total shares issued	40,802,756		408,028

The 97,778 Special Shares are held by the Founders of DSC2 and are not

publicly listed. These Special Shares have equal dividend and voting rights

as ordinary shares. In accordance with the underlying terms, the Special

Shares will either (i) convert into 7 ordinary shares if the share price of

Cabka N.V. equals or exceeds €12.00 for any 15 trading days out of a 30

consecutive trading-day period (whereby such 15 trading days do not have

to be consecutive) or (ii) convert into 1 ordinary share if this price hurdle is

not achieved before March 1, 2027. This conversion option has been

classified as a financial liability measured at fair value through profit or loss

(FVTPL). The fair value of the financial liability as at December 31, 2025

amounts to €191,000 (2024: €205,000) (Note 30).

For an overview of the ownership of the ordinary shares issued, we refer to

Note 52 of the Company financial statements.

Share premium:

The share premium reserve of €74,080,000 (2024:€73,995,000) relates to

contributions on issued shares in excess of the nominal value of the shares.

The share premium is freely distributable, provided that equity is not lower

than the sum of share capital and legal reserves as a result of such

distribution.

During the reporting period, the Group did not declare or pay any

dividends. However, in 2024, the following amounts were distributed to

owners as dividends:


Dividends
	2025	2024
Total dividends declared and paid value in EUR	-	-3,706,590
Dividends per share in EUR	-	0.15

These amounts are presented in the statement of changes in equity and the

notes to the financial statements.

Limitations in the distribution of shareholder’s equity

A free distribution is restricted for the amount of capitalized internal

development costs as carried on the consolidated statement of financial

position. As at December 31, 2025 the amount of capitalized development

costs for the design of tools, molds, and dies involving new technology, as

carried in the consolidated statement of financial position amounts

to €1,842,000 (2024: €2,081,000) as further detailed in Note 48 of the

Company Financial Statements of Cabka N.V., in which a legal reserve has

been formed as required under Dutch Law.

27. Share-Based Payments

PSU Plan

Effective as of March 1, 2022, a performance share unit plan was adopted

(the PSU Plan). The PSU Plan allows key employees a one-off award of

performance share units (PSU) where each PSU covers (the value) of one

ordinary share of Cabka N.V. Subject to the terms and conditions of the PSU

Plan, vesting of the awarded PSUs will occur on different vesting dates

subject to the performance condition being met. Performance conditions

are market conditions of the quoted share price of Cabka reaching €11.00,

€12.00 and €13.00 (hurdles) within five years’ time from the grant date.

Once a hurdle is met, the PSU vest in three equal installments over a period

of three years. The employee is then entitled to receive one ordinary share

per PSU without any payment, provided that the employee is still employed

at that time. When the hurdles are not achieved within 5 years, the option

forfeits. The market conditions are achieved if the share price equals or

exceeds the stated hurdles for any 15 trading days out of a 30 consecutive

trading day period (whereby such 15 trading days do not have to be

consecutive).

There are no cash settlement alternatives. The Group accounts for the PSU

as an equity-settled share-based payment.

The fair value of the PSU is estimated at the grant date using a modified

Black-Scholes-Merton option pricing model, considering the market

conditions. The total fair value of the grant is recorded as a share-based

payment expense over the estimated vesting period based on graded

vesting. The vesting period was estimated based on the date of the highest

probability that hurdles are met according to the option pricing model

applied.

No more grants under the PSU program will be issued.

Finally, the former CEO was entitled to Performance Shares (PS) subject to

the performance conditions being met. Performance conditions are market

conditions of the quoted share price of Cabka reaching €16.00, €18.00 and

€20.00 (hurdles). After the former CEO, Tim Litjens, stepped down as of

October 1, 2024, all his PS rights were terminated without any vesting or

payout.

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There are no cash settlement alternatives. The Group accounts for the PS

as an equity-settled share-based payment.

The fair value of the PS was estimated at the grant date in 2022 using a

modified Black-Scholes-Merton option pricing model, considering the

market conditions. The total fair value of the grant is recorded as a share-

based payment expense over the estimated vesting period based on graded

vesting.

RSU

Effective as of August 1, 2024, a restricted stock unit plan was adopted (the

RSU Plan). Under the plan, eligible employees are granted RSUs, which

represent a promise to deliver shares of the company's stock at a future

date, subject to certain vesting conditions. The grant will be adjustable

(from 0% to 130%) based on the job performance of the relevant

participant. The adjustment of the grant will be determined after the vesting

period of the stock options and/or RSUs based on the achievement of a

cumulative three-year EBITDA target, which EBITDA target will be

determined by the Supervisory Board. Accelerated vesting will be subject to

the approval of the Supervisory Board and the Supervisory Board will have

the right to overwrite and/or adjust any grant of stock options and/or RSUs.

Participants will not be allowed to exercise stock options or sell shares

received pursuant to the vesting of RSUs within the first 5 years following

the date of grant.

Non-vested stock options cannot be exercised and non-vested RSUs

cannot be settled. If a participant leaves the Company, all granted but

unvested stock options will be forfeited.

There are no cash settlement alternatives. The Group accounts for the RSU

as an equity-settled share-based payment.

The fair value of the RSU is estimated at the grant date using a modified

Black-Scholes-Merton option pricing model, considering the vesting

conditions. The total fair value of the grant is recorded as a share-based

payment expense over the estimated vesting period based on graded

vesting. The vesting period was estimated based on the date of the highest

probability that hurdles are met according to the option pricing model

applied.

As at December 31, 2025 (December 31, 2024), the Group recognized the

following share-based payment expenses for the above-mentioned plans in

the statement of profit or loss:


Share- based payment expense
In Euro x 1,000	2025	2024
VSOP	-	-
PSU	-191	-101
PS	-	-301
RSU	48	79
Share-based payment expenses	-143	-324

Movements of equity-settled options during the year:


Number of options	RSU	PS	PSU
Outstanding at January 1, 2025	154,668	-	271,784
Granted during the year	-	-	-
Forfeited during the year	-67,563	-	-139,284
Exercised during year	-	-	-
Outstanding at December 31, 2025	87,105	-	132,500

All option programs have an exercise price of zero. None of the options

were exercisable as of December 31, 2025. The weighted average remaining

contractual life of the option can be summarized as follows:


Weighted average remaining contractual life of options in years	2025	2024
RSU	3.00	4.00
PSU	3.46	4.34
PS	-	-

The remaining contractual life of PSU options reflects the maximum

possible contractual lifespan of 5 years for achieving the hurdles plus a

consecutive 3-year vesting period. The PS options granted to the CEO have

in principle no contractual life but were linked to a continuous employment

clause. After the former CEO, Tim Litjens, stepped down all his PS rights

were terminated.

The weighted average fair values of options granted in 2025 and 2024 at the

respective measurement dates are summarized as follows:


Weighted average fair value of options at measurement date (in EUR)
In Euro	2025	2024
VSOP	-	-
RSU	2.00	2.00
PSU	3.64	4.03
PS	-	-

The model inputs are summarized in the overview as follows:


Model inputs
	2025	2025	2024	2024
	PSU	RSU	PSU	RSU
Model used	Modified BS	Modified BS	Modified BS	Modified BS
Measurement date	January 1, 2024	August 1, 2024	January 1, 2024	August 1, 2024

Dividend yield (%)	2.46	-	2.46	-
Expected volatility (%)	31.00	30.00	31.00	30.00
Risk-free rate (%)	1.92	2.10	1.92	2.10
Expected life of options (years)	5.00 – 7.00	5.00	5.00 – 7.00	5.00
Underlying share price (€)	€6.10	€3.58	6.10	€3.58

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The expected life of the options is based on expectations at the

measurement date, considering early exercise behavior generally observed

for employees, and is not necessarily indicative of exercise patterns that

may occur. The expected life of the PSU (2022) is less than the maximum

contractual life. The expected life of the PSU 2023 & 2025 is equal to the

maximum contractual life. The expected volatility reflects the assumption

that the historical volatility over a period similar to the life of the options is

indicative of future trends, which may not necessarily be the actual

outcome.

Critical judgments on share-based payments

Estimating fair value for share-based payment transactions requires

determination of the most appropriate valuation model, which depends on

the terms and conditions of the grant. This estimate also requires

determination of the most appropriate inputs to the valuation model

including the expected life of the share option or appreciation right,

volatility and dividend yield and making assumptions about them.

28. Other Reserves

Other reserves comprise the warrant reserve, Performance Shares reserve

and share-based payment (IFRS 2) reserve. These reserves are freely

distributable provided that equity is not lower than the sum of share capital

and legal reserves as a result of such distribution.

The movement and breakdown of other reserves can be stated as follows:


Other reserves
In Euro x 1,000	Warrants	Performance Shares	Share-based payments	Reserve for Cash Flow Hedges	Total other reserves
At January 1, 2024	3,282	3,449	1,031	-	7,762
Issue of performance shares (Note 28)	-	-	68	-	68
Issue of RSU (Note 28)	-	-	79	-	79
Release of performance shares (Note 28)			-370		-370
Movement of PSU (Note 28)			-101		-101
Decrease of reserve cash flow hedges (Note 28)	-	-	-	-510	-510
At December 31, 2024	3,282	3,449	707	-510	6,928

At December 2025	3,282	3,449	707	-510	6,928
Issue of RSU (Note 28)	-	-	49	-	49
Release of PSU (Note 28)	-	-	-191	-	-191
Increase of reserve cash flow hedges (Note 28)	-	-	-	251	251
At December 31, 2025	3,282	3,449	564	-259	7,036

Warrants:

The Warrants automatically and mandatorily convert when the closing price

of the Ordinary Shares of Cabka N.V. on Euronext Amsterdam reaches the

respective minimum share price threshold (€12.00 / €13.00) for such

Warrant on 15 trading days out of a 30 consecutive trading-day period

(whereby such 15 trading days do not have to be consecutive), after which

each corresponding Warrant converts into a number of Ordinary Shares

based on the predetermined conversion ratio as further detailed below.

As a consequence, a single Warrant cannot convert into an Ordinary Share,

other than together with and at the same time as such a number of

Warrants that, pursuant to the Warrant Conversion Ratio, entitles such

Warrant Holder to a minimum of one Ordinary Share.

Upon conversion of Warrants, the Warrant Holder will be charged €0.10 per

Ordinary Share transferred to the Warrant Holder in return for his or her

conversion of Warrants, of which €0.01 is required for payment of the

nominal value of the Ordinary Share allotted following the conversion, and

€0.09 will be added to the share premium reserve.

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Number of warrants	Warrants (units)	Conversion ratio	Ordinary shares (units)
Warrants for ordinary shares – hurdle € 12,00	1,833,334	0.24	880,000
Warrants for ordinary shares – hurdle € 13,00	1,833,334	0.36	1,320,000
Outstanding at December 31, 2025	3,666,668		2,200,000

Performance Shares:

At initial listing, as agreed between all parties in the Business Combination

Agreement, Cabka N.V. issued 1,800,000 “Performance Shares” to the

former majority shareholder of Cabka Group GmbH.

These Performance Shares have no dividend rights nor voting rights until

they are converted into ordinary shares. For this reason, these

performance shares are considered non-substantive rights. Conversion to

ordinary shares of Cabka N.V. will only take place if the share price

of Cabka N.V. equals or exceeds the following price hurdles for any

15 trading days out of a 30 consecutive trading-day period (whereby such

15 days trading do not have to be consecutive):

• At €16.00 – 600,000 performance shares will automatically convert into

an equal number of ordinary shares;

• At €18.00 – 600,000 performance shares will automatically convert into

an equal number of ordinary shares;

• At €20.00 – 600,000 performance shares will automatically convert into

an equal number of ordinary shares.

The Performance Shares issued to the former majority shareholder of

Cabka are classified as an equity instrument in accordance with IAS 32 as

the Performance Shares issued do not contain a contractual obligation to (i)

deliver cash or another financial asset, or (ii) to exchange financial assets or

financial liabilities that are potentially unfavorable to the combined entity.

The Performance Shares do also not contain an obligation for the entity to

deliver a variable number of its own equity instruments, but relate to the

exchange of a fixed amount of cash (zero) for a fixed number of the entity’s

ordinary shares. The fair value of the Performance Shares at the grant date

March 1, 2022 amounted to €3,449,200 and has been recorded in other

reserves against share premium.

The fair value of the Performance Shares is estimated at grant date using a

modified Black-Scholes-Merton option pricing model, taking into account

the market conditions. The fair value is not remeasured at each reporting

date in accordance with IAS 32 requirements.

29. Foreign Currency Translation Reserve

The foreign currency translation reserve of €-277 ,000 (2024: €-1,482,000)

comprises all foreign currency differences arising from the translation of

the financial statements of foreign operations. This legal reserve is not

freely distributable in accordance with Dutch law.

30. Financial Liabilities

The contractual maturities of the Group’s financial liabilities are as follows:


Financial liabilities split by remaining term on December 31, 2025
In Euro x 1,000	Current	Non-current	Total
Special Shares liabilities	191	-	191
Liabilities to banks	23,000	29,000	52,000
Lease liabilities (IFRS 16)	2,757	5,319	8,076
Rental purchase liabilities	2,677	3,011	5,688
Others	-	-	-
Financial liabilities	28,624	37,331	65,955

The financial liabilities of the previous financial year can be summarized as

follows:


Financial liabilities split by remaining term on December 31, 2024
In Euro x 1,000	Current	Non-current	Total
Special Shares liabilities	205	-	205
Liabilities to banks	31,961	30,000	61,961
Lease liabilities (IFRS 16)	3,654	7,148	10,802
Rental purchase liabilities	1,639	1,749	3,388
Others	-	-	-
Financial liabilities	37,460	38,897	76,357

To cover its financing needs, Cabka uses leasing, long-term loans and a

syndicated loan with a debt facility of initially €80.000.000.which was

renewed on December 15, 2023 with a consortium led by Commerzbank AG.

The syndicated loan has an initial term of four years and includes a yearly

repayment schedule and an option to increase the facility by an extra

€20,000,000 for further financial flexibility. As of December 31, 2025 the

total outstanding debt facility was € 79.000.000. Borrowing costs are

recognized under finance expenses in the consolidated statement of profit

and loss disclosed in Note 13.

As of December 31, 2025 €27,000,00 0 of the facilities were unused.

The syndicated loan is unsecured and has an initial term of 4 years with a

maturity in December 2027. The weighted average interest rate at

December 31, 2025 was 4.9% for liabilities to banks in EUR. The syndicated

loan contains several financial covenants, as a leverage covenant, an

interest cover ratio and an equity ratio covenant. Cabka has to comply with

these financial covenants on a quarterly basis. In 2025, Cabka successfully

obtained an amendment of the terms in order to adjust the covenant-

levels.

At reporting date, all agreed levels of the financial covenants were met.

To reduce the interest rate risk, Cabka uses interest rate derivatives as

disclosed in Note 33.

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Financial liabilities movements can be summarized as follows:


Financial liabilities movements
In Euro x 1,000	Liabilities to banks	Lease liabilities	Rental purchase liabilities	Special shares liabilities	Others	Total
At January 1, 2024	48,738	9,353	4,860	1,071	-	64,022
Cash outflows / repayments	-2,292	-2,942	-1,472	-	-	-6,706
Additions	15,515	4,391	-	-	-	19,906
Fair value changes	-	-	-	-866	-	-866
At December 31, 2024	61,961	10,802	3,388	205	-	76,357

At January 1, 2025	61,961	10,802	3,388	205	-	76,357
Cash outflows / repayments	-9,961	-3,513	-1,372	-	-	-14,846
Additions	-	787	3,671	-	-	4,459
Fair value changes	-	-	-	-15	-	-15
At December 31, 2025	52,000	8,076	5,688	190	-	65,954

Rental purchase liabilities and lease liabilities:

The rental purchase liabilities result from agreements entered into for the

acquisition of property, plant, and equipment based on deferred payments,

for which the agreement includes the option to purchase the underlying

asset. Because of this purchase option, the underlying assets are classified

as owned assets under property, plant and equipment rather than right-of

use assets. Similarly, the rental purchase liabilities are presented separately

from regular lease liabilities. Additions in rental purchase liabilities totaling

€3,671,000 (2024: €0) are cash inflows from sale of an asset.

Lease liability additions of in total €787,000 (2023: €4,391,000) in the

reporting year have a non-cash character.

Special Shares liabilities:

As detailed in Note 26, the Special Shares held by the Founders of DSC2 will

either (i) convert into 7 ordinary shares if the share price of Cabka N.V.

equals or exceeds €12.00 for any 15 trading days out of a 30 consecutive

trading-day period (whereby such 15 trading days do not have to be

consecutive) or (ii) convert into 1 ordinary share if this price hurdle is not

being achieved before March 1, 2027. This conversion option has been

classified as a financial liability measured at fair value through profit or loss

(FVTPL). The fair value of the financial liability as at December 31, 2025

amounts to €190,000 (2024: €205,000).

The fair value of the Special Shares liabilities are estimated at each

reporting date using a modified Black-Scholes-Merton option pricing

model, taking into account the market conditions. During 2025, a fair value

gain of €15,000 (2024: €866,000) has been recorded in financial income

(Note 12), which is the result of a lower ordinary share price of Cabka N.V. as

at December 31, 2025.

31. Trade Payables, Other Liabilities and Contract

Liabilities

Trade payables and other liabilities are summarized in the overview below:


Trade payables and other liabilities at December 31
In Euro x 1,000	2025	2024
Trade payables	25,062	29,037
Personnel related liabilities	4,698	3,553
Others	5,879	3,395
Total other liabilities	10,577	6,948
Trade payables and other liabilities	35,639	35,985

The category others relates to numerous other liabilities such as VAT and

wage taxes.

The contract liabilities are summarized in the overview below:


Contract liabilities
In Euro x 1,000	2025	2024
Received prepayments on contracts	-	240
Other contract liabilities	1,793	2,901
Total contract liabilities	1,793	3,141

Other contract liabilities relate to materials received at the Eco-Products-

Business which were not yet processed for recycling. Therefore, according

to IFRS 15, the received Eco materials which are included in stock as at the

balance sheet date, are included as other contract liabilities.

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32. Provisions

Provisions are summarized in the overview below:


Provisions
In Euro x 1,000	2025	2024
Provisions for sales and marketing	-	508
Remaining other provisions	183	278
Total provisions	183	786

The remaining other provisions include various smaller items, of which a

part of the liability position is due to uncertain timing with regard to a

specific customers, where returned pallets were received in exchange for

new ones. Cabka sold pallets to the customer in the past with a product

warranty clause. This could result in a future outflow of assets of which the

timing is uncertain. No pallets have been received back under this warranty

clause as at the reporting date.

33. Financial Instruments Risk Management

Objectives and Policies

The Group’s principal financial liabilities comprise liabilities to banks and

trade and other payables. The main purpose of these financial liabilities is to

finance the Group’s operations. The Group’s principal financial assets

include trade receivables, and cash and cash equivalents that derive

directly from its operations. The Group also enters into derivative

transactions.

The Group is exposed to market risk, credit risk and liquidity risk.

The Group’s senior management oversees the management of these risks.

The Group’s senior management is supported by specialists who advise on

financial risks and the appropriate financial risk governance framework for

the Group. This includes appropriate policies and procedures and that

financial risks are identified, measured and managed in accordance with

the Group’s policies and risk objectives. All derivative activities for risk

management purposes are carried out by specialists who have the

appropriate skills, experience and supervision. It is the Group’s policy

that no trading in derivatives for speculative purposes may be undertaken.

The Board of Directors reviews and agrees policies for managing each of

these risks, which are summarized below.

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of

an exposure will fluctuate because of changes in foreign exchange rates.

The Group’s exposure to the risk of changes in foreign exchange rates

relates primarily to the Group’s operating activities (when revenue or

expense is denominated in a foreign currency).

Cabka uses derivative financial instruments such as forwards and swaps to

safeguard its foreign currency risk exposure. Derivatives are measured at

fair value and are generally recognized in profit or loss. On December 31,

2025, Cabka had foreign exchange derivatives outstanding with a nominal

amount of €38,260,000 (2024: €36,132,000). At December 31, 2025, the fair

value of these instruments was €136,000 (2024: €-390,000).

Foreign currency sensitivity

The impact on the Group’s profit after tax is due to changes in the fair value

of monetary assets and liabilities including non-designated foreign currency

derivatives.

The main foreign exchange risk results from changes in the value of the USD

relative to the EUR. If the foreign currencies would have risen against the

EUR by 10%, the post-tax loss for the year would have been €64,000 higher

(2024: €55,000 higher). The opposite applies in the case of a weakening of

these foreign currencies relative to the euro of 10%.

Interest rate risk

The Group is exposed to interest rate risk. Cabka uses interest rate swaps

and options to economically hedge the interest rate risk. On December 31,

2025, Cabka had outstanding interest rate derivatives for a nominal amount

of €40,000,000. If the interest rates at December 31, 2025 would have been

100bps higher, the interest expenses would have been €103,000 higher

(2024: €198,000 higher). If the interest rates at December 31, 2025 would

have been 100bps lower, the interest expenses would have been €86,000

lower (2024: €227,000 lower.) refer to Note 20 and 31. The Fair value of the

interest rate derivatives would have been €107,000 higher, if the interest

rates at December 31, 2024 was 100bps higher, impacting OCI by €107,000.

The opposite applies in the case of a 100 bps decrease in the interest rates.

Derivatives are only used for economic hedging purposes and not as

speculative investments. The full fair value of hedging derivatives is

classified as a non-current asset or liability where the remaining maturity of

the hedged item is more than 12 months. On December 31, 2025 the fair

value included under other non current liabilities was €260,000 (2024:

€510,000).

The ineffective portion of the derivative is determined as insignificant.

Market risk

The market risk is the risk of the deterioration of the Group’s income due

to movements in market prices, such as those relating to exchange rates

and interest rates. The aim of the management of market risk exposure is to

keep the market risk position within acceptable limits. Derivatives are used

to manage specific market risks. These transactions are carried out within

the Group’s treasury framework.

Liquidity risk

The Group has implemented group- wide daily cash reporting and monitors

its liquidity with a rolling liquidity forecast. Funding contains long-term loans

and lease contracts as well as short-term loans within the syndicated loan

to maintain the necessary financial flexibility. The syndicated loan facility

matures in December 2027 and contains certain financial covenants. If the

financial covenants are not met at the reporting dates, the banks have

the right to request repayment of the outstanding loans. Further details of

the credit facilities are provided in Note 30.

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The following tables show the undiscounted future contractual cash flows

from financial liabilities at December 31, 2025 and 2024 including

contractual interest payments:


Contractual cashflow of financial liabilities 2025
In Euro x 1,000	Net book value	Current < 1 year	Non-current between 1 and 5 years	Non-current > 5 years	Total
Liabilities to banks	52,000	24,698	33,189	-	57,887
Lease liabilities (IFRS 16)	8,076	2,965	5,120	772	8,857
Rental purchase agreement	5,688	2,677	3,011	-	5,688
Trade payables	25,062	25,062	-	-	25,062
Total	90,827	55,402	41,320	772	97,494


Contractual cashflow of financial liabilities 2024
In Euro x 1,000	Net book value	Current < 1 year	Non-current between 1 and 5 years	Non-current > 5 years	Total
Liabilities to banks	61,961	33,912	33,189	-	67,101
Lease liabilities (IFRS 16)	10,802	3,915	6,658	1,211	11,784
Rental purchase agreement	3,388	1,639	1,749	-	3,388
Trade payables	29,037	29,037	-	-	29,037
Total	105,189	68,503	41,596	1,211	111,310

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations

under a financial instrument or customer contract, leading to a financial

loss. The Group is exposed to credit risk from its operating activities

(primarily trade receivables).

Capital management

The Management Board’s policy is designed to maintain a strong capital

gearing to retain the confidence of investors, creditors and the markets,

and to safeguard the future development of the business activities.

The Management Board monitors the return on equity and the level of

dividend distributed to ordinary shareholders.

Trade receivables

Customer credit risk is managed by each business unit subject to the

Group’s established policy, procedures and control relating to customer

credit risk management. Creditworthiness of a customer is assessed based

on an extensive credit rating scorecard and individual credit limits are

defined in accordance with this assessment. Outstanding customer

receivables and contract assets are regularly monitored and any shipments

to major customers are generally covered by letters of credit obtained from

reputable banks and other financial institutions.

An impairment analysis is performed at each reporting date using a

provision matrix to measure expected credit losses. The provision rates are

based on days past due for categories of various customer segments with

similar loss patterns (i.e., by geographical region, product type, customer

type and rating, and coverage by letters of credit or other forms of credit

insurance). The calculation reflects the probability-weighted outcome,

the time value of money, and reasonable and supportable information

that is available at the reporting date about past events, current conditions,

and forecasts of future economic conditions. Generally, trade receivables

are written-off if past due for more than one year and are not subject to

enforcement activity. The maximum exposure to credit risk at the reporting

date is the carrying value of each class of financial assets disclosed in

Note 7. The Group does not hold collateral as security. The letters of credit

and other forms of credit insurance are considered integral part of trade

receivables and considered in the calculation of impairment.

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Information about the credit risk exposure on the Group’s trade receivables

using a provision matrix is provided below:


Trade receivables overview at December 31, 2025 (Days past due)
In Euro x 1,000	Current	< 30 days	30 – 60 days	60+ days	Total
Receivables outstanding	16,351	883	453	1,354	19,040
Expected credit loss rate	-%	1.13%	4.41%	4.41%	0.47%
Expected credit loss allowance	-	10	20	60	90

For the previous year this is summarized as follows:


Credit risk exposure on the Group’s trade receivables
Trade receivables overview at December 31, 2024 (Days past in due)
In Euro x 1,000	Current	< 30 days	30 – 60 days	60+ days	Total
Receivables outstanding	2,938	6,032	6,380	4,283	19,633
Expected credit loss rate	0.34%	0.33%	0.31%	0.95%	0.46%
Expected credit loss allowance	10	20	20	41	91

The probability of default for trade receivables was determined on the basis

of actual historical bad debt losses. Actual historical bad debt losses are

considered on the basis of individual companies. The expected probability

of default is less than 1%. An expected loss in the amount of €90,000

(2024: €91,000) was recognized. Additionally no individual impairments for

2025 and 2024 were recognized for trade receivables where actual

circumstances lead to a high probability of default.

For other financial assets such as other receivables and deposits, the

assumption is applied that no expected credit loss is required. Due to low

credit risk, the expected credit losses are deemed not significant.

Commodity price risk

The Group is exposed to energy price changes which are managed using

forward contracts. The Group manages other exposures to prices of raw

materials and other materials associated with off-take through commercial

contracting. Without the hedges in place, if wholesale energy prices would

have increased by 10%, the post-tax loss for the year would have been

€1,285,000 higher (2024: €1,353,000).

The opposite applies in the case of a decrease in the wholesale energy

prices by 10% in the year under review.

Climate risk and the impact of extreme weather events

Climate change and the subsequent increase in the frequency of extreme

weather events can potentially impact Cabka’s infrastructure and business

activities. This risk materialized at our North American entity in St. Louis in

August 2022, when an extraordinary flooding event caused severe damage

to our production facility. Furthermore, Valencia saw a devastating flood in

October 2024. While this event did not directly impact Cabka’s Innovation

Center, it did affect some of our employees and has underscored the need

for adequate risk management. To prevent and mitigate such incidents in

the future and to further integrate this risk in financial and strategic

planning, a comprehensive scenario analysis of physical climate risks was

conducted in 2025 for each one of Cabka’s manufacturing locations as well

as for the Innovation Center.

Fraud and non-compliance

The Management of Cabka N.V. is aware of the inherent risk of fraud that it

faces, both internally and externally, in carrying out its activities. External

parties must be able to trust that Cabka N.V. and its employees do business

in a reliable, honest and careful manner. Therefore, Cabka N.V. has drawn

up a code of ethics that is shared with every employee at the start of their

employment. The importance of the code of ethics and compliance is

periodically emphasized and is a subject of discussion between manager

and employee. In addition, a separate suppliers code of conduct is available

so that external suppliers’ actions are in line with those of Cabka.

A confidential advisor and tipline, including a whistleblower policy where

any abuses can be reported confidentially, have been implemented.

The code of ethics, suppliers code of conduct and the whistleblower are

available on our website and are therefore also shared with our external

relations.

Cabka N.V. has measures in place to significantly reduce its exposure to

fraud. An important measure is the restriction of access (both physical and

digital) for individuals to only those areas where they perform their day-to-

day activities, and segregation of duties (SoD) so that important checks and

balances are not combined within the same person. Both the user access

and SoD are reviewed and adjusted to be in line with the risk appetite if

situations change. A significant number of general IT controls around user

access and SoD have been designed. Cabka continues to address and

improve the design and effectiveness of its IT controls.

In addition to the foundation of access management and SoD, Cabka also

has an authorization matrix to clearly define the responsibilities and

authorization limits for each function within the company. This ensures that

only the authorized employees are involved when information is processed

or decisions are made with a certain level of (fraud) risk.

Despite all internal control measures, there remains the risk of management

or the board overriding internal controls and the risk of collusion between

employees. Transparent decision-making, the governance structure, an

open culture in which we dare to call each other to account, the presence

of a confidential advisor to report non-ethical actions to (anonymously),

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and periodic internal and external audits on compliance, are measures that

must contribute to detecting instances of overriding controls.

Conclusion

Management is of the opinion that, taking into account all procedures and

control measures, the risk assessment provides a complete overview of the

risks the company faces and that adequate procedures are in place to

mitigate these risks.

34. Commitments and Contingencies

Commitments

The Group has no lease contracts that have not yet commenced as at

December 31, 2025 .

Since Cabka is offering a buyback clause for pallets sold to specific

customers, where the raw material cost price is determined at fair market

prices, there is a potential obligation for Cabka to buy these returned

pallets.

If this occurs, it will be treated as material expense in the consolidated

statement of comprehensive income.

Legal claim contingency

There are no legal claims and contingencies outstanding that could have a

material impact on the Group.

Guarantees

The only guarantees provided are to wholly-owned subsidiaries within

the Group. In connection with our rental agreements, we have provided

rental bank guarantees to secure our obligations. As of the reporting date,

the total value of these rental guarantees amounted to €0.5 million.

Pledges

As of the reporting date, there are no pledged assets (2024: €2.2 million).

Non-Recourse Factoring Agreement

In 2024, Cabka N.V. entered into a non-recourse factoring agreement with

a factoring company for Cabka GmbH & Co. KG and Cabka N.V., Ieper and

Cabka Belgium N.V. in Belgium. Under this agreement, the company sells

its accounts receivable to the factor at a discount, and the factor assumes

the credit risk associated with the receivables. As a result, the receivables

are derecognized from the company's balance sheet upon transfer to the

factor.

This arrangement has improved the company's liquidity position by

providing immediate cash flow while mitigating the risk of debtor insolvency.

The factoring fees and any discounts applied to the receivables are

recorded as financing expenses in the income statement.

35. Related Party Balances and Transactions/

Disclosures

The following table provides the total amount of non- eliminated

transactions with related parties for 2025 and 2024. Transactions between

consolidated Group companies are eliminated in the consolidation and

therefore not disclosed. The outstanding balance of receivables due from

affiliated companies, which are not eliminated at the Group level, amounted

to €28,000 in 2025 (compared to €25,000 in 2024).


Related parties 2025
In Euro x 1,000	Sales to related parties	Purchases from related parties	Amounts owed by related parties	Amounts owed to related parties
Entity with significant influence over the Group
RAM.ON Finance GmbH	-	535	-	1
DSC Executive Directors Holding B.V.	-	-	-	-
Brandaris Capital	-	-	-	-

Entities under Common Directorship
RAM.ON Real Estate GmbH	23	591	-	2
Oceansix GmbH	-	220	-	-
Gat & Heike Ramon	1	3	1	-


Related parties 2024
In Euro x 1,000	Sales to related parties	Purchases from related parties	Amounts owed by related parties	Amounts owed to related parties
Entity with significant influence over the Group
RAM.ON Finance GmbH	-	539	21	-
DSC Executive Directors Holding B.V.	-	-	-	-
Brandaris Capital	-	-	-	-

Entities under Common Directorship
RAM.ON Real Estate GmbH	-	578	-	-
Oceansix GmbH	-	300	-	-
Gat & Heike Ramon	2	5	1	-

Transactions with related parties that are outside the Group are classified

as trade receivables and trade payables, respectively (see Notes 22 and 31).

The sales to and purchases from related parties are made on terms aiming

to be equivalent to transactions at arm’s length. Outstanding balances at

year end are unsecured and interest free and settlement occurs in cash. No

guarantees have been provided or received for any related party

receivables or payables.

On November 1, 2017, Cabka Group GmbH entered into a rental agreement

for the office in Berlin with Ram.on real estate GmbH for a period of 10

years of which the total fees amounted to €378,000 in 2025. Cabka Spain

S.L.U. also has a rental agreement with Ram.on real estate GmbH for the

office building in Valencia commencing June 5, 2022 for 10 years, with total

fees in the fiscal year amounting to €200,000. Both agreements are

presented in the Balance Sheet under Right-of-Use assets (Note 18).

In addition to the above-mentioned agreements, there is a consultancy

agreement between Cabka N.V. (NL) and Ram.ON finance GmbH as of

March 1, 2022 for four years, covering services for high-level strategic

consulting with regard to the future corporate strategy and positioning of

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Cabka in the market using the special expertise of the consultant. The fees

amount to €535,000 in the reporting year.

An additional leasing agreement with Oceansix GmbH on extruders was

entered in 2023 with a total expense of €220,000 recorded in the current

financial year.

In addition to the related party transactions as disclosed above, the Group

has issued several equity instruments to shareholders and key management

employees during the year ended December 31, 2025. Further details of

these transactions are provided in Note 26 (Share Capital and Share

Premium), Note 27 (Share-Based Payments), Note 28 (Other Reserves) and

Note 30 (Financial Liabilities).

Compensation and share ownership of key management personnel and

the Supervisory Board of the Group

For further disclosure of the compensation of key management personnel

and the Supervisory Board of the Group, we refer to Note 51 of the

Company financial statements. For further disclosure of share ownership,

we refer to Note 52 of the Company financial statements.

36. Subsequent events

After the balance sheet date of December 31, 2025, there have been no

significant events.

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Company Financial Statements

Company Statement of Profit and Loss

for the year ending on December 31, 2025 and 2024


In Euro x 1,000	NOTES	2025	2024

Intercompany head office and other recharges	39	3,665	3,144
Total operating income		3,665	3,144

Personnel expenses	39	-1,541	-1,202
Depreciation and amortization		-139	-132
Other operating expenses	40	-2,917	-3,415
Total Operating expenses		-4,598	-4,749

Finance income	41	5,516	6,626
Finance expenses	42	-4,661	-3,736
Net Financial Result		856	2,890

Result before taxes		-77	1,284

Income taxes	54	-228	334
Share of result in subsidiaries after income taxes		-7,089	-10,973
Net result after income taxes		-7,394	-9,355

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Company Statement of Financial Position

as at December 31, 2025 and 2024


IN EUR x 1,000	NOTES	2025	2024
ASSETS
Non-current assets
Intangible assets		107	—
Property, plant and equipment		4	41
Investments in subsidiaries	43	13,134	18,999
Deferred tax assets	54	204	353
Right-of-use assets		187	435
Total non-current assets		13,637	19,828

Current assets
Short-term financial assets	44	87,872	99,903
Other Short-term assets	44	2,833	2,281
Cash and cash equivalents	45	267	19
Total current assets		90,972	102,203
Total assets		104,608	122,030

LIABILITIES
Equity
Share capital	46	408	408
Treasury shares	46	-160	-160
Share premium	47	74,080	73,995
Other reserves	48	7,036	6,928
Legal reserve	48	1,842	2,081
Retained earnings	50	-32,247	-25,027
Foreign currency translation reserve	49	-277	-1,482
Total equity		50,682	56,745


IN EUR x 1,000	NOTES	2025	2024

Non-current liabilities
Long-term financial liabilities	53	29,090	30,286
Other non-current liabilities	53	260	510
Total non-current liabilities		29,349	30,796

Current liabilities
Short-term financial liabilities	53	23,297	29,699
Trade payables	53	62	178
Other short-term liabilities	53	1,217	4,612
Total current liabilities		24,577	34,489
Total liabilities		104,608	122,030

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Notes to the Company Financial Statements

37. Corporate Information

Cabka N.V. is a listed public company which is registered with the Chamber

of Commerce Amsterdam under number 80504493. As of March 1, 2024,

the Company moved its registered office to John M. Keynesplein 10, 1066

EP, Amsterdam, The Netherlands (previously at Johan Cruijff Boulevard

65-71, 1101 DL Amsterdam, The Netherlands).

The company financial statements, together with the consolidated financial

statements, are part of the statutory financial statements of Cabka N.V.

(the Company). The financial information of the Company is included in the

consolidated financial statements.

38. Basis of Preparation

In selecting the principles applied in the company financial statements for

the valuation of assets and liabilities and determination of results, Cabka

N.V. has made use of the option provided by Section 362, subsection 8, of

Book 2 of the Dutch Civil Code. Consequently, the principles applied in the

Company financial statements of Cabka N.V. for the valuation of assets and

liabilities and determination of results (the ‘accounting policies’) are

identical to those applied in the consolidated EU-IFRS financial statements.

These policies are discussed in Note 3 of the consolidated financial

statements.

In addition, to the accounting policies described in the consolidated

financial statements, the Company applies the accounting policies below.

Investments in subsidiaries

Group companies are all entities over which the Company has direct or

indirect control. The Company controls an entity when it is exposed, or has

rights, to variable returns from its involvement with the group companies

and has the ability to affect those returns through its control over the group

companies. Group companies are recognized from the date on which

control is obtained by the Company and derecognized from the date that

control by the Company over the group company ceases. Investments in

subsidiaries are measured according to the net asset value method. If the

net asset value method is used, newly acquired subsidiaries are initially

measured based on the fair value of their identifiable assets and liabilities at

the acquisition date. For subsequent valuations, the principles that apply

for these financial statements are used, with the values upon their initial

recognition as the basis. If the valuation of a subsidiary based on the net

asset value is negative, it will be stated at nil. Any long-term, subordinated

receivables which qualify as net investment in the subsidiary are impaired

up to an amount equal to the negative net asset value. If the recoverable

amount of the receivables is lower than their book value, the receivables

are further impaired. If the company fully or partly guarantees the liabilities

of such an underlying entity, a provision is formed, comprising primarily the

receivables from the subsidiary, plus the company’s share of the losses

incurred by the subsidiary or the amount the company might be obliged to

pay on behalf of the subsidiary, all to the extent greater than the

receivables.

39. Personnel Expenses and Head Office Charges

The personnel expenses during the year relate to the following:


Personnel expenses
In Euro x 1,000	2025	2024
Wages and salaries	1,553	1,417
Social security charges	106	101
Share-based payment expense	-143	-324
Other costs of personnel	26	8
Personnel expenses	1,541	1,202

In the financial year 2025, the average number of FTEs was 7 and in the

previous year 8. The details of directors’ compensation are presented in

Note 51. Part of the costs to Management Board members are incorporated

in the overview above.

Intercompany head office and other charges totaling €3,665,000 (2024:

€3,144 ,000) include management services provided by the parent company

to the affiliates.

Share-based payments expenses in the Company financial statements

include the expenses for PS and PSU of the reporting year. Further details

of the share-based payment expenses are disclosed in Note 27 of the

consolidated financial statements.

40. Other Operating Expenses

Other operating expenses during the year relate to the following:


Other operating expenses
In Euro x 1,000	2025	2024
Legal, audit and consulting fees	2,040	1,935
Supervisory Board fees	240	236
Other operating expenses	637	1,244
Other operating expenses	2,917	3,415

Other operating expenses include primarily legal, audit and consulting fees,

such as for investor relations, ESG and the statutory audit. In 2024, it also

includes costs associated with other taxes and non-recoverable VAT,

totaling €744,000. In 2025 other taxes and non-recoverable VAT are equal

to zero.

With reference to Section 2:382a of the Dutch Civil Code, the following fees

were charged to the Company, its subsidiaries and other consolidated

entities by BDO Audit & Assurance B.V. and its member firms and affiliates in

2025 and in 2024:

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	2025	2025	2025	2024	2024	2024
In Euro x 1,000	BDO NL	Other BDO network firms	Total	BDO NL	Other BDO network firms	Total
Auditor of financial statements	544	220	764	521	255	776
Other assurance services	53	-	53	137	-	137
Non- assurance services	-	-	-	-	-	-
Fees to the auditor	596	220	816	658	255	912

The fees listed above relate to the services provided to the Company by

accounting firms and external independent auditors as referred to in

Section 1 (a) of the Dutch Accounting Firms Oversight Act (wta). The other

assurance services relate to CSRD limited assurance engagement in 2024

and the sustainability KPI assurance engagement in 2025. .

41. Finance Income

Finance income of €5,516,000 (2024: €6,626,000) relates to interest

received on intercompany loans receivable for €5,502,000 (2024:

€5,314,000).

The remaining amount relates to the fair value change of the Special

Shares conversion option for the amount of €15 ,000 (2024: €866,000) as

further detailed in Note 46 (Share Capital) and Note 53 (Financial Liabilities)

of the Company financial statements.

42. Finance Expense

Finance expense of €4,661,000 (2024: €3,736,000) relates to interest on

bank liabilities for € 3,615,000 (2024: €3,360,000) and FX loss amounting to

€1,045,000 (2024: €376,000). The reported foreign exchange loss reflects

the net result of a foreign exchange gain of €3,396,000 and a foreign

exchange loss of €4,442,000, both of which are associated with hedging

activities.

43. Investments in Subsidiaries

This relates to the Company’s wholly-owned interest in Cabka Group

GmbH, Berlin, Germany.

A complete overview of subsidiaries that are indirectly held by Cabka N.V.

through its wholly-owned interest in Cabka Group GmbH is presented in

Note 5 of the consolidated financial statements.

The movement of the investments in subsidiaries balance can be specified

as follows:


Investment in subsidiaries
In Euro x 1,000
At January 1, 2024	30,069
Share in result of subsidiaries	-10,973
Foreign currency translation differences	-109
Other movements	12
At December 31, 2024	18,999

At January 1, 2025	18,999
Share in result of subsidiaries	-7,089
Foreign currency translation differences	1,205
Other movements	19
At December 31, 2025	13,134

There were no changes in the ownership of subsidiaries during 2025.

44. Short-term Financial and Other Assets

Short-term financial assets relate to receivables owed by Group Companies

and can be specified as follows:


Short-term financial assets
In Euro x 1,000	2025	2024
Receivable on Cabka Group GmbH	49,701	62,621
Receivable on Cabka North America	38,171	37,281
Receivable on Cabka Spain S.L.U.	-	-
Short-term financial assets	87,872	99,903

The receivables owed by Group companies have a maturity of 12 months

and bear an interest rate of 5.2%. The receivable on Cabka North America,

should be seen as non-current. No securities were obtained.

Current financial assets relates to intercompany loans.

Other short-term assets include VAT receivables totaling €1,810,000 and

deferred current assets of €1,023,000.

45. Cash and Cash Equivalents

Cash and cash equivalents of €267,000 (2024: €19,000) consist of cash at

bank balances. The cash and cash equivalents are freely disposable for

Cabka N.V.

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46. Share Capital

As at December 31, 2025, the authorized capital of Cabka N.V. consists of

150,000,000 ordinary shares and 300,000 Special Shares, of which

24,710,600 ordinary shares and 97,778 Special Shares were issued. A total

number of 15,994,378 ordinary shares are held in treasury, the remaining

shares our outstanding. The ordinary shares are listed on the Euronext

Stock Exchange. The Special Shares issued to the Founders of the Company

are not publicly listed.

The issued share capital as at December 31, 2025 can be specified as

follows:


Share Capital	Shares	Nominal value	Share capital	ISIN
	(units)	In Euro	In Euro
Ordinary shares in treasury	15,994,378	0.01	159,944	DSC2S / NL00150002R5
Ordinary shares outstanding	24,710,600	0.01	247,106	CABKA / NL00150000S7
Total ordinary shares issued	40,704,978		407,050
Special Shares	97,778	0.01	978
Total shares issued	40,802,756		408,028

The Special Shares have equal dividend and voting rights as ordinary shares.

In accordance with the underlying terms, the Special Shares will either (i)

convert into 7 ordinary shares if the share price of Cabka N.V. equals or

exceeds €12.00 for any 15 trading days out of a 30 consecutive trading-day

period (whereby such 15 trading days do not have to be consecutive) or (ii)

convert into 1 ordinary share if this price hurdle has not being achieved

before March 1, 2027. This conversion option has been classified as a

financial liability measured at fair value through profit or loss (FVTPL).

The fair value of the financial liability as at December 31, 2025 amounts to

€191,000 (2024: €205,000) (Note 53).

The issued share capital as at December 31, 2024 can be specified as

follows:


Share Capital	Shares	Nominal value	Share capital	ISIN
	(units)	In Euro	In Euro
Ordinary shares in treasury	15,994,378	0.01	159,944	DSC2S / NL00150002R5
Ordinary shares outstanding	24,710,600	0.01	247,106	CABKA / NL00150000S7
Total ordinary shares issued	40,704,978		407,050
Special Shares	97,778	0.01	978
Total shares issued	40,802,756		408,028

Further details of outstanding Warrants as at December 31, 2025 are

disclosed in Note 28 of the consolidated financial statements.

47. Share Premium

The share premium reserve of €74,080,000 (2024: €73,995,000) relates to

contributions on issued shares in excess of the nominal value of the shares.

The share premium is freely distributable, provided that equity is not lower

than the sum of share capital and legal reserves as a result of such

distribution.

48. Other and Legal Reserves

Other reserves of €7,036,000 ( 2024: €6,928,000) comprise the Warrant

reserve, Performance Shares reserve and Share-based Payment reserve.

These reserves are freely distributable provided that equity is not lower

than the sum of share capital and legal reserves as a result of such

distribution. Further details on the composition and movement of the other

reserves is disclosed in Note 28 of the consolidated financial statements.

In conformity with the Dutch Civil Code, a legal reserve is recognized for

the carrying amount of internally developed capitalized cost for the design

of tools, molds, and dies involving new technology. The total legal reserve

for research & developments as per 31 December 2025 amounts to

€1,842,000 (2024: €2,081,000).

49. Foreign Currency Translation Reserve

The foreign currency translation reserve of €-277 ,000 comprises all foreign

currency differences arising from the translation of the financial statements

of foreign operations (2024: €-1,482,000). This legal reserve is not freely

distributable in accordance with Dutch law.

50. Equity Overview

As at December 31, 2025, the shareholders’ equity in the Company financial

statements equals the equity attributable to common shareholders as

presented in the consolidated financial statements for a total of

€50,682,000 (2024: €56,745 ,000).

Pursuant to Dutch law, limitations exist relating to the distribution of equity

attributable to equity holders. Such limitations relate to the share capital

and legal reserves (including foreign translation reserve) required by Dutch

law as presented below.

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In Euro x 1,000	Share capital	Share premium	Treasury shares	Other and legal reserves	Foreign currency translation reserve	Retained earnings	Non- Controlling interests	Total equity
At January 1, 2024	408	77,687	-160	9,870	-1,372	-15,696	-	70,737
Loss for the year	-	-	-	-	-	-9,355	-	-9,355
Other comprehensive income/(loss)- exchange difference	-	-	-	-	-109	-	-	-109
Other comprehensive income/(loss)- cash flow hedges	-	-	-	-510	-	-	-	-510
Total comprehensive income/(loss)- for the year	-	-	-	-510	-109	-9,355	-	-9,975

Transactions with owners of the Company
Decrease of share based payments	-	-	-	-324	-	-	-	-324
Dividends to equity holders	-	-3,707	-	-	-	-	-	-3,707
Other movements of the year	-	15	-	-	-	-2	-	12
Forming of legal reserve	-	-	-	-27	-	27	-	-
Total transactions with owners of the Company	-	-3,692	-	-351	-	25	-	-4,018
At December 31, 2024	408	73,995	-160	9,009	-1,481	-25,026	-	56,745

Loss for the year	-	-	-	-	-	-7,394	-	-7,394
Other comprehensive income/(loss)	-	-	-	-	1,205	-	-	1,205
Other comprehensive income/(loss)- cash flow hedges	-	-	-	251	-	-	-	251
Total comprehensive income/(loss)- for the year	-	-	-	251	1,205	-7,394	-	-5,939

Transactions with owners of the Company
Decrease of share based payments	-	-	-	-143	-	-	-	-143
Dividends to equity holders	-	-	-	-	-	-	-	-
Other movements of the year	-	85	-	-	-	-66	-	19
Forming of legal reserve	-	-	-	-239	-	239	-	-
Total transactions with owners of the Company	-	85	-	-382	-	173	-	-124
At December 31, 2025	408	74,080	-160	8,877	-276	-32,247	-	50,682

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51. Remuneration

The remuneration of current Management Board members charged to the Company and Group companies, including

pension expenses as referred to in Section 383, subsection 1, of Book 2 of the Netherlands Civil Code, amounted to

€837,000 ( 2024: €988,000).

Management board

The remuneration is as follows:


Remuneration Management board 2025
In Euro x 1,000	Fixed remuneration	RSU expenses	PSU expenses	PS expenses	Other compen- sation	Total
A . Masharov	360	20	-	-	42	421
M. Letterie	66	-	-	-	6	72
T. Litjens (Former CEO)	-	-	-	-	-	-
F. Roerink (Former CFO)	283	-	-	-	61	343
N. Küpcü (Former CFO)	-	-	-	-	-	-
Total	709	20	-	-	108	837


Remuneration Management board 2024
In Euro x 1,000	Fixed remuneration	RSU expenses	PSU expenses	PS expenses	Other compen- sation	Total
A. Masharov	150	11	-	-	16	176
M. Letterie	-	-	-	-	-	-
T. Litjens	365	-	-	-	26	391
F. Roerink	320	23	9	-	41	393
N. Küpcü	-	-	28	-	-	28
Total	835	33	37	-	83	988

The Management Board has no pension plan and therefore no separate column for post-employment benefits is

included in the above tables.

In 2025, a total of 20,949 RSUs were granted to A. Masharov.

Supervisory board

The total remuneration of current and former Supervisory Board members in 2025 amounts to €237,000 (2024:

€241,000).

Total overview of remuneration per Supervisory Board member for 2025 and 2024:


Remuneration Supervisory board
	Fixed remuneration		Variable remuneration	2025			2024
In Euro x 1,000	Membership	Committees	Travel and other expenses	Total remuneration	Membership	Committees	Total remuneration
N. Hoek	43	6	-	49	41	3	44
G. Ramon	32	6	2	40	32	6	43
J. Holscher	32	6	-	38	32	6	38
S. Nanninga	32	3	-	35	32	3	35
O. Seidl	32	6	-	39	4	1	6
A. Sieg esmund	17	2	-	18	-	-	-
T.P. Henkin (former SB member)	16	2	-	18	32	3	35
M. Beja (former SB member)	-	-	-	-	33	6	40
Total	203	32	2	237	141	20	241

The current Supervisory Board of Cabka N.V. was appointed by the General Meeting on March 1, 2022 with the

exception of O. Seidl who replaced M. Beja in 2024 and A. Siegesmund who replaced T. Henkin in 2025 (A. Siegesmund

to be officially elected in the AGM of 2026). The majority shareholder RAM.ON GmbH (managed by the founder of

Cabka Gat Ramon and Heike Ramon) has a consultancy agreement with Cabka for services as disclosed in the

Shareholder Circular for a total fee of €529,000.

The fixed compensation for the Chair of the Supervisory Board was increased as of April 1, 2023 and was set at

€42,600 per year. The other Supervisory Directors receive a fixed compensation of €31,950 per year. The Supervisory

Directors receive an additional €3,195 in case of membership of the Audit Committee and €3,195 in case of

membership of the Remuneration and Nomination Committee. In addition, members of the Supervisory Board are

entitled to a reimbursement for daily and travel expenses of an amount of up to €2,662.50 per year.

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52. Share Ownership

The issued ordinary shares are divided as follows:


Share ownership	shares	% shares
RAM.ON Finance GmbH	12,178,528	49.41%
Eikenbosch Holding BV	1,120,353	4.55%
De Vaart Der Volkeren	526,463	2.14%
Unica Participatie	463,284	1.88%
Miscellaneous Beheer	413,605	1.68%
D.M. Equity	263,572	1.07%
Stichting Nieuw oosteinde	210,738	0.85%
Maarten Johannes Wolleswinkel	167,967	0.68%
Free Float	9,366,090	37.90%
Total shares outstanding	24,710,600	100%

Potential dilution of the total number of issued ordinary shares can be

triggered at the following thresholds (Note 27 , 28 of the consolidated

financial statements):

• VSOP, former performance share program for the management:

maximum of 385,022 shares on March 15, 2023.

• Share price of €11: maximum of 190,471 shares resulting from PSU current

performance share program for the management.

• Share price of € 12: maximum of 190,471 shares resulting from PSU;

DSCW2 warrants conversion into maximum of 880,000 shares; and

conversion of remaining one third of Special Shares converting into

684,446 shares:

• Share price of € 13: maximum of 190,471 shares resulting from PSU; and

DSCW3-warrants conversion into maximum of 1,320,000 shares

• Share price of € 16: 750,000 shares from Performance Shares.

• Share price of € 18: 750,000 shares from Performance Shares.

• Share price of € 20: 750,000 shares from Performance Shares.

The share ownership of the Supervisory Board as of December 31, 2025 and

2024 is as in the table below:


Share ownership Supervisory Board
In Ordinary Shares	2025	2024
M. Beja	-	-
G. Ramon	12,178,528	12,178,528
N. Hoek	559,081	516,989
T.P. Henkin	-	-
J. Holscher	-	-
S. Nanninga	511,477	471,980
Total	13,249,086	13,167,497

53. Financial Liabilities, Trade Payables and Other

Short-Term Liabilities

The financial liabilities during the year relate to the following:


Financial liabilities at December 31
	2025	2025	2025	2024
In Euro x 1,000	< 1 year	> 1 year	Total	Total
Special Shares liabilities	191	-	191	205
Liabilities to banks	23,000	29,000	52,000	59,333
Liabilities for leasing	107	90	196	446
Other non- current liabilities	-	260	260	510
Liabilities to Group companies	-	-	-	3,497
Liabilities to tax authorities	1,099	-	1,099	721
Accruals	118	-	118	63
Trade payables	62	-	62	226
Others	-	-	-	284
Financial liabilities	24,577	29,349	53,926	65,285

Special Shares liabilities:

As detailed in Note 26 of the consolidated financial statements, the Special

Shares held by the Founders of DSC2 will either (i) convert into 7 ordinary

shares if the share price of Cabka N.V. equals or exceeds €12.00 for any

15 trading days out of a 30 consecutive trading-day period (whereby such 15

trading days do not have to be consecutive) or (ii) convert into 1 ordinary

share if this price hurdle is not being achieved before March 1, 2027.

This conversion option has been classified as a financial liability measured

at fair value through profit or loss (FVTPL). The fair value of the financial

liability as at December 31, 2025 amounted to €191,000 (2024: €205,000).

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Liabilities to Group Companies:

Liabilities to affiliated companies are IPO-related expenses charged from

Cabka Group GmbH to the parent company.

Other non-current liabilities:

Other non-current liabilities relates to derivatives. Derivatives are only used

for economic hedging purposes and not as speculative investments.

The full fair value of hedging derivatives is classified as a non-current asset

or liability where the remaining maturity of the hedged item is more than

12 months. On December 31, 2025 the fair value included under other non

current liabilities was €260,000 (2023: €510,000).

54. Deferred Taxes

Deferred tax assets for an amount of €204,000 (2024 : €353 ,000) were

recognized in respect of the utilization of all tax losses for the prior years

with a remaining amount of € €1,355,00 (2024: €73,000). This resulted in

€148,000 lower deferred taxes compared to the previous year, recorded in

the company statement of profit and loss.

55. Commitments

Cabka N.V. has a joint liability for long-term loans of Cabka Group GmbH.

for an amount of €0 (2024 : €2,291,000).

56. Subsequent events

After the balance sheet date of December 31, 2025, there have been no

significant events.

57. Appropriation of Result

The Management Board of the Company proposes, with the approval of

the Supervisory Board, that the result for the financial year 2025 should be

transferred to reserves.

Management and Supervisory Board statement

The members of the Supervisory Board signed the financial statements in

order to comply with their statutory obligation pursuant to Article 2:101,

paragraph 2, of the Dutch Civil Code.

The members of the Management Board signed the financial statements

in order to comply with their statutory obligation pursuant to Article 2:101,

paragraph 2, of the Dutch Civil Code and Article 5:25c, paragraph 2 sub c,

of the Financial Markets Supervision Act.

Amsterdam, 28 April 2026

Management BoardSupervisory Board

A. MasharovN. Hoek

M.Letterie (Interim member)G. Ramon

A.Siegesmund (Interim

member)

J. Holscher

S. Nanninga

O. Seidl

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	Other Information
	147	Provisions in the Articles of Association governing the appropriation of profit
	148	Independent Auditor’s Report
	154	Assurance Report ESG

	Endur i7.2 Engineered for demanding pooling environments, the Endur i7.2 delivers exceptional durability and wash‑ through hygiene—extending reuse cycles, lowering carbon impact, and ensuring reliable performance across intensive, sustainability‑focused logistics.

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Provisions in the Articles of

Association Governing the

Appropriation of Profit

Under article 32.1 and 32.2 of the Articles of Association of the Company,

the Management Board shall, with the approval of the Supervisory Board,

determine which part of the profits is added to the reserves. The profit

remaining after transfer to the reserves is available to the General Meeting

of Shareholders. The Management Board, with the approval of the

Supervisory Board, shall make a proposal for that purpose. A proposal to

pay dividend shall be dealt with as a separate agenda item at the General

Meeting.

The Company can only make payments to the shareholders and other

parties entitled to the distributable profit insofar as the shareholders’

equity exceeds the paid-up and called- up part of the capital plus the

statutory reserves and exceeds the amounts resulting from the distribution

test, performed by the Management Board at the date of each dividend

payment.

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Independent Auditor’s Report

To: the shareholders and supervisory board of Cabka N.V.

Report on the audit of the financial statements 2025

included in the annual report

Our opinion

We have audited the financial statements for the year ended 31 December

2025 of Cabka N.V. based in Amsterdam (Netherlands). The financial

statements comprise the consolidated financial statements and the

company financial statements.

In our opinion:

• the accompanying consolidated financial statements give a true and fair

view of the financial position of Cabka N.V. as at 31 December 2025 and

of its result and its cash flows for 2025 in accordance with International

Financial Reporting Standards as adopted by the European Union (EU-

IFRS) and with Part 9 of Book 2 of the Dutch Civil Code;

• the accompanying company financial statements give a true and fair

view of the financial position of Cabka N.V. as at 31 December 2025 and

of its result for 2025 in accordance with Part 9 of Book 2 of the Dutch

Civil Code.

The consolidated financial statements comprise:

1. the consolidated statement of financial position as at 31 December 2025;

2. the following statements for 2025: the consolidated statement of

comprehensive income, the consolidated statement of changes in

equity and the consolidated statement of cash flows; and

3. the notes comprising material accounting policy information and other

explanatory information.

The company financial statements comprise:

1. the company balance sheet as at 31 December 2025;

2. the company profit and loss account for 2025; and

3. the notes comprising a summary of the accounting policies and

other explanatory information.

Basis for our opinion

We conducted our audit in accordance with Dutch law, including the

Dutch Standards on Auditing. Our responsibilities under those standards

are further described in the ‘Our responsibilities for the audit of the

financial statements’ section of our report.

We are independent of Cabka N.V. in accordance with the EU Regulation

on specific requirements regarding statutory audit of public-interest

entities, the Wet toezicht accountantsorganisaties (Wta, Audit firms

supervision act), the Verordening inzake de onafhankelijkheid van

accountants bij assurance-opdrachten (ViO, Code of Ethics for

Professional Accountants, a regulation with respect to independence)

and other relevant independence regulations in the Netherlands.

Furthermore we have complied with the Verordening gedrags- en

beroepsregels accountants (VGBA, Dutch Code of Ethics for Professional

Accountants).

We believe the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

Information in support of our opinion

We designed our audit procedures in the context of our audit of the

financial statements as a whole and in forming our opinion thereon. The

following information in support of our opinion was addressed in this

context, and we do not provide a separate opinion or conclusion on

these matters.

Materiality

Based on our professional judgement we determined the materiality for

the financial statements as a whole at € 2.7 million. The materiality is

based on a benchmark of revenues (representing 1.5% of reported

revenues). We have also taken into account misstatements and/or

possible misstatements that in our opinion are material for the users of

the financial statements for qualitative reasons.

We agreed with the Supervisory Board, in particular with the Audit

Committee, that misstatements in excess of € 135,000, which are

identified during the audit, would be reported to them, as well as smaller

misstatements that in our view must be reported on qualitative grounds.

Scope of the group audit

Cabka N.V. is at the head of a group of components. The financial

information of this group is included in the financial statements of Cabka

N.V.

Based on our risk assessment, we determined the nature, timing and

extent of audit procedures to be performed, including determining the

components at which to perform audit procedures.

We applied the Dutch Standard on Group Audits in our audit of the

financial statements. The standard emphasizes the role and

responsibilities of the group auditor. The standard contains

requirements for the identification and classification of components,

scoping, and the design and performance of audit procedures across the

group.

We performed risk assessment procedures throughout our audit to

determine which of the components are likely to include risks of material

misstatement to the financial statements. Within our audit, components

are determined based on the risk profile and size of the entities within

the group. To appropriately respond to those assessed risks, we planned

and performed further audit procedures.

We have performed audit procedures on the following components:

Cabka N.V., Cabka GmbH & Co. KG, Cabka N.V. (Belgium), Cabka Spain

S.L.U., Cabka North America Inc. and Cabka Group GmbH. The

determined audit procedures are performed by the group engagement

team as well as component audit teams for components based in

Germany, Belgium and Spain. As group engagement team, we have visited

the following components this year: Cabka GmbH & Co. KG, Cabka N.V.

(Belgium) and Cabka North America Inc.

We have performed audit procedures covering 83% of revenues and

82% of total assets. At group level, we assessed the aggregation risk

relating to the remaining financial information and concluded that there

is no reasonable possibility that uncorrected misstatements in that

information could be material to the group financial statements.

By performing the procedures mentioned above at components,

together with additional procedures at group level, we have been able to

obtain sufficient and appropriate audit evidence about the group’s

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financial information to provide an audit opinion on the financial

statement.

Audit approach going concern

As explained in the section ‘Basis of Preparation’, on page 104 of the

financial statements and in the section ‘going concern’ in the

management report, the Management Board has carried out a going

concern assessment for the period of twelve months from the date of

preparation of the financial statements and has not identified any events

or circumstances that may cause reasonable doubt on the entity's ability

to continue as a going concern (hereinafter: ‘going concern risks’)..

Our audit procedures to evaluate the management’s going concern

assessment included:

• Undertaking an initial assessment as part of the planning stage to

identify events or conditions that may cast significant doubt on the

group’s ability to continue operating as a going concern;

• Obtaining an understanding of relevant controls in place relating to the

going concern assessment and the operating effectiveness of these

controls;

• Considering whether the Management Board's going concern

assessment contains all relevant information that we have knowledge

of as a result of our audit. Furthermore we inquired the board on key

assumptions and estimates;

• Evaluating the budgeted operating results and related cash flows for

the period of twelve months from the date of preparation of the

financial statements considering developments in the industry, other

external factors and our knowledge from the audit;

• Analyzing whether the current and necessary financing to be able to

continue all the business activities is secured, including compliance/

projected compliance with relevant covenants;

• Obtaining information from the board about its knowledge of going

concern risks beyond the period of the going concern assessment

carried out by the board;

• Evaluating the implications of recent political, economic and climate

change events;

• Evaluating the potential risk of non-compliance for relevant laws &

regulations;

• We evaluated the adequacy of disclosures made in the financial

statements in respect of going concern.

Our audit procedures did not reveal any information that conflicts with the

board's assumptions and the going concern assumption used.

Audit approach fraud risks

We identified and assessed the risks of material misstatements of the

financial statements due to fraud and non-compliance with laws and

regulations. During our audit we obtained an understanding of the entity

and its environment. We further built on our understanding of the

components and the system of internal control. This included the risk

assessment process and management’s process for responding to the

fraud risks and monitoring the system of internal control. Lastly we

inspected how the Supervisory Board exercises oversight, as well as the

results thereof. We refer to section Financial Instruments Risk

Management Objectives and Policies in Note 33 for management’s fraud

risk assessment for further details.

We evaluated the design and relevant aspects of the system of internal

control and in particular the fraud risk assessment, as well as among

others the code of conduct, whistle blower procedures and incident

registration. We evaluated the design and the implementation and,

where considered appropriate, tested the operating effectiveness of

internal controls designed to mitigate fraud risks. We have

communicated significant deficiencies in internal control in writing to

management and the Supervisory Board.

As part of our process of identifying risks of material misstatements of

the financial statements due to fraud, we evaluated fraud risk factors

with respect to fraudulent financial reporting, misappropriation of assets

and bribery and corruption. We evaluated whether these fraud risk

factors indicate that a risk of material misstatement due fraud is present.

We incorporated elements of unpredictability in our audit. This included

first time procedures at both group and component level for testing the

process of acquiring new contracts and customers, as well as

incorporating new testing methodology for journal entries. We also

considered the outcome of our other audit procedures and evaluated

whether any findings were indicative of fraud or non-compliance.

We considered information obtained during the audit and inquired with

relevant executives, directors and the Audit Committee. Our audit

procedures did not lead to indications for fraud potentially resulting in

material misstatements.

The fraud risks identified by us and the specific procedures performed are

as follows:


RISK OF MANAGEMENT OVERRIDE OF CONTROLS
Description	Management is in a unique position to perpetrate fraud because management is able to manipulate accounting records and prepare fraudulent financial statements by overriding controls that otherwise appear to be operating effectively. Therefore, in all our audits, we pay attention to the risk of management override of controls at: • Journal entries and other adjustments made throughout the year and during the course of preparing the financial statements; • Consolidation adjustment entries; • Estimates and estimation processes; • Significant transactions outside the ordinary course of business. More specific, for Cabka we have identified a fraud risk in revenue recognition, for which we refer to the next fraud risk in this paragraph.

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Our audit

approach and

observations:

In response to the assessed fraud risk, our audit procedures

included, amongst others, the following:

• We made inquiries of management, those charged with

governance and others within Cabka regarding the risk of

material misstatements in the financial statements due to

fraud, their process for identifying and responding to the risk

of fraud and ethical behavior and whether they have

knowledge of any actual, suspected or alleged fraud affecting

Cabka.

• We have inspected minutes of the Supervisory Board, the

Audit Committee and the Management Board.

• We evaluated the design and implementation of internal

control measures in the processes for preparation of the

financial statements, generating and processing journal

entries/elimination entries and making estimates, assuming a

risk of management override of controls of that process.

• We have selected manual journal entries based on risk

criteria, such as journal entries in revenue recognition. Where

we identified instances of unexpected journal entries or

other risks, we performed additional audit procedures to

address each identified risk, including testing of transactions

back to source information. We also paid attention to

significant transactions outside the ordinary course of

business.

• We have tested the material adjustment entries in the

consolidation process by obtaining underlying

documentation.

• We have performed audit procedures on management

estimates, including the processes related to these estimates.

This included the management estimates on valuation of

deferred tax assets, valuation of property, plant and

equipment, valuation of inventories, receivables, investments,

share-based payments, lease liabilities and right of use assets

and intangible assets.

• We paid attention to possible management biases in the

management's estimates. This included (where relevant and

possible) retrospective reviews of prior years’ estimates with

respect to management's judgments and assumptions

regarding estimates that were included in the financial

statements of the previous fiscal year.

• We evaluated the adequacy of the notes to the financial

statements in particular those regarding to management

estimates.

Our audit procedures did not reveal any specific indications of

fraud or suspicions of fraud in respect of management override

of controls, potentially resulting in material misstatements.


RISK OF FRAUDULENT FINANCIAL REPORTING DUE TO OVERSTATEMENT OF REVENUES
Description	We identified the risk of fraud in revenue recognition. This relates to the presumed management incentive to overstate revenue. The majority of the Group’s revenue relates to the sale of goods, which is recorded at the time that control over the goods transfers to the customer. For the majority of sales transactions this is when the products are leaving the Group’s warehouse. Revenues from the rendering of services are recorded in the period in which the services are performed. Since such services generally take a short period of time, this is usually at completion of the service. Considering the above, there is limited risk of management manipulation. Rather, the risk of fraud in revenue recognition is focused on the cut-off of revenue and accounting of revenue in the appropriate accounting period as well as the risk of inappropriate manual journal entries.
Our audit approach and observations:	For the audit work performed in response to the assessed fraud risk, we refer to the key audit matter ‘revenue recognition’, as set out in the section ‘Our key audit matters’ of this report. Our audit procedures did not reveal any specific indications of fraud or suspicions of fraud in respect of fraudulent financial reporting due to overstatement of revenues, potentially resulting in material misstatements.

Our key audit matters

Key audit matters are those matters that, in our professional judgement,

were of most significance in our audit of the financial statements. We have

communicated the key audit matters to the Audit Committee. The key audit

matters are not a comprehensive reflection of all matters discussed.


REVENUE RECOGNITION
Description	During the year ended 31 December 2025, the group recognized revenue from contracts with customers amounting to € 180.8 million relating to sales of goods and services as disclosed in Note 6. The Group’s management focuses on revenue as a key driver by which the performance of the Group is measured. This area is a key audit matter due to revenue being the most significant item in the financial statements. Cabka has several large customers and therefore a few extensive contracts are related to a large number of transactions. We have identified the existence of revenues as a significant risk and identified a risk that revenues may be overstated through pre- mature revenue recognition or fictitious revenues as a result of management override in order to meet market and shareholders’ expectations. As set out in the section ‘Audit approach fraud risks’ of this report, the risk of fraud in revenue recognition is focused on the cut-off of revenue and accounting of revenue in the appropriate accounting period as well as the risk of inappropriate manual journal entries.

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Our audit

approach:

Our audit procedures included, amongst others:

• Evaluating the revenue recognition policies for all material

streams of revenue, as well as significant customer contracts, to

ensure these were in accordance with IFRS 15 Revenue from

Contracts with Customers.

• Evaluating the design and implementation of the Group’s internal

control measures relating to the recognition of revenue.

• Performing detailed substantive testing of revenue by vouching a

sample of sales invoices to supporting records of goods

dispatched or services rendered and authorized sales contracts.

• Verifying the existence of outstanding accounts receivable

positions as at year-end with customer confirmations and by

subsequent cash collection tests.

• Obtaining and evaluating credit notes issued during the year, and

subsequent to year-end, and performing cut-off testing to

ensure revenue transactions have been recorded in the correct

reporting period.

• Performing specific manual journal entry testing procedures,

such as assessing write-offs of trade debtors other than cash

receipts.

• Assessing the adequacy of the disclosures in the financial

statements relating to revenues (Note 6).

Based on the audit procedures performed, we have not identified

any material findings.


DEVELOPING CONTROL ENVIRONMENT
Description	With the listing of Cabka as of the 1st of March 2022, Cabka started a process of developing their internal control environment as well as their IT general controls in order to mature and reach a higher level of control that fits with being a listed company. Since 2022 BDO has noted that the control environment of Cabka had not yet fully matured, which resulted in the identification of a risk related to the design, implementation, and operational effectiveness of the (IT general) controls. This year, we noted several improvements within the group, however we noted that there is still room for further improvement in developing the internal control environment mainly in North America. Given the overall importance of the control environment to the audit of the financial statements, we therefore identified this matter as a key audit matter.
Our audit approach:	As part our planning and risk assessment procedures, we obtained an understanding around the design & implementation of internal controls within the group. These procedures were performed to identify potential risks of material misstatement due to control deficiencies or lack of internal controls and identifying areas for possible reliance on controls from an audit efficiency perspective. IT specialists were involved in testing IT general controls for Cabka. Procedures included assessing the complexity of the IT environment, evaluating the design and implementation of general controls over program development and changes, access to programs and data, and IT operations. We have seen continuous progress in the development of the internal control environment of Cabka on group level and in Europe but believe that there is still room for further improvement mainly in North America. As a result of the deficiencies reported to management and those charged with governance, we were not able to rely on internal controls and performed a substantive audit approach.

Report on the other information included in the

annual report

In addition to the financial statements and our auditor’s report thereon, the

annual report contains other information that consists of:

• About Us

• How We Create Value

• Our Impact in 2025

• Governance and Risk

• Sustainability Statement

• Other information as required by Part 9 of Book 2 of the Dutch Civil Code

• Supplementary Information

Based on the following procedures performed, we conclude that the other

information:

• is consistent with the financial statements and does not contain material

misstatements;

• contains all the information regarding the management report and the

other information as required by Part 9 of Book 2 of the Dutch Civil Code

as well as the information as required by Sections 2:135b and 2:145 sub-

Section 2 of the Dutch Civil Code for the remuneration report.

We have read the other information. Based on our knowledge and

understanding obtained through our audit of the financial statements or

otherwise, we have considered whether the other information contains

material misstatements.

By performing these procedures, we comply with the requirements of Part

9 of Book 2 and Section 2:135b sub-Section 7 of the Dutch Civil Code and

the Dutch Standard 720. The scope of the procedures performed is

substantially less than the scope of those performed in our audit of the

financial statements.

Management is responsible for the preparation of the other information,

including the management report in accordance with Part 9 of Book 2 of

the Dutch Civil Code and other information as required by Part 9 of Book 2

of the Dutch Civil Code. Management is also responsible for the preparation

of the remuneration report in accordance with Sections 2:135b and 2:145

sub-Section 2 of the Dutch Civil Code.

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Report on other legal and regulatory requirements

and ESEF

Engagement

We were engaged by the General Meeting as auditor of Cabka N.V. on 12

April 2022, as of the audit for the year 2022 and have operated as statutory

auditor ever since that financial year.

No prohibited non-audit services

We have not provided prohibited non-audit services as referred to in

Article 5(1) of the EU Regulation on specific requirements regarding

statutory audit of public-interest entities.

European Single Electronic Format (ESEF)

Cabka N.V. has prepared its annual report in ESEF. The requirements for

this are set out in the Delegated Regulation (EU) 2019/815 with regard to

regulatory technical standards on the specification of a single electronic

reporting format (hereinafter: the RTS on ESEF).

In our opinion, the annual report prepared in XHTML-format, including the

(partly) marked-up consolidated financial statements as included in the

reporting package by Cabka N.V., complies in all material respects with the

RTS on ESEF.

Management is responsible for preparing the annual report including the

financial statements in accordance with the RTS on ESEF, whereby

management combines the various components into one single reporting

package.

Our responsibility is to obtain reasonable assurance for our opinion

whether the annual report in this reporting package complies with the RTS

on ESEF.

We performed our examination in accordance with Dutch law, including

Dutch Standard 3950N 'Assurance-opdrachten inzake het voldoen aan de

criteria voor het opstellen van een digitaal verantwoordingsdocument'

(assurance engagements relating to compliance with criteria for digital

reporting).

Our examination included among others:

• obtaining an understanding of the entity's financial reporting process,

including the preparation of the reporting package;

• identifying and assessing the risks that the annual report does not comply

in all material respects with the RTS on ESEF and designing and

performing further assurance procedures responsive to those risks to

provide a basis for our opinion including:

◦ obtaining the reporting package and performing validations to

determine whether the reporting package containing the Inline

XBRL instance document and the XBRL extension taxonomy files

have been prepared in accordance with the technical

specifications as included in the RTS on ESEF;

◦ examining the information related to the consolidated financial

statements in the reporting package to determine whether all

required mark-ups have been applied and whether these are in

accordance with the RTS on ESEF.

Description of responsibilities regarding the financial

statements

Responsibilities of management and the Supervisory Board for the

financial statements

Management is responsible for the preparation and fair presentation of

the financial statements in accordance with EU-IFRS and Part 9 of Book 2 of

the Dutch Civil Code. Furthermore, management is responsible for such

internal control as management determines is necessary to enable the

preparation of the financial statements that are free from material

misstatement, whether due to fraud or error.

As part of the preparation of the financial statements, management is

responsible for assessing the company’s ability to continue as a going

concern. Based on the financial reporting frameworks mentioned,

management should prepare the financial statements using the going

concern basis of accounting, unless management either intends to liquidate

the company or to cease operations, or has no realistic alternative but to

do so.

Management should disclose events and circumstances that may cast

significant doubt on the company’s ability to continue as a going concern in

the financial statements.

The Supervisory Board is responsible for overseeing the company’s financial

reporting process.

Our responsibilities for the audit of the financial statements

Our objective is to plan and perform the audit engagement in a manner that

allows us to obtain sufficient and appropriate audit evidence for our

opinion.

Our audit has been performed with a high, but not absolute, level of

assurance, which means we may not detect all material misstatements,

whether due to fraud or error, during our audit.

Misstatements can arise from fraud or error and are considered material if,

individually or in the aggregate, they could reasonably be expected to

influence the economic decisions of users taken on the basis of these

financial statements. The materiality affects the nature, timing and extent of

our audit procedures and the evaluation of the effect of identified

misstatements on our opinion.

We have exercised professional judgement and have maintained

professional skepticism throughout the audit, in accordance with Dutch

Standards on Auditing, ethical requirements and independence

requirements. Our audit included among others:

• identifying and assessing the risks of material misstatement of the

financial statements, whether due to fraud or error, designing and

performing audit procedures responsive to those risks, and obtaining

audit evidence that is sufficient and appropriate to provide a basis for our

opinion. The risk of not detecting a material misstatement resulting from

fraud is higher than for one resulting from error, as fraud may involve

collusion, forgery, intentional omissions, misrepresentations, or the

override of internal control;

• obtaining an understanding of internal control relevant to the audit in

order to design audit procedures that are appropriate in the

circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the entity’s internal control;

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• evaluating the appropriateness of accounting policies used and the

reasonableness of accounting estimates and related disclosures made by

management;

• concluding on the appropriateness of management’s use of the going

concern basis of accounting, and based on the audit evidence obtained,

whether a material uncertainty exists related to events or conditions that

may cast significant doubt on the entity’s ability to continue as a going

concern. If we conclude that a material uncertainty exists, we are

required to draw attention in our auditor’s report to the related

disclosures in the financial statements or, if such disclosures are

inadequate, to modify our opinion. Our conclusions are based on the

audit evidence obtained up to the date of our auditor’s report. However,

future events or conditions may cause a company to cease to continue as

a going concern;

• evaluating the overall presentation, structure and content of the financial

statements, including the disclosures; and

• evaluating whether the financial statements represent the underlying

transactions and events in a manner that achieves fair presentation.

We are responsible for planning and performing the group audit to obtain

sufficient appropriate audit evidence regarding the financial information of

the entities or business units within the group as a basis for forming an

opinion on the financial statements. We are also responsible for the

direction, supervision and review of the audit work performed for purposes

of the group audit. We bear the full responsibility for the auditor's report.

We communicate with the Supervisory Board regarding, among other

matters, the planned scope and timing of the audit and significant audit

findings, including any significant findings in internal control that we identify

during our audit. In this respect we also submit an additional report to the

Audit Committee in accordance with Article 11 of the EU Regulation on

specific requirements regarding statutory audit of public-interest entities.

The information included in this additional report is consistent with our

audit opinion in this auditor’s report.

We provide the Supervisory Board with a statement that we have complied

with relevant ethical requirements regarding independence, and to

communicate with them all relationships and other matters that may

reasonably be thought to bear on our independence, and where applicable,

related safeguards.

From the matters communicated with the Supervisory Board, we determine

the key audit matters: those matters that were of most significance in the

audit of the financial statements. We describe these matters in our

auditor’s report unless law or regulation precludes public disclosure about

the matter or when, in extremely rare circumstances, not communicating

the matter is in the public interest.

Amstelveen, 28 April 2026

For and on behalf of BDO Audit & Assurance B.V.,

sgd.

drs. J.F. van Erve RA

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154

Assurance report of

the independent auditor

To: the shareholders and Supervisory Board of Cabka N.V.

Our conclusion

We have examined the selected ESG key performance indicators included

in the annual report 2025 of Cabka N.V. at Amsterdam.

Based on the procedures performed and evidence obtained, nothing has

come to our attention that causes us to believe that the selected ESG key

performance indicators included in the annual report 2025 of Cabka N.V.

are prepared, in all material respects, in accordance with the applicable

criteria.

The selected key performance indicators in the annual report 2025 that we

have examined:

• CO2-emissions – Scope 1 and 2 emissions (p. 74-75)

• Energy Consumption (p. 75 )

• Overall total weight of resource inflow of raw materials used during

reporting period (p. 78-79), and

• Absolute weight and % of secondary raw materials used to manufacture

products (p. 78-79)

(hereafter: the selected ESG key performance indicators).

Basis for our conclusion

We performed our examination in accordance with Dutch law, including

Dutch Standard 3000A ‘Assurance-opdrachten anders dan opdrachten tot

controle of beoordeling van historische financiële informatie (attest-

opdrachten)’ (‘Assurance engagements other than audits or reviews of

historical financial information (attestation engagements))’. This

engagement is aimed to obtain limited assurance. Our responsibilities in this

regard are further described in the ‘Our responsibilities for the examination

of selected ESG key performance indicators 2025’ section of our report.

We are independent of Cabka N.V. in accordance with the ‘Verordening

inzake de onafhankelijkheid van accountants bij assurance-

opdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation

with respect to independence) and other relevant independence

requirements in The Netherlands. Furthermore we have complied with the

‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code

of Ethics).

We believe that the assurance evidence we have obtained is sufficient and

appropriate to provide a basis for our conclusion.

Applicable criteria

The criteria applied for the preparation of the selected ESG key

performance indicators are disclosed on page 168 under “GHG Emission

Calculation” and “Resource Inflow calculation” in the annual report 2025.

The comparability of the selected ESG key performance indicators between

entities and over time may be affected by the absence of an uniform

practice on which to draw, to evaluate and measure this information. This

allows for the application of different, but acceptable, measurement

techniques.

Consequently, the selected ESG key performance indicators needs to be

read and understood together with the criteria applied.

Limitation in the scope of our assurance engagement

Our assurance engagement is limited to the selected ESG key performance

indicators for 2025. We have not performed any assurance procedures for

other information in the 2025 annual report of Cabka N.V. in the context of

this engagement.

Responsibilities of the Management Board and the

Supervisory Board for the selected ESG key

performance indicators

The Management Board is responsible for the preparation of the selected

ESG key performance indicators in accordance with the applicable criteria,

including the identification of the intended users and the criteria being

applicable for their purposes. In this context, the Management Board is

responsible for such internal control as it determines is necessary to enable

the preparation, measurement or evaluation of the selected ESG key

performance indicators that are free from material misstatement, whether

due to error or fraud.

The Supervisory Board is responsible for overseeing the company’s

reporting process for the selected ESG key performance indicators.

Our responsibilities for the examination the selected

ESG key performance indicators 2025

Our objective is to plan and perform our examination in a manner that

allows us to obtain sufficient and appropriate assurance evidence for our

conclusion.

The procedures performed in this context differ in nature and timing and

are less extent as compared to reasonable assurance engagements. The

level of assurance obtained in a limited assurance engagement is therefore

substantially lower than the assurance that would have been obtained had a

reasonable assurance engagement been performed.

We apply the ‘Nadere voorschriften kwaliteitsmanagement’ (NVKM,

Regulations for quality management) and accordingly maintain a

comprehensive system of quality control including documented policies

and procedures regarding compliance with ethical requirements,

professional standards and applicable legal and regulatory requirements.

Our examination included among others:

• Identifying areas of the selected ESG key performance indicators, where

a material misstatement, whether due to fraud or error, is likely to occur,

designing and performing assurance procedures to address these areas,

and obtaining assurance evidence that is sufficient and appropriate to

provide a basis for our conclusion;

• Considering internal control relevant to the examination of the selected

ESG key performance indicators, in order to design assurance

procedures that are appropriate in the circumstances, but not for the

purpose of expressing an opinion on the effectiveness of the company’s

internal control;

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• Evaluating the appropriateness of the reporting criteria used, their

consistent application, and the disclosures in the annual report regarding

these criteria. This also includes assessing the reasonableness of

estimates made by the management; gaining an understanding of the

reporting processes underlying the selected ESG key performance

indicators, including obtaining a high-level understanding of internal

control measures, as far as they are relevant to our assurance

engagement

• Identifying areas of the selected ESG key performance indicators with a

higher risk of misleading or unbalanced information or material

misstatements due to errors or fraud. Based on this risk assessment,

determining and performing assurance procedures aimed at establishing

the plausibility of the selected ESG key performance indicators and

obtaining assurance information that is sufficient and appropriate as a

basis for our conclusion. These assurance procedures include:

• Conducting interviews with management and relevant employees

responsible for providing, performing internal controls on, and

consolidating data into the selected ESG key performance indicators

for 2025;

• Obtaining assurance information that the selected ESG key

performance indicators for 2025 reconcile with the underlying

company records;

• Assessing the reasonableness of the emission factors (based on publicly

available sources) used to convert consumption into CO2-equivalents;

• Assessing relevant internal and external documentation based on

limited sampling;

• Analytically evaluating data and trends;

Amstelveen, 28 April 2026

For and on behalf of BDO Audit & Assurance B.V.,

sgd.

drs. J.F. van Erve RA

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	Supplementary Information
	157	EU Taxonomy
	162	CSRD Content Index
	166	List of Data Points Derived From Other EU Legislation
	169	About this report

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EU Taxonomy

Regulatory Framework

Directing investments toward sustainable business practices is fundamental

for the European Union to reach its climate objectives and fulfill the

European Green Deal’s mission. Prerequisite for this is a common language

and definition of the sustainability of different economic activities. The EU

Taxonomy serves as such a common classification system, enabling the

financing of sustainable developments through the identification of

economic activities that support the EU’s sustainability goals. The EU

Taxonomy Regulation entered into force in July 2020. It establishes six

environmental objectives of which climate change mitigation (1) and climate

change adaptation (2) became effective in 2021. Further delegated acts

were adopted in 2023 to define economic activities contributing to the

remaining objectives of sustainable use and protection of water and marine

resources (3), transition to a circular economy (4), pollution prevention and

control (5) and protection and restoration of biodiversity and ecosystems

(6). Thus the reporting scope expanded from 2022 to 2023. During 2025,

substantial changes have been implemented to the CSRD regulatory

framework which determine which organizations are to report under the

EU Taxonomy. These directives are to be transposed into national law which

at the time of the preparation of this report has not been the case in the

Netherlands. Cabka has decided to maintain the reporting under the EU

Taxonomy for FY 2025.

Furthermore, the Taxonomy Regulation has been amended with delegated

regulation beginning of 2026. Given the short time frame, Cabka continues

to report under the previous regime for FY 2025.

Technical Screening Criteria for environmental objectives enable the

evaluation of taxonomy eligibility of those economic activities.

For alignment with the EU Taxonomy, that is the definition of an economic

activity to be considered environmentally sustainable, activities undergo

further screening to confirm that there is no significant harm to other

environmental objectives and that minimum safeguards are being met.

The Taxonomy framework provisions requires to disclose the proportion of

its turnover, capital, and operational expenditure from non-eligible,

taxonomy-eligible, and taxonomy-aligned activities.

Cabka’s Taxonomy Eligibility

For the FY 2025, Cabka continued to utilize the criteria outlined in

Delegated Regulation (EU) 2021/2139 and the additional 2023 Regulation

(EU) 2023/2485 and (EU) 2023/2486 to identify Cabka’s activities that are

taxonomy eligible in 2025.

In Cabka’s integrated business approach, recycled plastics handled within

the company are not a source of direct income, since they are

subsequently processed into end products. The recycling function aligns

with the EU Taxonomy under the economic activity labeled Material

recovery from non-hazardous waste (5.9), detailed in Annex I and Annex II of

Delegated Act (EU) 2021/2139. Meanwhile, Cabka’s production of plastic

pallets and large load carriers is included in the Manufacture of Plastic

Packaging Goods (1.1) category, as defined in Annex II of Delegated Act (EU)

2023/2486.

Cabka’s Eligible Activities


ENVIRONMENTAL OBJECTIVE	ACTIVITY NUMBER	ACTIVITY NAME	DESCRIPTION AND MAIN ACTIVITIES OF CABKA
Climate Change Mitigation / Climate Change Adaptation	5.9	Material recovery from non- hazardous waste	Cabka engages in recycling of post-consumer and post- industrial waste streams to recover secondary materials to be processed again in subsequent in-house and external product manufacturing and replacing virgin material.
Transition to the circular economy	1.1	Manufacture of plastic packaging goods	Cabka manufactures reusable plastic pallets and containers for packaging and transport purposes out of recycled material.

Status on Alignment

EU Taxonomy alignment requires an assessment of compliance with the

technical screening section of each economic activity, which include both

the substantial contribution criteria and the “Do no significant

harm” (DNSH) criteria defined for each economic activity and compliance

with minimum social safeguards. Cabka conducted a EU Taxonomy

alignment assessment for its operations that are classified in EU Taxonomy

activities 1.1 Manufacture of Plastic Packaging Goods and 5.9 Material

recovery from non-hazardous waste. Interpretation of assessment criteria

is not straightforward in certain circumstances as they refer to multiple

regulations and directives and it is difficult to determine the documentation

requirements of this assessment. As a result, we have adopted diverse

viewpoints and incorporated multiple information sources. We update the

assessment on a yearly basis to take into account the dynamic nature of

European regulations, and the intricate legislative environment, together

with the ambiguity of surrounding interpretation and implementation.

The criteria set by the EU Taxonomy for compliance with the substantial

contribution to the transition to a circular economy with the manufacture

of plastic packaging goods are orientated towards requirements on

packaging goods already in place on a European and national level. As in the

previous year, we have conducted a product level assessment to identify

aligned products. Recycling activities have been assessed based on their

contribution compliance with the means of recycling yields to document

the required threshold of the recycling streams defined by the EU

Taxonomy.

DNSH criteria for both economic activities require a climate risk and

vulnerability assessment. This aligns with the updated physical risk

assessment conducted for our overall business. The updated assessment

was prepared and conducted according to the requirements set by the EU

Taxonomy in (EU) 2021/2139 Appendix A of Annex II and subsequent

Delegated Acts (EU) 2023/2485 and (EU) 2023/2486. Utilizing outside

recommendations and necessary climate predictions, the influence of

climate change was reviewed. Even though material physical climate risks to

the economic activities previously mentioned were not detected, mitigation

plans were nevertheless established to counter any possible effects.

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Compliance with DNSH standards was re-examined for packaging goods

manufacturing activities, focusing on water and marine resources, pollution

mitigation and control, and for both material recovery and packaging goods,

biodiversity and ecosystem considerations. To interpret these

requirements, an in-depth analysis of local documentation, specific site

conditions, and regional regulations was essential. A prudent stance was

adopted when making determinations about alignment.

The final component of the alignment assessment concerns adherence to

minimum safeguards. These safeguards include the measures a business

applies when engaging in economic activities to confirm alignment with

the OECD Guidelines for Multinational Enterprises and the UN Guiding

Principles on Business and Human Rights. The first alignment evaluation

took place in 2022, with subsequent updates occurring each year.

After these evaluations, Cabka discloses both taxonomy-eligible and

taxonomy-aligned figures for turnover, capital spending, and operational

expenditures (CapEx and OpEx) for the year 2025.

Cabka’s Taxonomy Eligibility and Alignment


DISCLOSURE	TOTAL IN EURO X 1,000	ALIGNMENT IN %	ELIGIBILITY IN %
Turnover	180,811,000	47%	41%
CapEx	11,497,299	57%	22%
OpEx	15,849,722	67%	21%

EU Taxonomy KPI Disclosure Tables

The KPI tables summarize the outcome of our assessment of eligibility and

alignment of Turnover, CapEx and OpEx.

Cabka‘s Taxonomy Eligibility and Alignment per Taxonomy

Environmental Objective


	TURNOVER		CAPEX		OPEX
ENVIRONMENTAL OBJECTIVE	TAXONOMY ALIGNED	TAXONOMY ELIGIBLE	TAXONOMY ALIGNED	TAXONOMY ELIGIBLE	TAXONOMY ALIGNED	TAXONOMY ELIGIBLE
CCM - Climate Change Mitigation	7%	—%	1%	—%	15%	—%
CCA - Climate Change Adaptation	—%	—%	—%	—%	—%	—%
WTR - Sustainable Use and Protection of Water and Marine Resources	—%	—%	—%	—%	—%	—%
CE -Transition to a Circular Economy	40%	41%	56%	22%	51%	21%
PPC -Pollution Prevention and Control	—%	—%	—%	—%	—%	—%
BIO - Protection and Restoration of Biodiversity and Ecosystems	—%	—%	—%	—%	—%	—%

¹⁷ Abbreviations used: Y: Yes, N: No, EL: Taxonomy eligible, N/EL: Not taxonomy eligible, CCM: Climate Change Mitigation, CCA: Climate Change Adaptation, CE: Circular Economy

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EU Taxonomy

SUBSTANTIAL CONTRIBUTION CRITERIA

DNSH CRITERIA ('DOES NOT SIGNIFICANTLY HARM')

Economic Activities (1) ¹⁷

Code (2)

Absolute turnover (3)

Proportion of Turnover (4)

Climate Change Mitigation (5)

Climate Change Adaptation (6)

Water (7)

Pollution (8)

Circular Economy (9)

Biodiversity and ecosystems (10)

Climate Change Mitigation (11)

Climate Change Adaptation (12)

Water (13)

Pollution (14)

Circular Economy (15)

Biodiversity (16)

Minimum Safeguards (17)

Proportion of Taxonomy-aligned (A.1.) or -

eligible (A.2.) turnover, year N-1 (18)

Category (enabling activity) (19)

Category (transitional activity)(20)

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

Manufacture of plastic packaging goods

CE 1.1

71,960,917

40%

N/EL

45%

Material recovery from non-hazardous waste

CCM 5.9, CCA 5.9

13,523,458

N/EL

Turnover of environmentally sustainable activities

(Taxonomy-aligned) (A.1)

85,484,375

47%

40%

52%

Of which enabling

Of which transitional

A.2 Taxonomy-Eligible but not environmentally sustainable

activities (not Taxonomy-aligned activities)

Manufacture of plastic packaging goods

CE 1.1

73,315,841

41%

N/EL

36%

Material recovery from non-hazardous waste

CCM 5.9, CCA 5.9

N/EL

—%

Turnover of Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned activities) (A.2)

73,315,841

41%

36%

Total (A.1+A.2)

158,800,216

88%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Turnover of Taxonomy-non-eligible activities

22,010,784

12%

Total (A+B)

180,811,000

100%

¹⁸ Abbreviations used: Y: Yes, N: No, EL: Taxonomy eligible, N/EL: Not taxonomy eligible, CCM: Climate Change Mitigation, CCA: Climate Change Adaptation, CE: Circular Economy

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SUBSTANTIAL CONTRIBUTION CRITERIA

DNSH CRITERIA ('DOES NOT SIGNIFICANTLY HARM')

Economic Activities (1) ¹⁸

Code (2)

Absolute CapEx (3)

Proportion of CapEx (4)

Climate Change Mitigation (5)

Climate Change Adaptation (6)

Water (7)

Pollution (8)

Circular Economy (9)

Biodiversity and ecosystems (10)

Climate Change Mitigation (11)

Climate Change Adaptation (12)

Water (13)

Pollution (14)

Circular Economy (15)

Biodiversity (16)

Minimum Safeguards (17)

Proportion of Taxonomy-aligned (A.1.) or

eligible (A.2.) CapEx, year N-1 (18)

Category (enabling activity) (20)

Category (transitional activity) (21)

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

Manufacture of plastic packaging goods

CE 1.1

6,459,439

56%

N/EL

43%

Material recovery from non-hazardous waste

CCM 5.9,

CCA 5.9

149,039

N/EL

CapEx of environmentally sustainable activities

(Taxonomy-aligned) (A.1)

6,608,478

57%

56%

50%

Of which enabling

Of which transitional

A.2 Taxonomy-Eligible but not environmentally sustainable

activities (not Taxonomy-aligned activities)

Manufacture of plastic packaging goods

CE 1.1

2,566,113

22%

N/EL

16%

Material recovery from non-hazardous waste

CCM 5.9,

CCA 5.9

N/EL

—%

CapEx of Taxonomy-eligible but not environmentally sustainable

activities (not Taxonomy-aligned activities) (A.2)

2,566,113

22%

16%

Total (A.1+A.2)

9,174,591

80%

65%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

CapEx of Taxonomy-non-eligible activities

2,322,708

20%

Total (A+B)

11,497,299

100%

¹⁹ Abbreviations used: Y: Yes, N: No, EL: Taxonomy eligible, N/EL: Not taxonomy eligible, CCM: Climate Change Mitigation, CCA: Climate Change Adaptation, CE: Circular Economy

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SUBSTANTIAL CONTRIBUTION CRITERIA

DNSH CRITERIA ('DOES NOT SIGNIFICANTLY HARM')

Economic Activities (1) ¹⁹

Code (2)

Absolute OpEx (3)

Proportion of OpEx (4)

Climate Change Mitigation (5)

Climate Change Adaptation (6)

Water (7)

Pollution (8)

Circular Economy (9)

Biodiversity and ecosystems (10)

Climate Change Mitigation (11)

Climate Change Adaptation (12)

Water (13)

Pollution (14)

Circular Economy (15)

Biodiversity (16)

Minimum Safeguards (17)

Proportion of Taxonomy-aligned (A.1.) or -

eligible (A.2.) OpEx, year N-1 (18)

Category (enabling activity) (20)

Category (transitional activity)(21)

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

Manufacture of plastic packaging goods

CE 1.1

7,268,239

51%

N/EL

44%

Material recovery from non-hazardous waste

CCM 5.9,

CCA 5.9

2,414,018

15%

N/EL

16%

OpEx of environmentally sustainable activities

(Taxonomy-aligned) (A.1)

10,564,036

67%

15%

51%

61%

Of which enabling

Of which transitional

A.2 Taxonomy-Eligible but not environmentally sustainable

activities (not Taxonomy-aligned activities)

Manufacture of plastic packaging goods

CE 1.1

3,354,742

21%

N/EL

24%

Material recovery from non-hazardous waste

CCM 5.9,

CCA 5.9

N/EL

—%

OpEx of Taxonomy-eligible but not environmentally sustainable

activities (not Taxonomy-aligned activities) (A.2)

3,354,742

21%

24%

Total (A.1+A.2)

13,918,778

88%

85%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

OpEx of Taxonomy-non-eligible activities

1,930,944

12%

Total (A+B)

15,849,722

100%

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CSRD Content Index


DISCLOSURE REQUIREMENT	DESCRIPTION	PAGES	EXPLANATORY NOTES
BP-1	General basis for preparation of the sustainability statement	63-64
BP-2	Disclosure in relation to specific circumstances	63-64, 70-75, 78, 86, 87-88, 162-165
GOV-1	Governance: the role of AMS bodies	37-39, 42-43, 50-52, 68, 85	The disclosure requirements of GOV-1 are partly incorporated by reference in the Governance & Risk section of this Annual Report.
GOV-2	Information provided to and sustainability matters addressed by Cabka’s administrative, management and supervisory bodies	16-18, 44, 65-68
GOV-3	Integration of sustainability-related performance in incentive schemes	46-47, 69	Information regarding the remuneration policy of Cabka and its characteristics is incorporated by reference in the Remuneration Report of this Annual Report. Information on the incorporation of climate-related targets and performance in our remuneration policy is included in the disclosure on ESRS E1.
GOV-4	Statement on due diligence	69
GOV-5	Risk management and internal controls over sustainability reporting	53-58, 69, 89-90	The disclosure requirements of GOV-5 are incorporated by reference in the Risk management section of this Integrated Report.
SBM-1	Strategy, business model and value chain	6, 8-10, 19-21, 85, 99	• SBM-1, Art. 40 a iv not applicable because Cabka does not sell products that are banned in certain markets • Cabka is not active in the fossil fuel sector, chemicals production, controversial weapons, or the cultivation and production of tobacco • Some disclosures under SBM-1 are incorporated by reference in chapters "About us" and "How we create value" in this Integrated Report.
SBM-2	Interests and views of stakeholders	23-24	• No amendments were made to Cabka's strategy and/or business model in 2025 following the interests and views of our key stakeholders • The disclosure requirements of SBM-2 are incorporated by reference in the Stakeholder section of this Integrated Report
SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	16, 65-68, 71-72, 77, 81, 87-90, 92, 93	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Therefore, and due to the necessary data reliability for trustworthy reporting not being given, the ESRS 2 SBM-3 paragraph 48(e) (anticipated financial effects) in line with ESRS 1 Appendix was not applied.
IRO-1	Description of the process to identify and assess material impacts, risks and opportunities	16-18, 65-66	The disclosure requirements of IRO-1 are partly incorporated by reference in the Risk Management chapter of this Integrated Report.
IRO-2	Disclosure Requirements in ESRS covered by the undertaking's sustainability statement	65-66, 87-88, 162-165
MDR-P	Minimum disclosure requirement for policies	71-72, 77, 81-82, 89-90, 92, 94	Reporting on the minimum disclosure requirements about policies applies to the disclosure under ESRS E1, E5, S1, S4, and G1 in this sustainability statement.
MDR-A	Minimum disclosure requirement for actions and resources	73, 77-78, 82-84, 87-88, 90-95	Reporting on the minimum disclosure requirements about actions applies to the disclosure under ESRS E1, E5, S1, S4, and G1 in this sustainability statement.
MDR-M	Minimum disclosure requirement for metrics	74-75, 78-80, 83-86, 94-96	Reporting on the minimum disclosure requirements about metrics applies to the disclosure under ESRS E1, E5, S1, S4, and G1 in this sustainability statement.
MDR-T	Minimum disclosure requirement for targets	74-75, 78-80, 84-86, 91, 93-95	Reporting on the minimum disclosure requirements about targets applies to the disclosure under ESRS E1, E5, S1, S4, and G1 in this sustainability statement.
ESRS 1 Art. 8	EU Taxonomy disclosure	157-161	Included in appendices
E1.GOV-3	Integration of sustainability-related performance in incentive schemes	69, 73, 89-90

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DISCLOSURE REQUIREMENT	DESCRIPTION	PAGES	EXPLANATORY NOTES
E1-1	Transition plan for climate change mitigation	73
E1.SBM-3	Material IROs and their interaction with strategy and business model	10-11, 71-72
E1.IRO-1	Description of the processes to identify and assess material climate-related IROs	65-66, 71-72
E1-2	Policies for climate change	71-72
E1-3	Actions and resources for climate change mitigation and adaptation	73-74
E1-4	Targets related to climate change mitigation and adaptation	63-64, 74
E1-5	Energy consumption and mix	75
E1-6	Gross Scopes 1, 2, 3 and Total GHG emissions	74-75, 99, 163	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option. Therefore, we only reported on the consolidated scope 3 emissions, but have chosen to to omit the disaggregation of scope 3 emissions into the individual categories. Regardless, all relevant scope 3 sub-categories have been included in the calculation of total scope 3 emissions (3.1-7, 3.9, and 3.12).
E1-7	GHG removals and GHG mitigation projects financed through carbon credits	-	Cabka is not involved in any projects for GHG removal or GHG mitigation through carbon credits. Disclosure on ESRS E1-7 is therefore not applicable.
E1-8	Internal carbon pricing	-	Cabka did not apply an internal carbon pricing scheme in the reporting year. Disclosure on ESRS E1-8 is therefore not applicable.
E1-9	Anticipated financial effects from material physical and transition risks and potential climate-related opportunities	-	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Therefore, and due to the necessary data reliability for trustworthy reporting not being given, the ESRS E1-9 disclosure on anticipated financial effects in line with ESRS 1 Appendix was not applied.
E5.IRO-1	Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities	65
E5-1	Policies related to resource use and circular economy	77
E5-2	Actions and resources related to resource use and circular economy	77-78
E5-3	Targets related to resource use and circular economy	78
E5-4	Resource inflows	78-79
E5-5	Resource outflows	80
E5-6	Anticipated financial effects from material resource use and circular economy-related risks and opportunities	-	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Therefore, and due to the necessary data reliability for trustworthy reporting not being given, the ESRS E5-6 disclosure on anticipated financial effects in line with ESRS 1 Appendix was not applied.
S1.SBM-2	Interests and views of stakeholders	23-24, 82
S1.SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	81	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Nevertheless, the directive forms the basis of our sustainability statement. Therefore, we have decided to report on this standard voluntarily regardless, because of the importance of transparent reporting on the management of impacts, risks, and opportunities related to our own workforce for our stakeholders. While some disclosures are thus reported, we will work towards full disclosure in future reporting. Furthermore, Cabka has no operations at significant risk of forced or compulsory labor. Therefore, no reporting on the respective disclosure requirement is included in the ESG statement of this report.
S1-1	Policies related to own workforce	81-82
S1-2	Processes for engaging with own workforce and workers’ representatives about impacts	81-82
S1-3	Processes to remediate negative impacts and channels for own workforce to raise concerns	81-82

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DISCLOSURE REQUIREMENT	DESCRIPTION	PAGES	EXPLANATORY NOTES
S1-4	Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	82-84
S1-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	84
S1-6	Characteristics of the undertaking’s employees	84	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Therefore, and due to the necessary data reliability for trustworthy reporting not being given, the ESRS S1-6 disclosure on numbers of full-time and part-time employees in line with ESRS 1 Appendix was not applied.
S1-7	Characteristics of non-employees in the undertaking’s own workforce	-	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Therefore, and due to the necessary data reliability for trustworthy reporting not being given, the ESRS S1-7 disclosure in line with ESRS 1 Appendix was not applied.
S1-8	Collective bargaining coverage and social dialogue	-	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Therefore, and due to the necessary data reliability for trustworthy reporting not being given, the ESRS S1-8 disclosure in line with ESRS 1 Appendix was not applied.
S1-9	Diversity metrics	85	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Therefore, and due to the necessary data reliability for trustworthy reporting not being given, the ESRS S1-9 disclosure on metrics regarding employee numbers by age group in line with ESRS 1 Appendix was not applied.
S1-10	Adequate wages	-	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Therefore, and due to the necessary data reliability for trustworthy reporting not being given, the ESRS S1-10 disclosure in line with ESRS 1 Appendix was not applied.
S1-11	Social protection	-	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Therefore, and due to the necessary data reliability for trustworthy reporting not being given, the ESRS S1-11 disclosure in line with ESRS 1 Appendix was not applied.
S1-12	Persons with disabilities	-	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Therefore, and due to the necessary data reliability for trustworthy reporting not being given, the ESRS S1-12 disclosure in line with ESRS 1 Appendix was not applied.
S1-13	Training and skills development	85	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Therefore, and due to the necessary data reliability for trustworthy reporting not being given, the ESRS S1-13 disclosure on skills development metrics in line with ESRS 1 Appendix was not applied.
S1-14	Health and safety metrics	85	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Therefore, and due to the necessary data reliability for trustworthy reporting not being given, the ESRS S1-14 disclosure on health and safety metrics related to value chain workers and on work-related ill health as well as number of days lost to work-related injuries in line with ESRS 1 Appendix was not applied.
S1-15	Work-life balance metrics	-	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Therefore, and due to the necessary data reliability for trustworthy reporting not being given, the ESRS S1-15 in line with ESRS 1 Appendix was not applied.

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DISCLOSURE REQUIREMENT	DESCRIPTION	PAGES	EXPLANATORY NOTES
S1-16	Remuneration metrics (pay gap and total remuneration)	-	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Therefore, and due to the necessary data reliability for trustworthy reporting not being given, the ESRS S1-16 disclosure requirement on gender pay gap in line with ESRS 1 Appendix was not applied. Furthermore, we decided during the reporting year of 2025 , we decided not to disclose the remuneration ratio under ESRS S1-16. The underlying data basis was already insufficiently granular in financial year 2024, as the ratio had been calculated using the average employee remuneration rather than the required median. The calculation of the median employee remuneration requires a significantly higher level of detailed and consistent workforce data, which was not fully available for the 2025 reporting period. As the ratio based on the average remuneration is already disclosed in the Remuneration Report, we have refrained from repeating this figure.
S1-17	Incidents, complaints and severe human rights impacts	86	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Therefore, and due to the necessary data reliability for trustworthy reporting not being given, the ESRS S1-17 disclosure on fines, penalties, and compensation for damages as a result of the incidents and complains disclosed in line with ESRS 1 Appendix was not applied.
S4-1 to S4-5	Disclosure on ESRS S4 Consumers and End-Users	87-88	With regards to the "Quick Fix" amendment of the ESRS, Cabka has decided to again make use of the Phase-in option.Therefore, and due to the necessary data reliability for trustworthy reporting not being given, the ESRS S4 disclosure requirements in line with ESRS 1 Appendix was not applied.
G1.GOV-1	The role of the administrative, management and supervisory bodies	69, 91
G1.IRO-1	Description of the processes to identify and assess material impacts, risks and opportunities	65-66
G1-1	Business conduct policies and corporate culture	77, 81-82, 92	All disclosure on G1-1 is incorporated by reference in the ESG statement chapter on ESRS S1 in this report, as we see this disclosure as part of the material risk of retention of talent under the topical standard of Own Workforce.
G1-2	Management of relationships with suppliers	77, 79	Reporting on G1-2 is not based on a directly related material IRO, but instead is based on Cabka's material risks related to circular economy. Therefore, disclosure on this reporting requirement is incorporated by reference in the chapter on ESRS E5 in this report.
G1-3	Prevention and detection of corruption and bribery	-	Not applicable because this disclosure requirement is not material to Cabka in the reporting period.
G1-4	Confirmed incidents of corruption or bribery	-	Not applicable because this disclosure requirement is not material to Cabka in the reporting period.
G1-5	Political influence and lobbying activities	-	Not applicable because this disclosure requirement is not material to Cabka in the reporting period.
G1-6	Payment practices	-	Not applicable because this disclosure requirement is not material to Cabka in the reporting period.

²⁰ for report sections refer to CSRD Content Index

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List of Data Points Derived From Other EU Legislation (ESRS 2 Appendix B) ²⁰


DISCLOSURE REQUIREMENT AND RELATED DATA POINT		SFDR REFERENCE	PILLAR 3 REFERENCE	BENCHMARK REGULATION REFERENCE	EU CLIMATE LAW REFERENCE	MATERIALITY
ESRS 2 GOV-1	Board's gender diversity, paragraph 21(d)	x		x		material
ESRS 2 GOV-1	Percentage of board members who are independent, paragraph 21(e)			x		material
ESRS 2 GOV-4	Statement on due diligence, paragraph 30	x				material
ESRS 2 SBM-1	Involvement in activities related to fossil fuel activities, paragraph 40(d)i	x	x	x		not material
ESRS 2 SBM-1	Involvement in activities related to chemical production, paragraph 40(d)ii	x		x		not material
ESRS 2 SBM-1	Involvement in activities related to controversial weapons, paragraph 40(d)iii	x		x		not material
ESRS 2 SBM-1	Involvement in activities related to cultivation and production of tobacco, paragraph 40(d)iv			x		not material
ESRS E1-1	Transition plan to reach climate neutrality by 2050, paragraph 14				x	material
ESRS E1-1	Undertakings excluded from Paris-aligned Benchmarks, paragraph 16(g)		x	x		not relevant
ESRS E1-4	GHG emission reduction targets, paragraph 34	x	x	x		material
ESRS E1-5	Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors), paragraph 38	x				material
ESRS E1-5	Energy consumption and mix, paragraph 37	x				material
ESRS E1-5	Energy intensity associated with activities in high climate impact sectors, paragraphs 40 to 43	x				material
ESRS E1-6	Gross Scope 1, 2, 3 and Total GHG emissions, paragraph 44	x	x	x		material
ESRS E1-6	Gross GHG emissions intensity, paragraphs 53 to 55	x	x	x		material
ESRS E1-7	GHG removals and carbon credits, paragraph 56				x	not material
ESRS E1-9	Exposure of the benchmark portfolio to climate-related physical risks, paragraph 66			x		not relevant, transitional provision
ESRS E1-9	Disaggregation of monetary amounts by acute and chronic physical risk, paragraph 66(a)		x			not relevant, transitional provision
ESRS E1-9	Location of significant assets at material physical risk, paragraph 66(c)		x			not relevant, transitional provision
ESRS E1-9	Breakdown of the carrying value of its real estate assets by energy-efficiency classes, paragraph 67(c)		x			not relevant, transitional provision
ESRS E1-9	Degree of exposure of the portfolio to climate-related opportunities, paragraph 69			x		not material
ESRS E2-4	Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28	x				not material
ESRS E3-1	Water and marine resources, paragraph 9	x				not material
ESRS E3-1	Dedicated policy, paragraph 13	x				not material
ESRS E3-1	Sustainable oceans and seas, paragraph 14	x				not material
ESRS E3-4	Total water recycled and reused, paragraph 28(c)	x				not material
ESRS E3-4	Total water consumption in m3 per net revenue on own operations, paragraph 29	x				not material
ESRS 2 - IRO-1 - E4	Paragraph 16(a)i	x				not material
ESRS 2 - IRO-1 - E4	Paragraph 16(b)i	x				not material
ESRS 2 - IRO-1 - E4	Paragraph 16(c)i	x				not material
ESRS E4-2	Sustainable land / agriculture practices or policies, paragraph 24(b)	x				not material
ESRS E4-2	Sustainable oceans / seas practices or policies, paragraph 24(c)	x				not material

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DISCLOSURE REQUIREMENT AND RELATED DATA POINT		SFDR REFERENCE	PILLAR 3 REFERENCE	BENCHMARK REGULATION REFERENCE	EU CLIMATE LAW REFERENCE	MATERIALITY
ESRS E4-2	Policies to address deforestation, paragraph 24(d)	x				not material
ESRS E5-5	Non-recycled waste, paragraph 37(d)	x				material
ESRS E5-5	Hazardous waste and radioactive waste, paragraph 39	x				material
ESRS 2 - SBM-3 - S1	Risk of incidents of forced labor, paragraph 14(f)	x				material
ESRS 2 - SBM-3 - S1	Risk of incidents of child labor, paragraph 14(g)	x				material
ESRS S1-1	Human rights policy commitments, paragraph 20	x				material
ESRS S1-1	Due diligence policies on issues addressed by the fundamental International Labor Organization Conventions 1 to 8, paragraph 21			x		material
ESRS S1-1	Processes and measures for preventing trafficking in human beings, paragraph 22	x				material
ESRS S1-1	Workplace accident prevention policy or management system, paragraph 23	x				material
ESRS S1-3	Grievance/complaints handling mechanisms, paragraph 32(c)	x				material
ESRS S1-14	Number of fatalities and number and rate of work-related accidents paragraph 88(b) and (c)	x		x		material
ESRS S1-14	Number of days lost to injuries, accidents, fatalities or illness, paragraph 88(e)	x				material
ESRS S1-16	Unadjusted gender pay gap, paragraph 97(a)	x		x		material
ESRS S1-16	Excessive CEO pay ratio, paragraph 97(b)	x				material
ESRS S1-17	Incidents of discrimination, paragraph 103(a)	x				material
ESRS S1-17	Non-respect of UNGPs on Business and Human Rights and OECD, paragraph 104(a)	x		x		material
ESRS 2 - SBM-3 - S2	Significant risk of child labor or forced labor in the value chain, paragraph 11(b)	x				not material
ESRS S2-1	Human rights policy commitments, paragraph 17	x				not material
ESRS S2-1	Policies related to value chain workers, paragraph 18	x				not material
ESRS S2-1	Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines, paragraph 19	x		x		not material
ESRS S2-1	Due diligence policies on issues addressed by the fundamental International Labor Organization Conventions 1 to 8, paragraph 19			x		not material
ESRS S2-4	Human rights issues and incidents connected to its upstream and downstream value chain, paragraph 36	x				not material
ESRS S3-1	Human rights policy commitments, paragraph 16	x				not material
ESRS S3-1	Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines, paragraph 17	x		x		not material
ESRS S3-4	Human rights issues and incidents, paragraph 36	x				not material
ESRS S4-1	Policies related to consumers and end-users, paragraph 16	x				material, transitional provision
ESRS S4-1	Non-respect of UNGPs on Business and Human Rights and OECD guidelines, paragraph 17	x		x		material, transitional provision
ESRS S4-4	Human rights issues and incidents, paragraph 35	x				material, transitional provision
ESRS G1-1	United Nations Convention against Corruption, paragraph 10(b)	x				not material
ESRS G1-1	Protection of whistleblowers, paragraph 10(d)	x				material
ESRS G1-4	Fines for violation of anti-corruption and anti-bribery laws, paragraph 24(a)	x		x		not material
ESRS G1-4	Standards of anti-corruption and anti-bribery, paragraph 24(b)	x				not material

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Calculation methodology and definitions


Climate & Energy Target Setting methodology	During the target-setting process, the following relevant stakeholders were involved to inform the process: national and international legislation, industry peers, customers, financial institutions and investors. Although no direct engagement took place with these stakeholder groups, they were involved through research, reports, and best-practice examples. Cabka followed the emissions calculation methodology of The Greenhouse Gas Protocol corporate accounting and reporting standard to calculate base year emissions for the setting of our targets. Last year, aiming for continuity, we changed our target base year from 2022 to 2024, as we adapted our reporting according to the ESRS for the first time in 2024. Since our 2030 climate target is relative, the adjusted base year does not affect the target.
GHG Emission calculation	Cabka’s annual performance measurement uses entity specific primary energy data and secondary data for scope 1, 2, and 3. All energy use and fugitive emissions are reported annually from all entities detailing stationary and mobile combustion and purchased electricity. In 2025, all electricity consumed from third-party generators through contractual agreements without bundled instruments. Fuel combustion emissions are calculated using EPA factors for North America and DEFRA factors for Europe. Scope 3 emissions comes from the ERP system with manual data reports supplementing unavailable information. Scope 3 categories 3.8, 3.10, 3.11, and 3.13-3.15 were excluded as they did not apply to Cabka in 2025. For location-based scope 2 emissions, we use the latest European Environment Agency emission factors for European sites and the EPA factor for our St. Louis plant. For market-based Scope 2 emissions, emission factors specific to the individual electricity mix purchased by our locations are provided by the respective electricity companies. Scope 3 emissions are calculated using factors from DEFRA, the EPA, EcoInvent, Eurostat, and ProBas. All calculations are performed manually using Cabka’s internal templates. Small inaccuracies in reported energy consumption may occur due to differences between energy billing and reporting periods requiring data approximations.The energy consumption of respective administrative locations is minimal compared to Cabka’s manufacturing sites, Additionally, some fuel consumption data requires conversion to kWh using approximate factors. This affects only a small portion of total energy use. In both cases, the accuracy of the results is not significantly affected. Lastly, local electricity providers report only CO2 emissions, excluding other greenhouse gases, which limits the completeness of Cabka’s emissions calculations. Cabka’s reported 2025 Scope 3 emissions rely on global, country, and sector averages rather than primary data, resulting in low data accuracy and high measurement uncertainty. For transport-related emissions, assumptions were made about travel distances, transport modes, and trip numbers. Only emissions from purchased raw material were included for upstream transport. Cabka expects more precise data from supply chain partners in the future.
Resource Inflow calculation	Our resource inflow metrics are calculated with the real-life material flow data collected in Cabka’s group-wide ERP system. Not all products and packaging purchased by our entities for the manufacturing of our products include information on the share of recycled content in the product material composition. Therefore, any products and packaging materials without clear information are assumed to consist of primary material. As the share of products and packaging in the overall resource inflow only made up 5% in 2024, the accuracy level of the results are assessed to not be significantly impaired by this potential data inaccuracy.
Supplier Assessment methodology	To be classified as a continuous supplier, Cabka must have purchased from this supplier in at least two out of the last three years. This is assessed and updated on a quarterly basis and subsequently, ESG self-assessment questionnaires are sent out to the suppliers. Once a reply with the filled out questionnaire is received back, that supplier is considered as assessed. Once the financial year is over, the numbers of total and assessed continuous resin suppliers are compared to obtain the share of suppliers assessed on ESG criteria. Purchased resin refers to all raw material that does not require further in-house recycling by Cabka before it can be used for the manufacturing of our products.


Waste Management calculation	Cabka’s reported waste values are based on data from all manufacturing sites, where waste from plastic recycling and product manufacturing is managed by local waste treatment companies. Local waste managers record waste amounts, types, and treatment methods throughout the year to create an annual overview. Waste from administrative locations is excluded, as it is minimal and managed by municipalities, making its inclusion insignificant to overall results.
Workforce Data calculation	Cabka uses a standardized process to calculate key workforce metrics—such as head count by gender, location, and contract type, and turnover rates—across all entities. Uniform definitions and formulas ensure consistency, with dedicated contacts at each site responsible for data accuracy and monthly reporting. Employee data is reported as of December 31st, while turnover rates use the average head count for the entire year.
Diversity Data calculation	At Cabka, management includes both senior leaders overseeing functions and specialized managers, while the executive level consists of C-level leaders guiding strategy and operations. Diversity metrics for all management levels and staff are tracked monthly using an internal tool that collects data on positions, management levels, and gender. The People & Culture Department uses this data to calculate the annual gender diversity rate as of December 31, following ESRS S1-9 guidelines.
Employee Training calculation	Cabka entities record all training activities annually, noting participant gender, training purpose, and duration. The global People & Culture Department consolidates this data each year. Only formal skill-enhancement activities are included. Average training hours per male and female employee are calculated by dividing total training hours by the year-end headcount for each gender.
Health and Safety Data calculation	At Cabka, we focus on the health and safety metrics that reflect our performance against the negative impact the company could have on its employees and to follow our policy commitments to work towards zero harm and accidents. In line with the CSRD disclosure requirements on health and safety metrics, we measure the number of recordable work-related lost time accidents (LTA), and the Lost Time Incident Frequency Rate (LTIFR) based on the number of recordable work-related accidents. The number and rate of accidents reported represent all accidents of our own employees recorded at Cabka sites that resulted in lost days. LTAs are defined as the number of work-related injuries and work-related ill health arising from exposure to hazards at work. We have chosen to partly make use of the phase-in provisions for the disclosure requirements under ESRS S1-14 related to work-related ill health as well as number of days lost to work-related injuries. Legal restrictions limit the availability of work-related ill health data. Therefore, same as in 2024, also in 2025 reporting we exclusively tracked work-related injuries resulting in lost days. These injuries can result from two types of accidents: those occurring within the work environment and those occurring while performing work-related activities. The LTIFR is defined as the number of workplace incidents with lost time per 1,000,000 of hours worked. This data is collected and reported monthly. Total working hours are calculated based on the average employee headcount in 2025, with contracted hours adapted to the OECD average yearly working hours. We use full-time working hours for calculations, as the majority of employees at Cabka work full-time. With advancing digitalization of our Human Resources landscape we are expecting to improve data accuracy on working hours of our employees in the future.
CoE Signature Share calculation	Cabka’s global legal department and the local Human Resources departments collect all signatures of employees done either digitally or on paper and report the results to the Cabka Group. All employees that were employed by Cabka at some point throughout 2025 are included in the reported KPI.

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About This Report

This document contains the Annual Report 2025 of Cabka N.V., a listed

public company under Dutch law (‘naamloze vennootschap met beperkte

aansprakelijkheid’) which is registered in the Chamber of Commerce

Amsterdam under number 80504493. As of 1 March 2024, the company

has moved its registered office to John M. Keynesplein 10, 1066 EP,

Amsterdam, the Netherlands (previously at Johan Cruijff Boulevard 65-71,

1101 DL Amsterdam, The Netherlands).

Cabka N.V. is based in the Netherlands with subsidiaries in the US,

Spain, Germany and Belgium. Cabka is listed and traded on Euronext

Amsterdam under the “CABKA’ ticker. Throughout this report, the name

“Cabka”, “Cabka Group“, “the Company” or “the Group” will be used

interchangeably to refer to Cabka N.V. and its subsidiaries. These

consolidated financial statements comprise the Company and its

subsidiaries.

The report will generally refer to the organization as Cabka throughout

the reporting period, unless specified differently. This report covers all

operations of Cabka N.V. for the period of 1 January 2025 until 31 December

2025, unless stated otherwise.

The consolidated financial statements of Cabka N.V. have been prepared in

accordance with International Financial Reporting Standards (IFRS) as

adopted by the European Union (EU-IFRS) and also comply with financial

reporting requirements included in Part 9 of Book 2 of the Dutch Civil

Code, as far as applicable.

This report also includes both financial and sustainability reporting for

Cabka.

Disclaimer

This PDF is a copy of the annual report of Cabka N.V. for the year 2025

and is not in the ESEF format as specified by the European Commission

Regulatory Technical Standard on ESEF (Regulation (EU) 2019/815). The ESEF

reporting package is available on our website at www.investors.cabka.com/

reporting-and-investor-library/ reports-and-presentation.

Statement on forward looking statements

The management report may include statements that are, or may be

deemed to be, “forward-looking statements“. Forward-looking statements

may and often do differ materially from actual results. Any forward-looking

statements reflect the Company’s current view with respect to future

events and are subject to risks relating to future events and other risks,

uncertainties and assumptions relating to the Company’s business, results

of operations, financial position, liquidity, prospects, growth, or strategies.

Readers are cautioned that any forward-looking statements are not

guarantees of future performance. Given these uncertainties, the reader is

advised not to place any undue reliance on such forward- looking

statements.