Quarter 2, 2021 Press and analyst presentation

18 August 2021 Per Strömberg, CEO Sven Lindskog, CFO Q2 in brief

• Solid quarter with a stable margin • Strong performance in and Apotek Hjärtat • ICA – stable quarter affected by online investments

2 Robust improvement in Apotek Hjärtat and Rimi Baltic

Net sales growth EBIT growth MSEK Q2 2021 Q2 2020 Change %

Net sales 32,401 31,924 1.5 +1.5% -0.4% EBIT 1,446 1,452 -0.4 • Covid-19 impact • Covid-19 impact EBIT Margin 4.5% 4.5% - on sales +0.8% on EBIT MSEK +30 (+0.3%) (-60) Net sales and EBIT margin (R12) • Easter calendar • Growth compared effect -0.8% to 2019, +5.0% MSEK % • Growth local 35,000 5.5 currency +2.1% • Growth compared to 30,000 2019, +6.5% 4.6 4.6 4.6 4.6 4.6 25,000 Events 20,000 4.0 • The Annual General Meeting on April 15 Q2 2020 Q3 Q4 Q1 Q2 • The Board’s proposed dividend of 13.00 Net sales EBIT margin (R12) SEK/share was decided. Charlotte Svensson was elected new board member 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. • Apotek Hjärtat will move its e-commerce warehouse to enable a continued expansion and development of an omnichannel offering 3 ICA SWEDEN ICA Stores sales development (excl. VAT), %

10.0 7.5 Store sales below market 8.0 7.1 6.0 – online impacting 6.0 7.3 7.2 4.0 5.8 2.7 2.0 3.5 2.6 0.1 0.0 1.9 1.5 0.6 -0.3 ICA store sales growth ICA online sales growth Share online sales -2.0 -0.6 Q2 2020 Q3 Q4 Q1 Q2

+0.1% +23.5% 5.2% Food Market ICA ICA, comparables Inflation • Comparable stores: -0.3% • Food +25.5% • Market growth*: +0.6% • Meal kits -6.6% • Price and calendar effect • Market growth* +26.9% ICA Stores sales development online -1.6% (price effect -0.6%, MSEK calendar effect -1.0%) % • Establishments: 2 2,000

1,500 6.1 5.0 5.2 4.2 1,000 3.4 500

0 Q2 2020 Q3 Q4 Q1 Q2 Online sales Share of total sales %

*According to DVI= Dagligvarubutiksindex/Food Retail Index which includes grocery sales in stores and online 4 ICA SWEDEN ICA market share online affects total growth vs. market

Online • Relatively lower market share online means negative impact in a fast growing market • Faster scale-up of capacity during Q2 2020 than the market – meeting high growth numbers • Groups of +65 years return to stores. Share of online sales ~30% (50%) …in addition • Few establishments of ICA stores during H1 and relatively low increase of sales area compared to competitors

5 ICA SWEDEN Our long-term strategy remains

• Price-value for the customer • Use the strength in the ICA system and strengthen store support – Increase number of establishments and renewals • Strong focus on online sales and omnichannel • Differentiate through health and sustainability – for a Good Tomorrow • Personalization and increased loyalty

6 ICA SWEDEN The positive sales trend we saw in June is reinforced in July

July YTD July

6% 60% 56,9% 56,0% 3,6% 4,0% 4% 50% 1,2% 1,4% 2% 40% 0% 30% -2% 20% -4% -3,5% 10% -6% 1,6% 1,7% -8% 0% -7,6% -0,3% -0,7% -10% -10% Total Stores Online Total Stores Online

ICA Market

7 RIMI BALTIC Rimi Baltic sales development, % 11.9 Strong sales recovery, increasing 12.0 10.0 market share in all three countries 8.0 6.0 4.7 3.6 4.0 2.2 1.7 2.0 Rimi store sales growth Online sales growth Share online sales 0.0 1.1 1.1 0.3 -2.0 -0.8 0.3 +11.9% +134% 2.3% Q2 2020 Q3 Q4 Q1 Q2 Food Retail Market Rimi Inflation • Comparable sales +7.1% • Market growth +6.3% • Food inflation +1.1% • Establishments: 1

Rimi Baltic Food Total market sales growth, % Inflation, % growth, % Estonia 12.5 0.8 6.9 Latvia 11.0 1.0 2.4 Lithuania 13.2 5.9 8.5 The Baltics 11.9 1.1 6.3

8 APOTEK HJÄRTAT Apotek Hjärtat pharmacy sales development, % Sales rebound, increasing market 10.0 7.6

shares 5.0 3.5 1.5 0.0 -3.1 Store sales growth Online sales growth Share online sales -5.0 -8.3 +7.6% +21% 10.3% -10.0 Q2 2020 Q3 Q4 Q1 Q2 • Market growth +7.0% • Market growth +17% Pharmacy Market Apotek Hjärtat • No new establishments

Apotek Hjärtat Total market sales growth, % growth, % Prescription 7.7 6.7 OTC 8.0 9.1 Traded goods 7.1 7.3 Total sales growth 7.6 7.0

9 Highlights Intense transformation phase – new e-commerce warehouse in Gothenburg, testing and first stores on Ocado OSP

E-commerce warehouse Gothenburg Automated warehouse in Brunna First stores using Ocado OSP is operational with Ocado solution according to plan

• Operational in April, ramp-up • Around 20 stores using Ocado OSP • Building phase finished ongoing • Further roll-out during H2 with • Installing and testing of automation Very good quality in picking and around 140 stores • • Test picking and deliveries planned to deliveries • Positive feedback from customers take place during Q4 20 stores will be connected by the • • Initial findings show positive effects – end of the year basket size and margin

11 Transparency and measurability for a good tomorrow – five key areas

Environment Health Inclusion Quality Local & Diversity

Climate impact from our Customers’ consumption 50/50 gender diversity Share of socially audited Important events e.g. own operations shall be of fruit and vegetables in key positions within suppliers of ICA corporate net zero by 2030 ICA Gruppen brands products in high- ‒ Major efforts to Number of products with risk countries promote locally Cut the climate impact of lowered share of sugar, produced food customers’ grocery ICA Sweden Share of suppliers of ICA ‒ Support for local purchases in half by 2030 corporate brands in high- communities and risk risk countries with a valid groups during the Cut food waste in half by follow-up social audit 2025 Covid-19 crisis Share of suppliers of ICA ‒ Increased access to Fossil-free road transport corporate brand products simple healthcare within all ICA Gruppen’s with quality certifications services Swedish operations by 2030

12 On track to fossil-free transports – important steps 2021 Environment

• In 2020 goods transports accounted for roughly half (49%) of ICA’s total CO2 emissions.

• Reducing our CO2 emissions from transports is hence a crucial part of ICA’s climate ambition to achieve a net zero climate impact by 2030.

• Biogas reduces transport emissions by one- fifth – In 2021 ICA Sweden’s investment in biogas is expected to reduce our transport emissions by roughly one-fifth.

• First electric truck – Next week our first electric truck will begin operating as part of our collaboration with Volvo Trucks.

13 Financial development Net sales and EBIT margin (R12)

Solid development in Q2 MSEK % - EBIT margin on par 35,000 5.5

30,000 Net sales EBIT 4.6 4.6 4.6 4.6 4.6 +1.5% -0.4% 25,000 • Growth in local currency Price and volume, covid-19 effect MSEK +30 +2.1% + (LY MSEK -60) 20,000 4.0 • Covid-19 impact +0.8% Improved EBIT in Rimi Baltic and Apotek Q2 2020 Q3 Q4 Q1 Q2 (+0.3%) Hjärtat • Easter impact -0.8% Net sales EBIT margin (R12) One-off credit loss effect (IFRS9 • Volume growth in all accounting) in ICA Bank related to segments. Price and mix - Q2 2021 Q2 2020 Change % the acquisition of the loan portfolio effects positive except of Forex Bank in ICA Sweden Net Sales 32,401 31,924 1.5 EBIT 1,446 1,452 -0.4 EBIT margin % 4.5% 4.5% - Cash flow¹ 3,181 2,911 9.3 Earnings per share (SEK) 5.64 4.83 16.8

¹ Cash flow from operating activities excl. ICA Bank

15 EBIT variance analysis Q2 (estimate)

• Sales volume impact driven by Apotek Hjärtat and Rimi Baltic

• Also strong margin growth in those segments, but ICA Sweden lower than very strong level last year

• Store cost increase driven by Rimi Baltic, partly offset by fewer store subs in ICA Sweden and higher store profit share

• Advertising and IT costs up

• Acquisition related effects relating to Forex loan portfolio acquisition

16 ICA SWEDEN Net sales and EBIT margin (R12)

Sales less affected by covid-19, MSEK %

margin down as expected 25,000

20,000 4.6 4.6 4.5 4.5 Net sales EBIT 15,000 4.5 -0.5% -9.5% 10,000

• Wholesale volume growth, Lower EBIT, covid -19 effect +120 5,000 negative price effects MSEK (+130) 0 • Easter calendar effect -1.1% Profit sharing, MSEK +44 Q2 2020 Q3 Q4 Q1 Q2 • Covid-19 impact +2.3% (+3.4%) + Non-food improving Net sales EBIT margin (R12) • Continued online sales growth MSEK Q2 2021 Q2 2020 Change % Price effects - Net sales 23,376 23,496 -0.5 Easter effect MSEK -20 One-off LY of MSEK +20 insurance EBIT 1,007 1,113 -9.5 compensation EBIT Margin 4.3% 4.7% -0.4 pp Investing in online

17 RIMI BALTIC Net sales and EBIT margin (R12) Very encouraging performance - in MSEK % a sweet spot 5,000

4,000 4.7 4.5 Net sales EBIT 3,000 4.4 4.3 +6.5% +53.3% 2,000 4.3

• Net sales growth in local Improved EBIT, covid-19 effect 1,000 currency +11.9%, volume and approximately MSEK -15 (-65) 0 price Q2 2020 Q3 Q4 Q1 Q2 • Covid-19 impact -2% (-5%) Volume and price Net sales EBIT margin (R12) + Product mix (Non food and ready- made meals) MSEK Q2 2021 Q2 2020 Change %

Net sales 4,313 4,051 6.5 Store costs – store network changes - and salaries EBIT 225 147 53.3 Investing in e-commerce EBIT Margin 5.2% 3.6% 1.6 pp Marketing

18 APOTEK HJÄRTAT Net sales and EBIT margin (R12) Strong recovery MSEK %

5,000

4,000

Net sales EBIT 3,000 2.8 2.7 2,000 2.5 +7.8% +98.6% 2.3 Higher EBIT, covid-19 effect MSEK 1,000 1.9 • Positive volume development -50 (-105) • Positive price and mix effects 0 Q2 2020 Q3 Q4 Q1 Q2 within Self-care Sales volume and price + Increased parallel import Net sales EBIT margin (R12) • Covid-19 impact -5% (-11%) Improved logistic efficiency MSEK Q2 2021 Q2 2020 Change, % Cost savings Net sales 3,923 3,638 7.8 Increased costs related to scaling - up e-commerce and IT EBIT 132 66 98.6 EBIT Margin 3.4% 1.8% 1.5 pp

19 ICA REAL ESTATE Net sales and EBIT margin (R12) A stable quarter MSEK %

800

22.3 600 22.0 Net sales EBIT 21.2 400 20.2 20.3 +0.1% +7.2% 200 Improved EBIT, covid-19 effect • Underlying sales approx. MSEK MSEK +7 (-6) +40 (transfer of rental contracts 0 Q2 2020 Q3 Q4 Q1 Q2 between ICA Real Estate and ICA Increased rent income, including DC acquisition impact Sweden) + Net sales EBIT margin (R12) • Investments and price Slightly higher costs MSEK Q2 2021 Q2 2020 Change % effects (turnover-based rent) - Depreciation from investment in Net sales 696 696 0.1 owned stores and warehouses Whereof owned 332 295 12.5 properties Net Yield¹ 7.0% 7.0% 0.0 pp EBIT 165 154 7.2 EBIT Margin 23.7% 22.1% 1.6 pp

1 January-June

20 ICA BANK Net sales and EBIT margin (R12)

Acquisition impact driving the MSEK %

variance this quarter 600

13.3 400 11.3 Net income EBIT 10.2 10.9

+16.1% -142.9% 200 6.4 Higher net income Lower EBIT, covid-19 effect MSEK -30 (-8) • Insurance volume growth 0 Q2 2020 Q3 Q4 Q1 Q2 • Higher net interest, due to Volume growth Insurance acquisition of loan portfolio from + Margins on certain products Forex bank (+7.3pp of net Net sales EBIT margin (R12) income increase) MSEK Q2 2021 Q2 2020 Change % Lower volumes in loans - (excluding Forex), prepaid Net income 474 408 16.1 cards, ATM etc EBIT -21 50 -142.9 Acquisition impact MSEK -59 Business Volume 53,845 47,335 13.8

21 Strong cash flow sustained

Cash flow (exkl. ICA Bank)

Operating cash-flow higher than LY: MSEK 10,444 • Favourable quarterly closing working 4,000 10,480 capital positions (accounts payable) 10,210 • Capex in line with expectations 10,188 3,000

2,000 9,597

1,000

0 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

Cash flow from operating activities, excl. ICA Bank Cash flow R12

22 Net debt slightly higher

Net debt

• Net debt pre IFRS 16 up vs Q2 2020 BNSEK 25.0 • Higher paid dividend and capital injection (acquisition related) to ICA Bank 20.0 • Lower investments 2021 1.9 2.0 1.9 1.8 1.8 • IFRS16 adds SEK 15.1 billion to net debt 15.0 as per Q2 2021 10.0

5.0

0.0 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

Net Debt excl. leasing Leasing Net Debt/EBITDA, x

23 Long term financial targets

Targets R12 (30 jun 2021) Long-term targets, %

Grow faster than market¹ Sweden All markets Baltics Pharmacy

EBIT excl. items affecting comparability 4.6 4.5 ROCE2 9.2 7.5 Net debt/EBITDA3 1.9 <3.0x Dividend4 (% profit of the year 2020) 63 At least 50

The changeover to IFRS 16 impacts EBIT margin, ROCE, Net debt/EBITDA and dividend ratio

1 Swedish and Baltic market growth based on latest definitive market 3 Interest-bearing liabilities excluding pensions and ICA Bank minus data Q2, 2021 cash and cash equivalents in relation to EBITDA, operating income 2 Excluding ICA Bank before depreciation and impairment 4 Board proposal decided at AGM of SEK 13.00/share

2424 Outlook and Summary Outlook

ICA Sweden Rimi Baltic Apotek Hjärtat

• Online implementation margin impact • entry impact • Continued focus on cost efficiency • Ocado CFC ramp-up from Q4 • Increase capacity in e-commerce and grow • Prepare move of e-commerce warehouse to online sales larger premises, improve efficiency and omni • Increased focus on securing price value capability - private label an important tool • 22-25 store openings in 2021 6-8 new pharmacies in 2021 • 8-12 store openings in 2021 with focus • on large cities

26 Outlook

ICA Real Estate ICA Bank ICA Gruppen

• Increase our presence in metropolitan • Income streams likely to gradually improve, • Group costs guidance MSEK 450 FY areas linked to covid-19 development • Group capex guidance 2021 SEK 3.5 Bn • Completing important projects in online • Acquisition impact guidance maintained logistics • Set-up of new mortgage joint venture, with some preparatory costs

27 Q2 in brief

• Solid quarter with a stable margin • Strong performance in Rimi Baltic and Apotek Hjärtat • ICA Sweden – stable quarter affected by online investments

28 Appendix Lower investment level in Q2

Investments

• Group investment level down MSEK significantly compared to Q2 LY due to acquisition of warehouse LY 2,500 • Lower level in Rimi Baltic (LY warehouse in Riga) 2,000 655 • ICA Sweden same level 1,500 • Lower level ICA Real Estate, MSEK -1.3 Bn 582 • Total investment level 2021 SEK 3.5 1,000 Bn, where of ICA Real Estate SEK 1.5 1512 Bn 500 552 513 829 523 250 286 0 172 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

Real Estate Retail, Bank & Other

30