ICA Gruppen Investment case Q4 2020 A stable foundation for continued profitable growth

#1 #2 #3 #4 #5 Leading Unique Strong financial Capacity to Extensive positions and business model position and invest to capture digital strong brands in stable returns new opportunities agenda

ICA Gruppen has Grocery business in A stable business and a Strong operational Ambitious agenda to leading market positions Sweden combines market strong financial position cashflows and scale reduce cost and capture in grocery retail and leading scale with local provides attractive returns enables investments in additional synergies pharmacy supported by knowledge and for shareholders. innovation, digitalisation through digitalisation. very strong brands. entrepreneurship through and infrastructure. independent retailers.

2 Leading positions and strong brands

Our vision: • A leading retail company • Supporting businesses, We make everyday a little easier focused on food and health profitable in their own right and providing synergies to the core • A synergistic group structure where each part contributes • 2020 total sales: SEK 126 bn of to the whole which ICA Sweden: SEK 92 bn Grocery retail market Grocery retail with leading # 2 pharmacy chain • Core business in grocery retail • 2020 Operating profit: leader in Sweden positions in in Sweden – leading positions both online SEK 5.8 bn Estonia, Latvia & Lithuania and offline in Sweden under • Share listed on Nasdaq 1,266 36% 283 15% 391 31% the ICA brand and strong (Large Cap) Stores Market share Stores Market share Stores Market share position in the Baltics under 91,684 4,240 16,373 703 15,178 383 the Rimi brand Net sales EBIT Net sales EBIT Net sales EBIT

Ambitious Long-term sustainability targets financial targets ICA Real Estate - supports ICA Sweden’s ICA Bank - full-service bank and • Climate-neutral operations by 2020 Growth faster than the market store network insurance offering • Cut food waste in half by 2025 EBIT margin: Dividend payout ratio: Real estate portfolio – book value SEK 17.8 bn, >840,000 ~200,000 estimated market value SEK 24.4 bn. • Best at helping consumers make 4.5% >50% Bank customers Insurance customers healthy choices by 2020 ROCE: Net debt/EBITDA: 2,840 603 1,699 174 • Socially audited and quality certified Net sales EBIT Net sales EBIT corporate brand suppliers 7.5% <3

SEK million. All figures as of end 2020. Operating profit = EBIT excluding items affecting 3 comparability. Real estate BV & MV as per Q3 2020, including joint ventures (50%) Unique business model in Sweden

• A unique business model where independent retailers own their Combining local entrepreneurship with scale advantages… stores and decide on assortment and pricing. Founded in 1917 and a major success factor for ICA over the past century. Still unique and Goods and services relevant External Sweden Independent External • ICA Sweden – wholesale sales to suppliers ICA retailers suppliers (>10 000) the retailers while also offering Wholesale margin 19% supporting services, such as e- Royalty 81% • Purchasing • Approx. 1,500 retailers in of goods commerce fulfilment, central of goods • Assortment & private Profit sharing Sweden operating almost marketing and payment solutions label development Cost coverage 1,300 stores • Format & business • Independent store development companies with their own • ICA Sweden also responsible for • Marketing & market analysis P/L and B/S store network planning, initial • E-commerce solutions • Store network planning, Non-food • Set their own prices and financing & retailer recruiting financing & retailer recruiting (MAXI Special) assortment Customers • Logistics • Free to purchase from • Operational support other suppliers (today • Four different store formats ~80% from ICA Sweden) – ICA Maxi – ICA Kvantum Commitment – ICA Brand Entrepreneurship – ICA Nära Scale Local market Efficiency knowledge A strong, locally adapted + = customer offering

4 Strong financial position and stable returns with

the capacity to invest to capture new opportunities Attractive historical return

Since formed in 2013, ICA Leading positions and …generating a solid cash flow and a …that allows us to capture Gruppen has gradually increased strong brands… stable financial performance… opportunities – both online and offline its ordinary dividend while also managing to maintain a high level of investment. The Group’s • ICA – a market leader in grocery retail • Supports core business development • Digitalisation of retail requires large upfront financial targets include providing in Sweden and one of Sweden’s best- • Fund growth projects investments in infrastructure, systems and known brands competences – scale matters a dividend of at least 50% of profit • Enables stable return for the for the year. The target reflects • – strong retailer positions in shareholders. • Growth in online sales outperforming ICA Gruppen’s stable earnings Estonia, Latvia and Lithuania. #1 in average online market growth and is to be at a competitive level Latvia for the sector.

• Apotek Hjärtat – the second largest Dividend per share and company in the Swedish pharmacy dividend yield market Cash flow from operations Online growth • ICA Real Estate has a large and 70 100% 10000 actively managed property portfolio 60 within the retail segment – 8000 50 80% AUM ~SEK 20 bn 40 6000 60% 30 • ICA Bank – >840,000 customers 4000 and a vital part of the ICA system 20 40% 2000 10 20% 0 0 2016 2017 2018 2019 2020 0% Cash flow from operations, MSEK 2016 2017 2018 2019 2020 Online market growth ICA Online growth Cash flow per share, SEK

Excluding ICA Bank, IFRS16

5 Extensive digital agenda – focus on four areas

E-commerce & omni channel Digital ecosystem Personalized & digital marketing Process automation

• ICA: Increased capex spend on • ICAx has launched two services and has a • Scaling up personalisation across • Reduces labour costs and e-commerce infrastructure with back-end strong pipeline in five areas: shopping channels through new loyalty program increases quality and speed systems and e-commerce warehouse. journey, health, sustainability, simplifying (Costumer Loyalty 2020) • Machine learning to optimise performance Ocado-powered CFC to open in 2022. life, and household economy • Large volume of customer data of pricing, assortment planning, etc • Rimi Baltic: Launch of online shopping in 2019/2020 • Apotek Hjärtat: A broader offering and faster deliveries • Aim to significantly improve last mile offer in major cities

Key digital initiatives ICA online 2020 Apotek Hjärtat online 2020 AI & Data centre of excellence Ocado deal signed Total Online share Online share Growth in sales Online share of Online market Apotek Hjärtat First ICA dark store sales online: of total sales active stores: online 2020 sales: 8% growth +59% online growth Apotek Hjärtat launches Click&collect, Click&express SEK ~5.0 bn 3.8% 6.3% +117% +92% Investment in and partnership with Min Doktor

6 EBIT equals ”EBIT excluding items affecting comparability” on all slides in this presentation. As of January 1, 2019, ICA Gruppen reports in accordance with IFRS 16. Q4 Report 2020 Strong close to the year with continued pandemic impacts Financial Events Net sales: EBIT: EBIT margin: • ICA Bank has signed an agreement to acquire Forex’s customer portfolios of deposits and consumer loans +5.6% +8.3% 4.2% • The board proposes dividend of 13.00 SEK/share

Store sales and retail market in Q4 Sweden – ICA store sales growth slightly below market Rimi Baltic – Sales still negatively impacted by covid-19 Apotek Hjärtat – Year-end sales heavily impacted by restrictions covid-19 situation • ICA store sales in Sweden, growth of +7.1%, in comparable • Rimi store sales +3.6%, comparable sales -2.1%. Total • Apotek Hjärtat sales growth +1.5% stores +7.2%. Higher average buy, less store visits sales growth per country: • Prescription +2.0% • Price and calendar effect of +2.1% (price +1.5%, • Estonia -1.5% • OTC -12.1% calendar 0.6%) • Latvia +3.5% • Traded goods +7.4% • Market growth according to DVI index +7.5% • Lithuania +9.5% • Market growth of +4.5% • ICA Online sales growth +156%. Market growth (DVI) online • Market growth +4.7 • Online growth, Apotek Hjärtat +92%, market +66% +136% • Food inflation +1.1% • Establishment Q4: 2 new pharmacies • Establishments Q4: 2 new stores • Establishments Q4: 2 new stores

% % 10.0 % 14.0 12.0 8.0 10.0 10.0 8.0 6.0 8.0 6.0 6.0 4.0 4.0 4.0 2.0 2.0 2.0 0.0 0.0 -2.0 -2.0 0.0 -4.0 -4.0 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2019 2020 2019 2020 2019 2020 Food Retail Market ICA ICA, comparables Inflation Food Retail Market Rimi Rimi, comparables Inflation Pharmacy Market Apotek Hjärtat

MSEK Net sales EBIT EBIT margin Q4 2020 Q4 2019 Change % Q4 2020 Q4 2019 Change % Q4 2020 Q4 2019 Change % *Source DVI = Food retail index/Dagligvaruindex 32,593 30,850 +5.3% 1,371 1,267 +8.3% 4.2% 4.1% +0.1pp 7