<a id="bm-comp-9d70b3e1-ab58-4013-8f0a-b43a935ed91a" name="bm-comp-9d70b3e1-ab58-4013-8f0a-b43a935ed91a" class="BMCustomAnchor"></a><table><tr><td bm-component-id="9d70b3e1-ab58-4013-8f0a-b43a935ed91a" style="vertical-align: top; width:100.000000%;"><ul><li>CEO highlighted potential future M&A</li><li>Finding the balance between efficiency and individuality</li><li>The profitability in Bangladesh was emphasised</li></ul></td></tr></table><a id="bm-comp-178f0836-0ddd-4bab-ba11-23158b05640f" name="bm-comp-178f0836-0ddd-4bab-ba11-23158b05640f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="178f0836-0ddd-4bab-ba11-23158b05640f" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">From a label to a concept</h3><p>We welcomed Krister Magnusson, the CEO of Nilörn, to ABGSC's Investor Days. Mr Magnusson spoke about Nilörn's journey from selling purely labels to offering its customers a complete concept. He also discussed the ongoing consolidation in the industry and the slow but steady expansion of Nilörn's US business (it had one employee in 2020 and has now hired three more). He also talked about the opportunity to increase sales by supporting customers' sustainability needs. Nilörn has hired a packaging specialist, as packaging can require a relatively high level of technical skill and knowledge. The aim is for this employee to support the sales staff and increase their expertise in this area.</p><h3 class="bm-h3">The circle vs. the square</h3><p>Mr Magnusson presented an image in which he compared Nilörn to a circle and the majority of competitors to a square. This emphasised that Nilörn is more flexible than competitors, who tend to offer more standardised solutions. Nilörn's goal is to strike the right balance between maintaining effectiveness and having a streamlined business model with standardised offerings, while also being able to provide its customers with bespoke solutions, such as custom designs. Moreover, the new factory in Bangladesh was mentioned, and Mr Magnusson emphasised that Bangladesh is Nilörn's most profitable business area.</p><h3 class="bm-h3">M&A potential highlighted</h3><p>The presentation also touched on the potential for future M&A activity. According to Mr Magnusson, Nilörn has not previously focused on M&A, but has now appointed someone to investigate M&A opportunities. For reference, the market is highly fragmented, with quite a lot of PE-driven activity around Nilörn's peers. Examples include the acquisition of Hong Kong-based supplier SML Group by FountainVest Partners & CPE in 2025; the acquisition of US-based R-PAC International by American Securities in 2021; and the acquisition of Trimco Group by Brookfield in 2022. Nilörn is exploring potential M&As both vertically and horizontally, e.g. by acquiring a heat transfer company or a French peer.</p></td></tr></table>