iso4217:USD iso4217:USD xbrli:shares 549300KYN3M0LSM5A413 2025-01-01 2025-12-31 549300KYN3M0LSM5A413 2024-01-01 2024-12-31 549300KYN3M0LSM5A413 2025-12-31 549300KYN3M0LSM5A413 2024-12-31 549300KYN3M0LSM5A413 2023-12-31 549300KYN3M0LSM5A413 2024-12-31 ifrs-full:IssuedCapitalMember 549300KYN3M0LSM5A413 2024-12-31 ifrs-full:SharePremiumMember 549300KYN3M0LSM5A413 2024-12-31 ifrs-full:TreasurySharesMember 549300KYN3M0LSM5A413 2024-12-31 ifrs-full:MiscellaneousOtherReservesMember 549300KYN3M0LSM5A413 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 549300KYN3M0LSM5A413 2024-12-31 ifrs-full:RetainedEarningsMember 549300KYN3M0LSM5A413 2025-01-01 2025-12-31 ifrs-full:IssuedCapitalMember 549300KYN3M0LSM5A413 2025-01-01 2025-12-31 ifrs-full:SharePremiumMember 549300KYN3M0LSM5A413 2025-01-01 2025-12-31 ifrs-full:TreasurySharesMember 549300KYN3M0LSM5A413 2025-01-01 2025-12-31 ifrs-full:MiscellaneousOtherReservesMember 549300KYN3M0LSM5A413 2025-01-01 2025-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 549300KYN3M0LSM5A413 2025-01-01 2025-12-31 ifrs-full:RetainedEarningsMember 549300KYN3M0LSM5A413 2025-12-31 ifrs-full:IssuedCapitalMember 549300KYN3M0LSM5A413 2025-12-31 ifrs-full:SharePremiumMember 549300KYN3M0LSM5A413 2025-12-31 ifrs-full:TreasurySharesMember 549300KYN3M0LSM5A413 2025-12-31 ifrs-full:MiscellaneousOtherReservesMember 549300KYN3M0LSM5A413 2025-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 549300KYN3M0LSM5A413 2025-12-31 ifrs-full:RetainedEarningsMember 549300KYN3M0LSM5A413 2024-01-01 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 549300KYN3M0LSM5A413 2023-12-31 ifrs-full:IssuedCapitalMember 549300KYN3M0LSM5A413 2023-12-31 ifrs-full:SharePremiumMember 549300KYN3M0LSM5A413 2023-12-31 ifrs-full:TreasurySharesMember 549300KYN3M0LSM5A413 2023-12-31 ifrs-full:MiscellaneousOtherReservesMember 549300KYN3M0LSM5A413 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 549300KYN3M0LSM5A413 2023-12-31 ifrs-full:RetainedEarningsMember 549300KYN3M0LSM5A413 2024-01-01 2024-12-31 ifrs-full:IssuedCapitalMember 549300KYN3M0LSM5A413 2024-01-01 2024-12-31 ifrs-full:SharePremiumMember 549300KYN3M0LSM5A413 2024-01-01 2024-12-31 ifrs-full:TreasurySharesMember 549300KYN3M0LSM5A413 2024-01-01 2024-12-31 ifrs-full:MiscellaneousOtherReservesMember 549300KYN3M0LSM5A413 2024-01-01 2024-12-31 ifrs-full:RetainedEarningsMember
Annual
Report

2025
Contents

Directors’ Statements |
Board of Directors Report | 19
Sustainability Statements | 28
General | 29
Environment | 64
E1 Climate Change | 65
E5 Resource Use and Circular Economy | 84
EU Taxonomy | 97
Social | 104
S1 Own Workforce | 105
S2 Workers in the Value Chain | 134
Governance | 146
G1 Business Conduct | 147

Corporate Governance Report | 162
Financial Statements | 173
Consolidated Financial Statements | 174
Appendices | 253
Independent Auditor’s Report | 254
Independent Auditor’s Report on Sustainability | 256
Responsibility Statement | 257
Alternative Performance Measures | 258
Definitions | 263

About | 1
2025 Overview | 2
Letter from the CEO | 3
Performance Highlights | 5
Business Developments | 6
This is AutoStore | 7
Purpose | 8
Identity | 9
Our Technology | 10
Our Business Model | 12
Strategic Direction | 16
Shareholder Information | 17

Readers can navigate between sections by using the hyperlinked menu. All contents are produced by AutoStore. Inquiries about reproduction
from this report should be directed to AutoStore. Unless otherwise stated, this report discusses the development of AutoStore Holdings Ltd.
and its subsidiaries (referred to as the “AutoStore group”, the “company”, or the “group”).

1

| Contents

About

About
2025 Overview
This is AutoStore
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

2

| Contents

About
2025 Overview
Letter from the CEO
Performance Highlights
Business Developments
This is AutoStore
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

2025
Overview

3

| Contents

Letter from the CEO |
A transformational year that set a stronger foundation for long‑term growth |
2025 was a transformational year for AutoStore. Amid geopolitical and macroeconomic volatility, customer decision-making cycles lengthened and caution increased. Throughout this, we remained disciplined, focused on what we could control, and continued to advance our long-term strategy. While we saw market stabilization in the second half of the year, our full year revenue declined by 10.4% to USD 538.6 million, compared to USD 601.4 million in 2024. |

In a challenging environment, we focused on what we could control, strengthened our commercial model, accelerated innovation, and made tangible progress against our long‑term strategy.

About
2025 Overview
Letter from the CEO
Performance Highlights
Business Developments
This is AutoStore
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

Strategic progress through a volatile year
We strengthened our commercial approach with a sharper
focus on customer intimacy and a more integrated go-to-
market model. While our partner ecosystem remains
central to AutoStore’s global scale and success, we have
evolved from a purely partner-led model to one that brings
us closer to customers throughout the entire lifecycle of
their systems.
This commercial focus delivered tangible results. We
secured 150 new customers, many of strategic importance,
strengthening our land-and-expand model and building a
robust foundation for long-term growth. Toward the year-
end, customers began returning to automation investments,
and several accounts we had worked on over time moved
ahead with building their intelligent fulfillment capabilities.

4

| Contents

In 2025, we launched AutoStore-as-a-Service (ASaaS),

About
2025 Overview
Letter from the CEO
Performance Highlights
Business Developments
This is AutoStore
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

offering customers greater flexibility and lower upfront
investment. ASaaS is a strategic growth lever and an
important extension of our commercial model. Contracts
signed in 2025 began generating revenue during the year
and expanded our base of recurring revenue.
Accelerating innovation
Innovation was a defining theme in 2025. We significantly
advanced our technology roadmap and increased the pace
of innovation through a structured bi-annual launch cycle.
Across our two announcements during the year, we
introduced eleven new products and features that extend
the cube into adjacent workflows and solve real operational

We enter 2026 stronger, more resilient, and ready to capture the structural growth ahead, powered by our technology platform, expanding recurring revenue base, and a team that never stands still.

challenges for our customers. These launches expand our
addressable market and strengthen the unique advantages
of the AutoStore platform.
We carried this momentum into our biannual launch in
March 2026, which introduced new software capabilities
designed to further enhance system intelligence,
efficiency, and customer value.
A resilient business model
Our commitment to financial resilience remained strong.
Early in the year, we executed our efficiency program,
streamlining support functions while reallocating resources
toward defined growth opportunities. As a result, AutoStore
maintained healthy fundamentals, delivering 72% gross
margin, 42% adjusted EBITDA margin, and 76% cash
conversion. This financial strength allowed us to continue
investing in growth and innovation.
Positioned for structural growth
Looking ahead, we remain confident in the long-term
growth prospects for warehouse automation. Market
penetration is still low, supply chain modernization
continues across regions and sectors, and automation
is increasingly viewed as a strategic necessity. AutoStore
is uniquely positioned to benefit from these structural trends.
We have a large global installed base, a differentiated
technology platform, a strong partner network, and
a product roadmap that continues to expand the versatility
and performance of our system.
A year defined by people, partners, and progress
I would like to express my sincere gratitude to our
employees around the world. Their dedication, creativity,
and ability to adapt made this year’s progress possible.
To our customers and partners, thank you for your trust
and collaboration. And to our shareholders, thank you for
your continued support and belief in our long‑term vision.
AutoStore enters 2026 as a stronger, more resilient, and
more strategically positioned company. As I always say,
we never stand still at AutoStore, and with the progress
we have made, I look forward to what we will accomplish
in 2026.
Mats Hovland Vikse
Chief Executive Officer

5

| Contents

Performance Highlights

About
2025 Overview
Letter from the CEO
Performance Highlights
Business Developments
This is AutoStore
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

Revenues
Adjusted EBIT and margin1
Employees2
Number of unique customers2
44%
42%
34%
Employees in R&D2, 5
Number of systems sold2
Gross profit and margin
EBIT1, 4
2023
68%
73%
2024
72%
2025
Nationalities2
Number of countries with
systems sold2
Adjusted EBITDA and margin1
Order intake3
48%
47%
42%
1 Reference is made to the APM section.
2 As of December 31, 2025.
3 Reference is made to definitions.
4 Negative in 2023 due to the settlement with Ocado Group.
5 Employees in R&D headcount as of December 31, 2025 reflects the transformation and restructuring made in 2025 to focus only on core product development functions.
Financial numbers are presented in USD million.

6

| Contents

Business Developments

About
2025 Overview
Letter from the CEO
Performance Highlights
Business Developments
This is AutoStore
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

Product
Key product announcements in 2025 included:
– AutoCase. Unifies case and piece handling in a single automated flow, reducing manual effort, streamlining fulfillment.
– FlexBins. Enables mixed Bin sizes within a single Grid, boosting storage density by up to 15% and unlocking new workflows such as order consolidation and buffering.
– CarouselAI. AutoStore’s first AI- powered robotic piece-picking solution, developed with Berkshire Grey. It automates the labor-intensive order-picking process with best-in- class SKU handling and 24/7 operation, boosting fulfillment efficiency.
– Essentials Software Package. Empowers AutoStore end-users to optimize system performance at every stage of their journey. This all-in-one suite extends beyond initial design and integration, offering advanced routing algorithms, real-time analytics, and intelligent reporting for continuous improvement.

People
– Strengthened product organization through key recruitments in software development, AI, and product management, reinforcing our ability to innovate at speed and scale.
– Enhanced our commercial organization to build a more forward‑leaning, customer‑centric sales function.
– Focused on attracting top global talent in sales and marketing to help drive market impact and position us strongly for future growth.

Partner
– Established partnership with Veloq, a complete end-to-end grocery automation solution provider.
– Transitioned from a direct marketing approach to a partner-led co- marketing model in APAC, strengthening collaboration and amplifying joint market impact.
– Launched joint collaboration program with global partners, strengthening strategic alignment and accelerating joint growth initiatives.

CarouselAI

Operations
– Introduced improved process for handling tariffs to better support U.S. customers.
– Thailand factory reached readiness for production of all modules (Robots, Ports, and Controllers).
– Added more Bin and aluminum suppliers to better support our customers and partners.
– Introduced additional technical self- help options for customers and partners.

Customer
– Strengthened commercial strategy with stronger focus on deep customer engagement and more integrated go- to-market model.
– Added 150 new customers and secured 250 new sites.
– The land-and-expand strategy delivered results in terms of deeper relationships with large, multi-site strategic customers such as DSV, Medline, Rohlik, and Sonepar.

7

| Contents

About
2025 Overview
This is AutoStore
Purpose
Identity
Our Technology
Our Business Model
Strategic Direction
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

This is
AutoStore

8

| Contents

Purpose
Moving things forward

About
2025 Overview
This is AutoStore
Purpose
Identity
Our Technology
Our Business Model
Strategic Direction
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

Vision
Store and move things for
everyone, everywhere.
AutoStore™ holds a simple yet powerful vision: to
store and move things for everyone, everywhere.
Founded in Norway, we have grown into a global
technology company. AutoStore uses advanced
software to automate and orchestrate order
fulfillment. Our goal is to ensure orders arrive faster
than ever, with minimal environmental impact.
Mission
Build an AutoStore
community that innovates
to make life easier.
We have more than 1,900 systems running in 65 countries,
and we grow continuously as a community of customers,
employees, partners, suppliers, and connected
technologies. Automation should make life easier, and by
listening carefully to our community, we innovate to meet
the industry’s most complex needs. With AutoStore,
brands gain speed, efficiency, and improved workplaces.
And much more floor space.

9

| Contents

Identity
Culture is a key success factor

Our values
The way we behave

About
2025 Overview
This is AutoStore
Purpose
Identity
Our Technology
Our Business Model
Strategic Direction
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

Behavior #1
Behavior #2
Move
forward
Always
care
Lean
Be curious, ask
questions. Take
initiative and push for
progress. Let go of
legacy but honor our
history.
Care about the
people around you,
as well as yourself.
But also care about
your tasks and
deliverables, and
about doing the right
things at the right
time.
AutoStore believes in the power of automation.
It enables the business to work smarter, with
greater reliability and speed. As fulfillment
journeys are automated, AutoStore grows
a community where customers, employees,
partners, and suppliers support one another.
AutoStore is committed to nurturing a robust culture
marked by openness, a flat hierarchy, and lean
processes. This is clearly reflected in our values and
in our desired behaviors.
AutoStore generates more customer value
with fewer resources.
Transparent
AutoStore is fair and easy to do
business with.
Behavior #3
Behavior #4
Stay
reliable
Act as
one
Say what you mean
and do what you say.
Be worthy of trust,
and consistently
dependable.
We win as one
team working
towards the same
goals. Facilitate
collaborations,
assume good intent,
and prioritize we
over me.
Bold
AutoStore has the creativity, courage,
and willingness to take risks.

10

| Contents

Our Technology
Software powered technology

About
2025 Overview
This is AutoStore
Purpose
Identity
Our Technology
Our Business Model
Strategic Direction
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

AutoStore is an industry-leading automated
storage and retrieval systems (AS/RS) technology
and platform. The company’s key value proposition
is to deliver easy-to-use, software powered
automation technology, for businesses seeking
greater flexibility, efficiency, and scalability.
AutoStore offers a world-class suite of hardware and
software, enhanced by AI capabilities, providing end-to-
end support from solution design to Robot operations.
01
Solution
design
02
System
integration
03
System
operation
04
Optimization
& expansion
Using advanced routing algorithms, powerful data insights,
and reporting tools, we continuously enhance our software
and robotic solutions. By leveraging data across installations,
we drive innovation and push the boundaries of automation.
AutoStore’s software seamlessly integrates with our
Advanced tools to precisely
design each system and
validate performance through
digital twin simulation.
Open, flexible interfaces to
support implementations of
all scopes and sizes.
Core software to install,
operate, and maintain the
system, ensuring market-
leading uptime and
performance at massive scale.
Actionable insights to drive
continual improvements in
performance and system
costs.
hardware, optimizing system performance by intelligently
coordinating Robot movements, Bin management, and
order fulfillment.

11

| Contents

Our Technology
Accelerating innovation with our product roadmap

About
2025 Overview
This is AutoStore
Purpose
Identity
Our Technology
Our Business Model
Strategic Direction
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

In 2025, AutoStore advanced its product strategy
to support the next phase of growth, building on
the strength of our core cube technology. The new
product strategy is designed to enable faster, more
impactful innovation.
To deliver on this ambition, a new three-year product
roadmap was introduced, spanning both hardware and
software, focused on accelerating innovation and
increasing commercial impact. The roadmap is anchored
in four strategic priorities:
– Optimize the cube. Unlocking additional value and
staying ahead.
– Expand core capabilities. Enabling new use cases.
– Add new capabilities. Address adjacent workflows and
products to expand addressable market.
– AutoStore software platform. Integrating data and
services across the customer journey to enable AI‑driven
optimization.
AutoCase
VersaPort
Fire Standards
Software Essentials
Floor Flatness
CubeDeploy
To deliver on this roadmap, AutoStore transformed its
product organization into a fully accountable Product
Business Unit. This shift ensures that product development
is guided by customer needs, data‑driven insights, and
clear return on investment, powered by world‑class
technical and operational excellence. As part of this
transformation, AutoStore reallocated resources from
sustaining activities toward innovation, added new skills
across the company, and refocused investments on
high‑impact new product introductions. This approach has
already resulted in 11 new products launched in the past
Flex Bins
Innovation over
the last 12 months
CarouselAI
Multi-Temperature Solution
(inc. Frozen only)
Service Tower
Pio Expansion
year, with more to come. Through bi-annual product
announcements, AutoStore will continue driving
innovation that expands our addressable market and
continues to serve evolving customer needs.
Throughout 2025, these launches and enhancements
reflected a disciplined approach to portfolio management
and innovation, positioning AutoStore for long‑term
growth and continued leadership in warehouse
automation.

12

| Contents

Our Business Model

AutoStore offers many
advantages for businesses:

About
2025 Overview
This is AutoStore
Purpose
Identity
Our Technology
Our Business Model
Strategic Direction
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

Standardization
– Standardized and modular design to fit
anywhere
– Easy integration into any setup
– Scalable to meet changing needs
– Space and energy efficiency
– High reliability and unbeaten uptime
AutoStore’s standardized, modular design makes
warehouse automation more accessible by
simplifying deployment and ensuring a seamless fit
for a broad range of use cases.
Standardization is a fundamental driver of AutoStore’s
Return on investment (ROI):
scalability and profitability, enabling efficient operations
and seamless adaptability across diverse customer needs
and a wide range of end verticals.
We help our customers reduce costs,
boost efficiency, and achieve a strong
ROI, with typical payback in just 1–3
years.
Customers have the flexibility to select the quantity of
Bins, Robots, and Ports they desire, as well as Grid size and
shape. The system's modular design provides the flexibility
to scale up or down to meet business demands, both for
long-term growth or peak seasons, without shutting down
operations. The standardized and modular approach
makes AutoStore an ideal choice for both greenfield and
brownfield facilities (i.e. existing warehouses).
Explore

13

| Contents

Our Business Model
Robots
Robots ride on rails along
the top of the Grid,
retrieving Bins as needed.
On average, 45 Robots are
in operation per site.
Grid
The Grid is the aluminum
framework that holds the
columns of vertically
stacked Bins. On average,
the Grid is 5.4 meters high
and holds 16 levels of 330-
mm Bins.
Ports
Ports are workstations
where operators pick,
replenish, tag, pack, and
distribute products. On
average, 10 Ports are
installed per site.
Controller
The Controller is the
command center and uses
the cube control software
to manage both Bin traffic
and the AutoStore
database.
Bins
Products are stored in Bins,
a durable container that
holds up to 30 kg of stock.
On average, 40,000 Bins
are stacked per site.

About
2025 Overview
This is AutoStore
Purpose
Identity
Our Technology
Our Business Model
Strategic Direction
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

Modular design
99.7%
Uptime
worldwide uptime
Reliability
99.9%
picking accuracy
Speed
650
Bins per hour x number
of Ports
Space
4x
Explore
reduction of space vs.
conventional storage

14

| Contents

Our Business Model

End markets | No. of systems1 | 2025 share of revenues |  | Selected blue chip customers
| Apparel & sports accessories |  | ~270 |  | 16% |  | PUMA, Benetton, Crocs, Lids, GFG, XXL, Lids, Boozt, Bike24, JD, Macy’s
| Industrials2 |  | ~620 |  | 23% |  | Siemens, YKK, Toyota Material Handling, ABB, John Deere, Bosch, 3M, Cat, American Airlines, FANUC Pertronics
| 3PL |  | ~220 |  | 10% |  | UPS, DB Schenker, Bring, DHL, GEODIS, Kuehne+Nagel, DNV, CJ Logistics, DSV, Rhenus Logistics
| Other retail3 |  | ~190 |  | 13% |  | Chewy, Playmobil, Jollyroom, Kitchentime, Kid, Gymgrossisten, Thansen
| Grocery and food |  | ~160 |  | 7% |  | HEB, SSG, Weee!, Hello Fresh, Peapod, Nestlé, H Mart, ASDA, Rohlik, Kesko, Consum
| Automotive |  | ~160 |  | 10% |  | Federal Mogul Motorparts, Continental, Bentley, AGCO, Bertel O Steen, Polaris
| Healthcare |  | ~180 |  | 6% |  | Johnson & Johnson, Pfizer, CVS Pharmacy, Medline, Cardinal Health, Osaki, Apotea, Lilly
| Luxury & personal care |  | ~40 |  | 6% |  | Gucci, Longines, Eton, Manor, Shiseido, Vita, Matas
| Consumer electronics |  | ~60 |  | 8% |  | Best Buy, Dustin, Olympus, Komplett.no, Power, Master Electronics, Alza, Media Markt Saturn

About
2025 Overview
This is AutoStore
Purpose
Identity
Our Technology
Our Business Model
Strategic Direction
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

Multiple end
markets
With ~1,300 unique customers, AutoStore’s
solution supports a wide range of end markets,
system types, and throughput requirements
offering various complexity levels to meet
customer needs.
The AutoStore system can serve all end markets and all
types of warehouses, allowing the company to offer its
solutions to a variety of industries, including grocery, retail,
third-party logistics (3PL), industrials, and healthcare.
In 2025, AutoStore expanded Pio, the plug-and-play,
standardized solution that brings cube storage to smaller
businesses and compact spaces. Pio is now available to
numerous partners worldwide in a range of sizes, making it
easier than ever to offer automation in new markets.
1 As of December 31, 2025. Includes installed base and backlog.
2 End markets include aviation, aerospace and defense, building and construction, machinery, and other industrials.
3 End markets include toys & games, office supplies, home supplies, generalist retailer, books & media.

15

| Contents

Our Business Model

About
2025 Overview
This is AutoStore
Purpose
Identity
Our Technology
Our Business Model
Strategic Direction
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

Go‑to‑market
model
In 2025, AutoStore continued to advance its commercial
strategy with a stronger focus on deep customer
engagement and a more integrated go‑to‑market model.
While our partner ecosystem remains central to our global
scale, we have evolved from a purely partner‑led approach
to one that brings AutoStore closer to customers
throughout the entire lifecycle of their system.
We now engage jointly with partners from early solution
discussions through implementation and into ongoing
operations. This integrated approach strengthens system
design, improves execution, and supports long‑term
performance through structured follow‑up and continuous
health checks. By working through and with our partners,
AutoStore ensures a consistent customer experience while
elevating our role in the customer journey.

Global
– Swisslog
– Dematic
– Element Logic
– Bastian Solutions
– Fortna
– SoftBank Robotics
– Kardex
– THG Ingenuity
– Veloq

23
distribution
partners

North America
– KPI Solutions

A key pillar of the updated strategy is AutoStore’s
enterprise account management approach, which enables
long‑term development within large, multi‑site customers.
This approach strengthens our land-and-expand strategy
by creating deeper relationships that lead to system

Asia Pacific
– LG CNS
– Okamura
– Asetec
– Samsung SDS
– Hyundai Glovis
– Toyo Kanetsu Co., Ltd. (TKSL)

extensions, new site deployments, and broader global

Europe, the Middle East, and Africa
– Hörmann Intralogistics
– AM Logistics Solutions
– Reesink Logistic Solutions
– Lalesse Logistic Solution
– Fives Group
– Smartlog
– StrongPoint

rollouts across strategic customers such as DSV, Ford,
CVS, Medline, and Rohlik. In 2025, this approach
supported strong momentum, with over 150 new
customers added and nearly 250 new sites secured.
To deliver on this strategy, we strengthened and
regionalized our commercial organization, enabling faster
local decision‑making, closer proximity to customers,
and greater agility. This is complemented by a global
commercial structure focused on best practices,
standardization, and repeatability at scale. Combined
with our extensive global partner network, these changes
enhance our ability to serve customers across high‑
potential accounts, new market segments, and key
geographies.

16

| Contents

Strategic Direction
Vision
Mission

Sharpened strategy and priorities

About
2025 Overview
This is AutoStore
Purpose
Identity
Our Technology
Our Business Model
Strategic Direction
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

Vision &
mission
We aim to store and move things
for everyone, everywhere
Building an AutoStore community
that innovates to make life easier
In 2025, AutoStore continued to execute a
sharpened strategy focused on reinforcing its
Strengthen core
Expand horizons
market leadership and positioning the company for
Product
long-term, profitable growth.
Expanding our product portfolio
to solve new customer challenges
and enter new markets
How we
create value
Continuously improving and adding
capabilities to the cube
The core priority remains to strengthen the cube,
continuously enhancing performance and capabilities
to maintain technological advantage. At the same time,
AutoStore is expanding its product portfolio to address
CubeVerse: connecting our products and ecosystems – data, apps, and products
– to deliver enhanced intelligence, performance and customer value
a broader set of customer needs and unlock new market
opportunities.
Commercial excellence also remains central to the
strategy. With a focused land-and-expand approach and
deeper customer engagement, executed with and through
Our approach
Key growth levers
partners, AutoStore is strengthening its global presence
Go-to-
market
and driving growth from both new and existing customers.
Taking
ownership of the
customer
journey and
experience
Customer first,
with and
through partners
Land-and-expand
strategy with
High Potential
Accounts
Thriving
ecosystem of
integrators and
service providers
These priorities form a clear and disciplined path forward:
How we bring
value to customers
to continue delivering value to customers, grow ahead
of the market, and sustain strong profitability and cash
conversion.

17

| Contents

Shareholder
Information

About
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

18

| Contents

AutoStore is listed on the Oslo Stock Exchange
(OSE: AUTO). The company’s share capital was
USD 34.3 million at the end of 2025, divided into
3,428,540,429 shares with a nominal value of

About
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

USD 0.01 each. AutoStore has one class of shares.
As of December 31, 2025, the market value of the
company’s shares was NOK 40.5 billion, based on
a price per share of NOK 11.81. The share price
closed 6.3% above the share price at the beginning
of the year. The highest daily closing price during
the year was NOK 12.0, while the lowest daily
closing price was NOK 4.7.
The daily average trading volume on Euronext was
4,156,646 shares in 2025. This corresponded to an average
Geographic distribution of shareholders
as of year-end 20251
daily turnover of NOK 29.2 million. The number of
shareholders was 9,616 at the end of 2025 (2024: 7,414),
with non-Norwegian shareholders holding 86.1% of the
company. The majority of shareholders as of year-end
2025 were from the U.S., Ireland, Norway, Sweden,
Luxembourg, Bermuda, UK, and Finland. The 20 largest
shareholders combined owned 84.7% of the company’s
shares. Shareholders are primarily institutions. Various
employees of AutoStore, including key executives, hold
shares and share options in the company. For further
details, including an overview of the shareholders of the
group, reference is made to note 4.8 in the consolidated
Financial Statements.

Share capital |
34.3 |
USD million |

Number of shares |
3,428,540,429 |

1 The shareholder information disclosed is from the Euronext VPS
share register.

19

| Contents

Board of
Directors
Report
Unless otherwise stated, this report discusses the
development of AutoStore Holdings Ltd. and its
subsidiaries (referred to as the “AutoStore group,” the
“company,” or the “group”). AutoStore is headquartered
in Nedre Vats, Norway, and has offices in Norway, the
U.S., the UK, Germany, France, Spain, Italy, Austria,
South Korea, Japan, Australia, and Singapore, as well as
production facilities in Poland and Thailand. Read more
about AutoStore.
Figures in brackets denote the corresponding period in
the previous year. Adjusted figures are presented in the
Alternative Performance Measures (APMs) section, which
also includes definitions, descriptions, and reconciliations
of adjustments.
The Board of Directors Report includes confirmation over
the Sustainability Statements, Corporate Governance
Report, and the Financial Statements for 2025.

About
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

20

| Contents

Financial Results

About
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

Results for the year
The group reported total revenue and other operating
income of USD 538.6 million in 2025 (USD 601.4 million),
representing a year-over-year reduction of 10.4%. The
majority of revenue was attributable to sales of AutoStore
systems. Revenues in the Europe, Middle East, and Africa
(EMEA) regions were USD 368.1 million in 2025 compared
to USD 396.3 million in 2024. Revenues in North America
(NAM) declined to USD 137.0 million (USD 160.2 million),
while the Asia Pacific (APAC) region ended at USD 33.5
million in 2025 compared to USD 44.8 million in 2024.
Cost of materials totaled USD 148.7 million (USD 161.6 million).
Gross profit for 2025 was USD 389.9 million (USD 439.8
million), while the gross margin was 72.4% in 2025
compared to 73.1% in 2024. The declining gross margin
was mainly driven by the one-time write-down of inventory
for the B1 Robot in 2025. Excluding this, the gross margin
for the year ended at 74.0%.
Employee benefit expenses amounted to USD 114.6 million
for the full year 2025 (USD 81.8 million). The increase from
2024 was impacted by transformation activities commencing
in the first half of 2025, which included severance
packages and other employee-related expenses
connected to workforce reductions.

USD million |  | 2025 | 2024
Revenue and other operating income |  | 538.6 | 601.4
Cost of materials |  | -148.7 | -161.6
Employee benefit expenses |  | -114.6 | -81.8
Other operating expenses |  | -72.3 | -71.5
EBITDA¹ |  | 203.0 | 286.4
Adjusted EBITDA¹ |  | 228.1 | 282.8
Depreciation |  | -18.7 | -15.8
Amortization of intangible assets |  | -42.2 | -47.0
Impairment |  | -2.0 | -1.1
EBIT¹ |  | 140.1 | 222.5
Adjusted EBIT¹ |  | 184.8 | 249.8
Finance income |  | 8.1 | 11.2
Finance expense |  | -32.4 | -49.2
Foreign exchange gains/(losses) |  | -10.0 | -8.4
Profit/(loss) before tax |  | 105.8 | 176.1
Income tax expense |  | -24.0 | -39.5
Profit/(loss) for the period |  | 81.8 | 136.6

Excluding the transformation costs and option costs, both
part of adjustments to the APM adjusted EBITDA1, the
adjusted employee benefit expenses in 2025 were USD
100.7 million versus USD 85.8 million in 2024. The increase
supported investments in long-term growth initiatives.
Other operating expenses remained broadly stable and
amounted to USD 72.3 million in 2025, compared to USD
71.5 million in 2024.
Reported EBITDA1 ended at USD 203.0 million (USD 286.4
million) with an EBITDA margin1 of 37.7% (47.6%), while
adjusted EBITDA1 and adjusted EBITDA margin1 were USD
228.1 million (USD 282.8 million) and 42.3% (47.0%),
respectively.
1 Reference is made to the APM section.

21

| Contents

Depreciation of tangible assets and leases amounted to
USD 18.7 million in 2025 (USD 15.8 million), with the
increase resulting from investments in new facilities in
2024, which contributed to higher depreciation for these

About
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

assets and the increased depreciation of lease assets.
Amortization of intangible assets totaled USD 42.2 million
(USD 47.0 million), and decreased in 2025 following the
end of useful life of customer relationships in 2024 (see
note 3.4). Amortization of intangible assets relates
primarily to the purchase price allocation made when
Thomas H. Lee Partners acquired the group in 2019.
Finance income was USD 8.1 million (USD 11.2 million),
while finance expense totaled USD 32.4 million (USD 49.2
million). The year-over-year reduction in finance expense
mainly related to interest cost on the group's long-term
debt. In addition, a financial cost element related to the
settlement with Ocado Group (discounting effect) was

USD million |  | 2025 | 2024
Cash flow from operating activities |  | 94.3 | 143.4
Cash flow from investing activities |  | -48.2 | -46.7
Cash flow from financing activities |  | -265.7 | -44.2
Net change in cash |  | -219.7 | 52.5
Cash, beginning of period |  | 296.1 | 253.3
Effect of change in exchange rate |  | 13.7 | -9.7
Cash, end of period |  | 90.1 | 296.1

included. This cost declined substantially from 2024 as the
settlement was completed in the second quarter of 2025
with no remaining obligations (and cost) in the second half
of 2025. Net foreign exchange losses were USD 10.0
million (USD 8.4 million).
Profit before tax was USD 105.8 million (USD 176.1 million),
which resulted in a tax expense of USD 24.0 million (USD
39.5 million). The profit after tax was USD 81.8 million (USD
136.6 million) and basic earnings per share ended at USD
0.024 (0.041).
Cash flow
Cash flow from operating activities declined year-over-
year by USD 49.1 million, from USD 143.4 million to USD
94.3 million. The development mainly followed a lower
EBITDA contribution of USD 83.5 million and higher tax
payments. These effects were partially offset by payments
to Ocado Group being recognized throughout the full year
in 2024, compared to only the first half of 2025.
Cash outflow from investing activities was USD 48.2
million in 2025 compared to USD 46.7 million in 2024. This
included USD 9.9 million (15.6) from purchases of tangible
assets, USD 13.7 million (11.2) from purchases of patents,
and USD 32.1 million (30.8) of development expenditures.
Cash outflow from financing activities was USD 265.7
million (USD 44.2 million), with the development primarily
being driven by the repayment of external debt facilities in
the fourth quarter of 2025. In addition, the group made
interest payments on these debt facilities, both legacy and
current, totaling USD 24.4 million compared to USD 32.2
million in 2024.
Cash was also affected by the translation of cash held in
other currencies to USD. The group held USD 90.1 million
in cash as of December 31, 2025, compared to USD 296.1
million at the end of 2024.

22

| Contents

Financial position
The group’s total assets as of December 31, 2025 were
USD 1,999.6 million, compared to USD 2,026.0 million as
of December 31, 2024. Intangible assets and goodwill,

About
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

which amounted to USD 491.4 million (USD 436.5 million)
and USD 1,072.4 million (USD 953.0 million), respectively,
increased as a result of currency translation effects. For
more information on the development of these assets,
reference is made to notes 3.3 and 3.4.

USD million |  | 2025 | 2024
Goodwill |  | 1,072.4 | 953.0
Intangible assets |  | 491.4 | 436.5
Other |  | 112.5 | 101.8
Total non-current assets |  | 1,676.4 | 1,491.4
Total current assets |  | 323.2 | 534.6
Total assets |  | 1,999.6 | 2,026.0
Total equity |  | 1,532.1 | 1,284.0
Non-current interest-bearing liabilities |  | 210.6 | 418.4
Other non-current liabilities |  | 130.4 | 130.9
Current liabilities |  | 126.4 | 192.8
Total liabilities |  | 467.5 | 742.0
Total equity and liabilities |  | 1,999.6 | 2,026.0

Current assets reduced to USD 323.2 million as of
December 31, 2025 from USD 534.6 million as of
December 31, 2024. The decline was mainly attributable to
a significant reduction in cash reserves from USD 296.1
million as of year-end 2024 to USD 90.1 million as of year-
end 2025, primarily due to the repayment of external debt
facilities in the fourth quarter of 2025.
Equity increased to USD 1,532.1 million as of December 31,
2025 (USD 1,284.0 million). Movement in equity included
the profit allocation for the period and positive exchange
rate differences linked to the translation of results and the
financial position of subsidiaries and the parent company
from other currencies into USD.
Total non-current liabilities ended at USD 341.1 million
(USD 549.2 million) as of December 31, 2025, where the
reduction was due to the repayment of the external debt
facilities in the fourth quarter of 2025. For further
information of the interest-bearing liabilities and debt
facilities as of year-end 2025, reference is made to note
4.2.
Current liabilities reduced to USD 126.4 million as of
December 31, 2025, from USD 192.8 million as of year-end
2024. This was mainly due to the completion of the
outstanding settlement obligations with Ocado Group.
The final payment to Ocado Group was made in the
second quarter of 2025. For more information on the
settlement liabilities, reference is made to note 4.2.

23

| Contents

Operational Highlights

About
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

Read more about AutoStore’s highlights for the year.

People and Organization

AutoStore is committed to building a world-class workforce
and ensuring that the company’s selection processes
actively foster equal opportunities and diversity. The
company prohibits discrimination in any form, whether
based on political views, union membership, sexual
orientation, disability and/or age. Read more about
AutoStore’s workforce, including gender diversity, salary
distribution, incidents, and occupational health and safety
in our S ustainability Statements.

Research and Development

Through 25 years of dedicated research and development
(R&D), AutoStore has developed both hardware and
software to help businesses achieve efficiency gains in
the storage and retrieval of goods. As of the end of 2025,
AutoStore has more than 3,800 granted patents and
patent applications related to its cube storage technology,
and the company is continuously developing new features
and capabilities to enhance this technology.
AutoStore always puts customers at the center of its
R&D work, from early discovery efforts to product
development and subsequent release of proprietary
solutions. The company’s disciplined R&D process also
involves analyzing new markets, applications, and other
technology groups.
In 2025, the group reported USD 32.1 million (USD 30.8
million) in development expenditure and USD 13.7 million
(USD 11.2 million) in purchase of intangible assets.

24

| Contents

Sustainability

About
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

In 2025, AutoStore published its Sustainability Statements
for the second time in accordance with the requirements
of the Norwegian Accounting Act Sections 2-3 and 2-4,
including the European Sustainability Reporting Standards
(ESRS).

Corporate Governance Statement

The Board of Directors is committed to ensuring trust in
the company and enhancing shareholder value through
effective decision-making and open communication
between the Board of Directors, management,
shareholders, and other stakeholders.
The company’s corporate governance framework is
designed to decrease business risks, maximize value, and
ensure efficient and sustainable resource utilization for the
benefit of shareholders, employees, and society at large.
The corporate governance framework is subject to annual
review and discussion by the Board of Directors.
AutoStore complies with the Norwegian Code of Practice
for Corporate Governance. For more information,
reference is made to the Corporate Governance Report
and the governance section in the Sustainability
Statements.

The AutoStore Share

AutoStore was listed on the Oslo Stock Exchange on
October 20, 2021 (OSE: AUTO). Its share capital was USD
34.3 million at the end of 2025, divided into 3,428,540,429
shares with a nominal value of USD 0.01 each. AutoStore
has one class of shares.
AutoStore aims to inform all interested parties of important
events and the company’s development through quarterly
and annual reports and updates, financial presentations,
capital market days, stock exchange notices, and other
company updates. Read more about AutoStore’s Investor
Relations on our webpage.

25

| Contents

Distributions to Shareholders

About
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

Any future proposal by the Board of Directors to declare
a dividend and/or conduct share buy-backs will be subject
to applicable laws and a number of considerations,
including the company’s financial position, operating
results, capital requirements, contractual obligations,
general business conditions, and other factors the Board
deems relevant.
The company will evaluate potential future capital
distributions to shareholders with reference to its medium-
term leverage principle of not exceeding two times net
debt divided by adjusted EBITDA. When determining
annual dividend levels and/or share buy-backs, and to
maintain necessary strategic flexibility, the Board will
consider not only legal requirements but also investment
plans, capital expenditure plans, restrictions under the
company’s debt facilities, and overall financing needs.
The Board of Directors is not proposing any capital
distribution for the financial year 2025.

Risk Management

Risk management is an integral part of all AutoStore’s
business activities and decisions. The Board of Directors
oversees AutoStore’s system of risk management and
reviews key risks through annual updates. In addition,
specific risk topics are subject to more frequent updates
to the Audit Committee. The group seeks to minimize
the potential adverse effects of such risks through sound
business practice and risk management. Risk management
is carried out in accordance with policies approved by
the Chief Executive Officer.
Operational and supply chain risks
AutoStore actively manages risks related to the quality,
design, and assembly of its products, as well as risks
related to research and development (R&D) activities and
the development and economic lifecycle of the company’s
products.
AutoStore relies on integrator partners (distribution
partners) to distribute and sell its systems and has
therefore built strong and long-standing relationships with
these partners. However, as AutoStore has grown and built
up a more complementary business, there is a risk that this
distribution partner model is exposed to a higher degree of
stress. Risk of losing distribution partners is therefore
monitored on a regular basis.
Furthermore, AutoStore is part of a global supply chain
and recognizes risks, especially in the upstream value
chain, of breaches of human rights. The company’s supply
chain is primarily managed through supplier contracts, and
operations are highly dependent on the availability and
quality of certain materials, parts, and components. For
more information, reference is made to AutoStore’s
S ustainability Statements.
Additionally, the group’s manufacturing strategy entails
outsourcing non-core activities such as the production of
system components to skilled third-party manufacturers.
Outsourcing manufacturing allows AutoStore to focus its
engineering expertise on Robot design. The group’s third-
party suppliers and manufacturers – located primarily in
Poland, Germany, Estonia, Sweden, Norway, as well as
Thailand, Malaysia, and Vietnam – are key operational
factors.
Technology and innovation risks
As a robotic and software technology developer, AutoStore is
exposed to risks related to cyberattacks both as a potential
target and as part of its customers’ supply chains.
AutoStore has a risk-based approach to cybersecurity
and constantly aims to build and improve a resilient
operation. AutoStore performs third-party assessments of
the technical infrastructure through penetration tests and
overall cybersecurity maturity based on recognized
standards.

26

| Contents

About
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

Industrial espionage is an increasing problem, often using
digital vectors to get access to information. The aim of
the espionage is to gain insight into technology, product
information, or business plans. AutoStore has a lot of
intellectual property (IP), source code, and also data that
may become IP in the future. Competitors may use
industrial espionage to gain access to AutoStore’s
information and data, or to inflict damage on AutoStore.
AutoStore gives high priority to protecting its intellectual
property and other proprietary rights through patents,
trademarks, copyrights, trade secrets, license agreements,
confidentiality agreements, and other contractual
measures. In the ordinary course of business, AutoStore
may be involved in legal proceedings and claims.
Financial risks
The group is exposed to a range of risks affecting its
financial performance, including currency fluctuations,
interest rate changes, liquidity, and credit risks. These have
been described in note 4.7.
Market and competitive risks
AutoStore operates in a competitive market that is
evolving rapidly and is subject to changing technologies,
shifting customer needs and expectations, and a high
probability of new, competing products. The need for
businesses to increase the efficiency of their warehousing
activities has resulted in the increasing adoption of
warehouse automation in global supply chains. The trend
towards automated warehousing is impacting the
competitive landscape and is expected to continue to do
so. Increased customer-driven demand for automated
storage and retrieval system (AS/RS) solutions and
technological advancements is attracting competitors to
the AS/RS market.
Further, AutoStore’s operations are affected by global
economic conditions. Economic downturns and
uncertainty about future economic prospects may impact
the company’s operative markets negatively, as well as
suppliers and their production. Global conflict, including
the war in Ukraine, continues to pose an increased risk of
negative impacts on the global economy and political
tensions. AutoStore also continues to monitor the
developments related to U.S. tariffs. Finally, recent
developments in the Middle East, including heightened
tensions involving Iran, may contribute to increased
geopolitical uncertainty and potential impacts on global
economic conditions.
Climate risks
The company’s management assesses where climate risks
could have a significant impact on its financial statements
and related estimates, and monitors the possible
introduction of environmental regulations and taxes
that could increase future production costs. Among the
assessed transition risks related to the group’s operations
and value chain were regulatory, technological, market,
and reputational risks. As of December 31, 2025, the
identified climate-related risks are not expected to have
a significant impact on the group's assets or liabilities.
Management will continue to monitor and assess the
actual and potential effects of climate-related risks going
forward. AutoStore continues to monitor scenarios that
may result in increased risks. For more information,
reference is made to AutoStore’s S ustainability
Statements.

27

| Contents

Outlook

About
Shareholder Information
Board of Directors Report
Sustainability Statements
Corporate Governance Report
Financial Statements
Appendices

AutoStore continues to see resilient underlying market
dynamics, supported by sustained customer engagement,
a strong pipeline, and a robust order backlog. The volume
and quality of proposals and dialogues remain
constructive, reinforcing confidence in the long-term
demand for warehouse automation.
While customers recognize the strong payback of
AutoStore’s solutions, uncertainty around global trade
flows and an increasingly complex geopolitical
environment may drive more cautious capital investment
decisions, limiting near‑term visibility. In this context, the
company closely monitors evolving policy developments,
including potential U.S. tariffs. North America represented
approximately 24% of 2025 revenue, and with
manufacturing located outside the U.S. and sales
conducted through partners, any direct tariff impact is
expected to be moderate. AutoStore also closely monitors
developments in raw material and aluminum prices,
particularly in light of ongoing geopolitical instability in the
Middle East and its impact on global supply chains and
energy markets.
Against this backdrop, AutoStore has remained focused on
disciplined execution and on strengthening the resilience
of the business. A standardized product set, a diversified
supplier base, and dual assembly plants provide levers to
adapt to changing conditions.
Furthermore, the company has sharpened its go‑to‑market
model, enhanced commercial execution, and reallocated
resources toward high‑potential areas, including the high
throughput segment. These efforts are starting to show
positive results, supporting deeper customer engagement,
higher account penetration, and a more focused,
customer‑first operating model.
AutoStore’s conviction in the long‑term potential of
warehouse automation remains strong. While the business
is inherently project‑driven and may experience variations
in activity from one quarter to the next, the group
continues to focus on key structural growth drivers,
including the rise of e‑commerce, labor cost pressures,
and increasing demand for operational efficiency.

Going Concern

The Board of Directors and CEO of AutoStore confirm that
the accounts have been prepared on a going concern basis
and that the going concern assumption applies and is
appropriate.

28

| Contents

Sustainability
Statements

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

29

| Contents

Sustainability Commitments

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

AutoStore is committed to upholding its corporate
responsibility by integrating sustainable solutions
into its operations and business strategy. We aim
to reduce our environmental footprint, generate
positive social impact for employees, customers,
and communities, and foster ethical governance.
These Sustainability Statements represent AutoStore’s
second report aligned with the Corporate Sustainability
Reporting Directive (CSRD) in accordance with the
requirements of the Norwegian Accounting Act Sections
2-3 and 2-4, including the European Sustainability
Reporting Standards (ESRS). Our objective remains to
provide transparent, balanced, and comprehensive insight
into the current state of ESG at AutoStore, while outlining
the company’s direction going forward.
AutoStore aims to support our community of stakeholders
on their sustainability journey, striving to be a key enabler
in helping end-users of the AutoStore system achieve their
sustainability goals by leveraging the system’s benefits and
contributions. In response to environmental challenges,
regulatory changes, and evolving market and consumer
demands, we are dedicated to adapting and addressing
these shifts in a responsible manner.
Benefits and opportunities
The inherent benefits of the AutoStore system,
compared to traditional warehouse solutions, are
evident in the performance of our current
installations:
Space efficiency. AutoStore’s high-density system
enables businesses to store more inventory in a
smaller space, reducing the need for additional
warehouse facilities. By minimizing space requirements,
companies can reduce land use, as well as energy
consumption related to heating, cooling, and lighting.
Energy efficiency. AutoStore’s Robots are designed
for minimal energy use compared to the energy
required by traditional warehouse solutions. These
Robots regenerate energy when braking, further
enhancing efficiency. Faster, automated fulfillment
can also reduce the need for traditional equipment
such as forklifts.
Long lifetime. The durability and repairability of the
AutoStore system reduces resource use and limits
downtime. In particular for the Bins and Grids,
both the aluminum and the plastic used have a long
lifetime. Most of the sold Bins and Grids are still in
use in existing AutoStore systems today, and the
materials are recyclable at end-of-life. This longevity
aligns with AutoStore’s aim of limiting waste and
promoting resource efficiency.
These benefits are further described in the relevant
topical sections of this report.
Still, we recognize that we can further enhance our
contribution to our customers’ and other stakeholders’
sustainability goals by exploring lower-carbon options,
such as green aluminum for our Grids, recycled plastic
in our Bins, and increased density and efficiency within
the AutoStore system. These matters are discussed later
in these statements.
We are also committed to continually improving how we
assess and address human rights for workers throughout
our value chain and business conduct, ensuring our
practices align with the highest ethical standards. These
important topics remain an ongoing focus, and we are
dedicated to continuing these discussions and advancing
our efforts in the future.

30

| Contents

Developing our ESG focus
Over the past years, AutoStore has implemented several
measures to enhance environmental performance, improve
transparency, and align with global ESG standards. As a

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

member of the UN Global Compact, we are dedicated to
aligning our operations with internationally recognized
sustainability principles. Furthermore, by signing The
Guide Against Greenwashing, we have committed to aim
at maintaining transparency and accountability in our
environmental reporting.
AutoStore’s ESG reporting has evolved significantly in
recent years, reflecting evolving regulatory requirements
and increased internal capabilities and maturity in the area.
Initially anchored in the Global Reporting Initiative (GRI)
since 2021, our disclosures have transitioned to align with
the European Sustainability Reporting Standards (ESRS)
under the Corporate Sustainability Reporting Directive
(CSRD). Climate reporting has adhered to the GHG
Protocol, reflecting our focus on transparent emissions
reporting.
In 2025, we have further advanced our efforts to map the
company’s sustainability context, clarifying how our
operations interact with environmental and social factors,
identifying areas of impact, and evaluating where
improvements are most needed. This process has included
active participation from members of the Board, executive
management, and the internal ESG teams and contributors
to the reporting process.
Transformation project commenced in 2025
During the second quarter of 2025, AutoStore commenced
transformation projects to improve the alignment of its
organization and commercial strategy with long-term
growth opportunities. As part of this effort, the company
implemented cost-efficiency measures related to staffing
efficiencies. The transformation project featured structural
and strategic changes within the organization, particularly
by strengthening its commercial focus within the sales and
product organization, as well as workforce reductions
aligned with the group’s strategy of reallocating resources
towards key markets.
The reallocation of resources has led to adjustments in the
timelines of certain ESG-related initiatives. Further
information on these areas is provided in the relevant
topical sections of this report. While some timelines have
been revised, the company intends to continue
progressing its broader sustainability roadmap as
operational capacity is rebalanced.
Although the transformation has affected the pace of
selected sustainability activities, the company has
advanced its work in other foundational areas. Improving
the quality, structure, and consistency of underlying ESG
data has remained a key priority. These efforts contribute
to a more robust basis for future initiatives and enable
enhanced tracking of performance over time, supporting
more informed strategic planning and decision‑making.
Targets not yet adopted
AutoStore has not adopted formal ESG-related targets,
and these statements are reflected accordingly.
We approach ESG commitments and expectations
with deliberate care, prioritizing thoughtful and informed
decision-making. This reflects a considered approach,
where decisions are guided by a growing understanding
of our sustainability context and impact. Throughout the
year, we have focused on enhancing data quality, generating
deeper insights, and conducting thorough assessments
to support future strategic direction. These initiatives are
designed to ensure that any future commitments are both
credible and aligned with the company’s broader ESG
ambitions.
AutoStore initiated the development of a decarbonization
roadmap in late 2024, with the initial phase exploring
various alternatives to reduce emissions across scope 1, 2,
and 3. Due to transformation project considerations and
the related reallocation of internal resources, this work was
temporarily paused prior to finalizing an implementation
plan. The initiative will continue, but no formal commitments
to specific targets or actions have been made at this stage.
We remain committed to aligning the roadmap with
stakeholder expectations and regulatory requirements.
As part of this process, we are assessing the feasibility
and impact of proposed measures, including potential
costs and returns. AutoStore continues to explore this
topic going forward, with the aim that this initiative will
outline the specific steps needed to establish actionable
targets in key areas, including carbon emission reduction
and circularity.

31

| Contents

General Basis for Preparation

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

AutoStore's consolidated Sustainability Statements are
prepared in accordance with the requirements of the
Norwegian Accounting Act Sections 2-3 and 2-4, including
the European Sustainability Reporting Standards (ESRS).
They have the same scope as the consolidated Financial
Statements and cover the reporting period from January 1,
2025 to December 31, 2025, and include AutoStore
Holdings Ltd. and its subsidiaries.
These statements cover AutoStore's upstream and
downstream value chain, and our value chain definition
used herein in these statements is presented here. This
definition has guided our approach to conducting the
double materiality assessment. In sections where policies,
actions, and metrics reported are related to the upstream
and/or downstream value chain, this is detailed in the
relevant topical chapter.
AutoStore has determined that it is not relevant to use
the option to omit certain information related to disclosing
information for these purposes.
Disclosures in relation to
specific circumstances
AutoStore applies the same time horizon as defined in
ESRS 1 when assessing impacts, risks, and opportunities:
– Short-term: 0-1 year
– Medium-term: 1-5 years
– Long-term: 5+ years
These time horizons are assessed to be relevant and
applicable to AutoStore’s business and operations, and
align with our overall objectives.
Estimates, outcome uncertainties, and
reporting errors
In cases of outcome uncertainty or material reporting
errors in prior periods, this information is reported
alongside the disclosures to which they refer. The relevant
chapters in our Sustainability Statements indicate where
applicable data, including upstream and downstream value
chain data, has been estimated.
Specific considerations relating to environmental data
are presented here.

32

| Contents

Changes in preparation or presentation of
sustainability information from last year
As AutoStore transitioned to reporting in accordance with
ESRS in 2024, the changes in reporting requirements and

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

the structure of the report resulted in no comparative year
for 2024.
The content and the structure of the 2025 report follows
the same approach as 2024, and will consequently be
more comparable. Following last year’s report, AutoStore
designated 2024 as the base year for the greenhouse gas
(GHG) emissions reporting.
AutoStore has not identified material reporting errors from
the previous reporting period that would require
restatements of prior disclosures. Where changes arise
due to an expanded scope of environmental data or
improved data availability and quality in 2025, these are
further detailed here.
The 2025 double materiality assessment confirmed that
the five material ESRS topics remain unchanged from
2024. We provide further explanation of the changes from
the previous year here.
Reporting frameworks
How to read the Sustainability
Statements
These statements represent AutoStore’s second
report prepared in accordance with CSRD and
ESRS.
General. The first chapter covers the basis for
preparation, along with our governance
framework, business model and strategy, and
double materiality assessment on ESG-related
matters. Topics that are broadly relevant and
addressed in topical chapters are summarized
here to provide a comprehensive overview of
our overall ESG-related efforts.
ESG. These statements are further structured by
topical chapters on environment, social, and
governance in accordance with ESRS, which
outline our material topics and identified
material impacts, risks, and opportunities,
together with related ‘approach and policies’,
‘connection to strategy and business model’ and
‘actions and initiatives’ on these matters.
Disclosure requirements in ESRS covered by
AutoStore’s Sustainability Statements are
detailed in the ESRS index, with references
indicating where the various ESRS disclosure
requirements can be found. Non-material topics
are not included.
The topical disclosures under environmental, social, and
governance are included according to the results from
the double materiality assessment defined in ESRS 1.
The GHG data is prepared according to the GHG Protocol.
The Taxonomy Report is prepared in accordance with
the EU Taxonomy for Sustainable Activities.
References made to AutoStore’s work related to the
Norwegian Transparency Act can be found here.
Additional disclosures related to the Norwegian Equality
and Anti-Discrimination Act can be found here.
External review
AutoStore followed the requirements for external
assurance for the Sustainability Statements in 2025.

33

| Contents

Governance

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

To secure healthy and effective corporate
governance, AutoStore has adopted a set of
governing documents that set out principles for
conducting its business. This is outlined in the
Corporate Governance Policy and applies to the
AutoStore group. The following section should be
read in conjunction with the annual Corporate
Governance Statement detailing the overall
corporate governance structure in AutoStore.
This section outlines the specific governance
structures in AutoStore put in place to monitor,
manage, and oversee ESG specific matters, and
discusses the relevant function’s responsibilities
within the ESG area.
The figure presented to the right shows the governing
structure of AutoStore on ESG-related matters as of
December 31, 2025.

34

| Contents

Supervisory, management, and administrative bodies
Board of Directors

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

AutoStore’s Board of Directors holds ultimate responsibility
for safeguarding the company’s operations and shall keep
itself informed of the financial position of the group and
ensure that its asset management is subject to satisfactory
controls. For more information on the Board’s general
corporate responsibilities, read more in our Corporate
Governance Report.
The Board of Directors holds comprehensive responsibility
for AutoStore’s ESG practices, serving as the company’s
ultimate supervisory body. Their responsibility encompasses
guiding and supervising AutoStore’s ESG efforts, ensuring
that significant impacts, risks, and opportunities are
effectively managed. The company’s objectives, strategy,
and risk profiles, including ESG matters, shall be evaluated
annually by the Board of Directors. The Board has mandated
the Audit Committee with the principal role of supervising
and monitoring ESG-related matters in the group.
The Board of Directors comprises eight members, 38% of
whom are women. The parent company is incorporated
in Bermuda and operates under Bermudian legislation,
but AutoStore is committed to adhering to Norwegian
legislation on this matter, which includes achieving
a minimum of 40% female representation on the Board.
38% of the members are independent.
Expertise and skills
The Board’s expertise spans important ESG areas, enabling
informed discussion and decision-making on material
topics such as climate action, ethical business practices,
and stakeholder engagement. Several members of the
Board hold or have held directorships in other publicly
listed companies subject to similar ESG reporting
requirements as AutoStore. Notably, these roles include
companies with advanced ESG practices that have
established and adopted specific, time-bound targets,
reflecting members of the Board’s experience in evaluating
and approving ESG-related initiatives. This collective
expertise is seen as important in addressing ESG matters
effectively within AutoStore's boardroom. Moreover,
AutoStore’s Board of Directors bring extensive experience
in strategic, industrial, and operational leadership across
multiple sectors. This breadth of expertise encompasses
key areas such as social responsibility and ethical business
conduct, ensuring a well-rounded approach to governance
and decision-making.
The Board of Directors has access to resources with
expertise in ESG matters. These competencies are drawn
upon in connection with Board‑level discussions, ensuring
that relevant expertise and insights are considered in the
Board’s deliberations on ESG topics. Additionally, all
members of the Audit Committee completed training on
CSRD during 2024, further enhancing their capabilities to
oversee ESG-related responsibilities, specifically related to
reporting.
Incentives and targets
No performance-related incentive schemes are included in
the remuneration structure for the Board of Directors at
AutoStore. There are currently no sustainability-related
performance incentives in the executive management
team’s incentive schemes, including performance
incentives on GHG reduction targets, as these have not yet
been defined.
ESG-related topics and discussions in 2025
at the Board of Directors
– The Board of Directors continues to mandate the
Audit Committee with the principal role of
supervising and monitoring ESG-related matters
across the group. This includes oversight of the
management and preparation of ESG reporting
in accordance with applicable requirements
under CSRD for 2025
– In 2024, the Board’s key priority among the
initiatives advanced was the approval of a
decarbonization roadmap for 2025. The work
was temporarily paused in 2025 before finalizing
the implementation plan due to a reallocation of
internal resources. The continuation of this
initiative in 2026 will focus on assessing the
feasibility and impact of proposed measures,
while aligning its scope with stakeholder
expectations and regulatory requirements. The
Board will continue to monitor progress in 2026

35

| Contents

Board of Directors

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

| Jim C. Carlisle Co-chair Director of AutoStore since: 2021 Nationality: U.S. |  |  | Angela Du Board member Director of AutoStore since: 2025 Nationality: U.S. |  |  | Sumer Juneja Board member Director of AutoStore since: 2023 Nationality: U.S.
| Vikas J. Parekh Co-chair Director of AutoStore since: 2023 Nationality: U.S. |  |  | Kevin Mok Board member Director of AutoStore since: 2025 Nationality: U.S. |  |  | Viveka Ekberg Board member Director of AutoStore since: 2021 Nationality: Swedish Independent
| Andreas Hansson Board member Director of AutoStore since: 2021 Nationality: Swedish, British Independent |  |  | Kjersti Wiklund Board member Director of AutoStore since: 2023 Nationality: Norwegian Independent |  |  |  |

Biographies

36

| Contents

Supervisory, management, and administrative bodies
Audit Committee

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

The Audit Committee is a sub-committee of the Board and
ultimately prepares items for the Board to review and
consider. The Audit Committee is mandated with the
principal role of supervising and monitoring ESG-related
matters in the group. This includes ensuring alignment with
strategy and overseeing the management and preparation
of reporting requirements under CSRD for 2025. This
mandate is outlined in the ‘Instructions for the Audit
Committee’ of AutoStore.
In general, the Audit Committee bears the responsibility of
oversight of ESG-related matters in AutoStore to align with
the corporate strategy and that ESG-related risks are
adequately managed.
Furthermore, the Committee oversees the development
and implementation of ESG-related policies and practices,
ensuring they meet both regulatory requirements and
stakeholder expectations. The Committee works closely
with the executive management team to verify that ESG-
related disclosures are integrated into regulatory reporting
where applicable and ensures the organization remains
compliant with emerging legal and market expectations.
ESG-related topics and discussions in 2025
in the Audit Committee
– Assurance process was reviewed and finalized for
the 2024 Sustainability Statements prior to
reporting
– Learnings and improvement opportunities from
the first year of CSRD reporting were reviewed
and incorporated into the reporting process for
2025
– Advances in reporting maturity, the analyses
conducted, the strengthened basis for
assessments, and considerations regarding ESG-
related targets were presented to and discussed
with the Audit Committee
– Regulatory developments on ESG-related matters
introduced in 2025 were presented to and
discussed with the Audit Committee. Particular
focus was directed to the European
Commission’s ‘simplification omnibus’ and its
proposed amendments to CSRD. Management
has continued to present the developments of
such regulatory frameworks that pertains to
AutoStore when relevant throughout 2025
– The double materiality process, relevant
identified stakeholder perspectives, and
concluded impacts, risks, and opportunities were
presented and approved by the Audit Committee
– Audit and external assurance planning, progress,
and review of CSRD attestation was presented
and discussed
Additionally, the Audit Committee assesses the internal
controls and processes concerning ESG-related data
collection and reporting. This includes ensuring ESG-
related risks are integrated into the organization’s risk
management framework.
Matters concerning ESG have been included as agenda
items in two Audit Committee meetings in 2025. The most
prominent topic concerns the reporting requirements
under CSRD, with a focus on ensuring that the necessary
structure, progress, competencies, and practices are in
place. The double materiality assessment process, with its
respective approach, methodology, and identified material
impacts, risks, and opportunities as presented in these
statements, has been monitored by the Committee. The
conclusions following the double materiality assessment
presented herein were ultimately approved by the Audit
Committee and are presented here.
The identified impacts, risks, and opportunities presented
in these statements will be discussed and monitored within
the Audit Committee agenda for 2026 alongside the
overall enterprise risk management process. This topic is
discussed and assessed at least bi-annually in the Audit
Committee.

37

| Contents

Supervisory, management, and administrative bodies
Executive management

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

The Chief Executive Officer (CEO) and his executive
management team are responsible for the day-to-day
management of the company. The executive management
team is mandated to develop and approve policies and
procedures to ensure efficient and effective operations
and communicate the values and vision of the company
throughout the organization. This also includes relevant
ESG policies.
Within the ESG area, the Chief People Officer (CPO)
oversaw the company's ESG strategy processes, including
strategy related to target setting and accompanying
actions in the first half of 2025. The Chief Financial Officer
(CFO) has carried out the responsibility for this area in the
second half of the year. The CFO collaborates with other
members of the executive management team to ensure
that ESG priorities are factored into strategy execution,
including how resources are allocated to sustainability
initiatives.
AutoStore’s ESG teams
The CFO is responsible for enterprise risk management,
including incorporating ESG risks into the broader
enterprise risk management framework, ensuring that they
are systematically monitored and addressed. Additionally,
the CFO is responsible for ensuring that ESG-related
initiatives are aligned with the group’s financial objectives.
In terms of reporting, the CFO oversees the accuracy and
integrity of ESG-related disclosures, ensuring the reporting
is within compliance with reporting requirements following
CSRD. For more information on gender and diversity ratios
on the executive management team, read more here.
Representation of employees
AutoStore conducts elections of employee representatives,
who are consulted by management on topics concerning
AutoStore’s employees. The role of an employee
representative involves representing the views and
concerns of AutoStore’s employees, facilitating
communication between staff and management, and
providing input to human resources on matters affecting
AutoStore’s work environment.
AutoStore aims to embed sustainability into its daily
operations. To support this ambition, a lean sustainability
department endeavors to integrate the necessary ESG-
related expertise across all teams. Our goal is to make
ESG, and particularly circularity, a natural part of our
product research, development, and decision-making
processes. AutoStore’s ESG work is structured into two
collaborative teams within the People and Finance
departments, both led by the CFO. This structure was
further adjusted in 2025.
The teams collaborate and work closely together while
still ensuring segregation of duties in transparent and
consistent reporting on ESG-related matters. The double
materiality process was conducted with involvement from
both teams, with the engagement of relevant stakeholders
as described later in this chapter. External consultants
have also been included in this year’s ESG work as
technical experts and sparring partners where needed.
Relevant internal stakeholders have been included to
ensure their topical expertise has been taken into account
in the double materiality assessment process and the
overall reporting on numerical and narrative data points.

38

| Contents

Executive management

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

| Mats Hovland Vikse Chief Executive Officer Role since: January 2023 Nationality: Norwegian |  |  | Jenny Sveen Hovda General Counsel Role since: February 2022 Nationality: Norwegian |  |  | Parth Joshi Chief Product Officer Role since: June 2024 Nationality: U.S.
| Paul Harrison Chief Financial Officer Role since: October 2023 Nationality: British |  |  | Carlos Fernandez Chief Solutions Officer Role since: June 2024 Nationality: Spanish |  |  | Keith White Chief Commercial Officer Role since: November 2024 Nationality: U.S.
| Israel Losada Salvador Chief Operating Officer Role since: June 2022 Nationality: Spanish and Norwegian |  |  | Bendik Førre Chief Strategy Officer Role since: February 2023 Nationality: Norwegian |  |  |  |

Biographies

39

| Contents

Risk management and internal control
Risk management

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Implementing effective risk management and internal
control systems is essential to ensure that AutoStore is
protected against situations that could harm our reputation
or financial standing. Risk management is an integral part
of AutoStore’s business activities and decision-making
processes, aiming to minimize adverse effects through
sound business practices and strategic risk management.
The Board of Directors oversees AutoStore’s system of risk
management, reviewing key risks through annual updates.
The Audit Committee supports the Board of Directors by
ensuring effective corporate governance and internal
control procedures are in place. Specific risk topics
presented annually to the Board of Directors, including
ESG risks, are subject to more frequent updates and
review by the Audit Committee.
The CFO directly reports to the Audit Committee on
matters including risks, reporting, internal controls over
reporting, and corresponding compliance aspects. This
also includes the ESG-related risk management process
and monitoring of identified ESG-related risks. Climate-
related risks are monitored and reported by the CFO to the
Audit Committee. This topic was addressed in two out of
four meetings. In 2025, the Audit Committee oversaw and
approved the impacts, risks, and opportunities presented
in this report. The Audit Committee will maintain its
monitoring and oversight activities throughout 2026 as an
integral part of the enterprise risk management process.

Process steps of AutoStore’s enterprise risk management system
1 | Identification. This step aims to recognize and describe risks that could either support or hinder AutoStore in achieving its objectives. This involves analyzing tangible and intangible risk sources, potential causes and events, threats, opportunities, vulnerabilities, capabilities, contextual changes, emerging indicators, asset value, consequences, information reliability, time factors, and biases or assumptions.
2 | Analysis. The objective is to understand the nature and characteristics of risks, including their level. It involves evaluating uncertainties, consequences, likelihood, and scenarios, together with factors like complexity, connectivity, time sensitivity, and the effectiveness of existing controls.
3 | Evaluation. The objective is to provide a basis for decisions by using the results of the risk analysis and risk criteria to determine the need for additional actions. This may result in deciding to take no further action, consider risk treatment options, conduct further analysis, or maintain existing controls. Decisions should take account of the wider context and the actual and perceived consequences to external and internal stakeholders.
4 | Risk treatment. The objective is to ensure risks are addressed and treated in line with acceptable criteria, balancing objectives against the costs, effort, or disadvantages of implementation. Risk treatment is an iterative process involving selecting and implementing treatment options, assessing effectiveness, determining risk acceptability, and, if necessary, taking further action, with each treated risk assigned to a responsible risk- owner for follow-up.
5 | Monitoring and review. The objective is to communicate risk management activities across the organization, support decision- making, and facilitate stakeholder engagement. Significant risks and those requiring treatment must be documented in AutoStore's risk register, with the status of treatment actions monitored and managed by the relevant line organizations.

AutoStore has established a systematic and uniform approach
to risk management throughout the company, embedded in
our Risk Management Policy. The policy details how risks shall
be identified, assessed, mitigated, monitored, and reported
according to AutoStore’s established risk tolerance. The five
process steps of our overall risk management system are
outlined in the table to the right. For our double materiality
assessment, including the identification of material ESG-
related risks, we utilized our overall risk management system.
For more information on the risks identified on ESG-related
matters, read more here.
Reporting risks
In 2025, AutoStore conducted an assessment of ESG reporting areas
with the highest level of risk regarding potential material reporting
errors. The two most prominent reporting risks identified were:
DMA. Errors in the double materiality assessment process can
undermine the accuracy of ESG reporting by causing the omission of
key issues, inclusion of immaterial topics, or cascading mistakes
throughout disclosures due to fragmented ownership,
undocumented assumptions, or inconsistent scoring.
Environmental data. The complexity and cross-functional nature of
data collection, including reliance on external supplier data, can lead
to inaccuracies, double counting, undocumented assumptions, and
incomplete or misclassified information, potentially resulting in
material misstatements in ESG reporting. Specific considerations
related to environmental data are presented here.
Relevant mitigation practices and controls are further addressed on
the next page.

40

| Contents

Risk management and internal control
Internal control

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Initiated in 2024, AutoStore placed extended focus on the
development of internal controls over ESG reporting in
response to new requirements under CSRD. The approach
was grounded in the COSO 2013 Internal Control–
Integrated Framework and implemented through a risk-
based, top-down methodology. Efforts focused on
establishing governance structures, clarifying roles and
responsibilities, and ensuring that ESG-related activities
were subject to adequate oversight. These measures were
designed to support the accuracy, reliability, and
transparency of reported ESG information.
In 2025, this foundation has been further developed into
a more formalized and mature control environment. While
the core principles and structures established in 2024
remain relevant, the current process reflects a stronger
emphasis on documentation, traceability, and integration
with reporting platforms. The scope of internal controls
has expanded to include more structured validation
routines and increased internal stakeholder involvement,
supporting improved consistency and alignment with
evolving regulatory expectations.
AutoStore’s key processes to ensure adequate internal controls over ESG reporting include, but are not limited to:

Governance structure and frameworks | AutoStore assigns clear roles and responsibilities across supervisory bodies, the executive management team, and administrative teams, ensuring board oversight, executive leadership, and sufficient internal competence and resources in the management, oversight, and development internally in AutoStore. AutoStore is further embedding responsibility through internal topic owners, where each material ESG topic is assigned a designated topic owner.
Risk assessment | In 2025, alongside reassessing its material impacts, risks, and opportunities, AutoStore conducted an evaluation of ESG reporting areas with the highest risk of potential material reporting errors. These risks have been integrated into AutoStore’s ESG reporting approach, including data collection and management practices, and are a key consideration in the establishment of formal internal controls over ESG reporting.
Reporting and data collection and management | To strengthen internal controls over ESG reporting, AutoStore continues to formalize processes and procedures across the group. Reporting teams and relevant departments collaborate closely to ensure that the design and implementation of data gathering activities and controls align with each group’s responsibilities, emphasizing reliable and consistent data sources and methodologies. In 2025, key focus areas for further development included standardized and documented data collection procedures, access management, automated data integration between platforms, and internal checklists, reviews, validations, and reconciliations. These efforts will continue in 2026, with a focus on enhancing both quality and efficiency.
Assurance | The Sustainability Statements for 2025 have undergone external assurance by our auditor.

41

| Contents

Risk management and internal control
Policies

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

AutoStore has established codes and policies relevant to
most of our identified material topics. The following table
illustrates how these topics are governed and identifies
the corresponding material topics they apply to. Further
descriptions of these policies can be found in the relevant
topical chapters. The table outlines the main chapters they
are discussed by referencing related page numbers. Each
policy is revised annually by the designated responsible
party to ensure ongoing relevance and effectiveness.
These policies are publicly available on our website.
Furthermore, a dedicated section on AutoStore’s intranet
is easily accessible to all AutoStore employees, focusing
on corporate governance and business conduct. This page
prominently features key policy documents to ensure that
all employees are informed and have easy access to
relevant information of the company's standards and
practices. This platform serves as a central hub for both
global information and specific, region-based content,
ensuring employees have accessible, relevant information
tailored to their location.

Codes and policies |  |  | Responsible party |  |  | Revision |  |  | Scope and value chain position |  |  | Material topics |  |  | Pages
Code of Conduct |  |  | CEO |  |  | Annual |  |  | AutoStore group – cross value chain |  |  | All material topics covered in these statements |  |  | 147
Human Resources Policy |  |  | CFO |  |  | Annual |  |  | AutoStore group – cross value chain |  |  | Own Workforce |  |  | 105
Environment and Climate Policy |  |  | CFO |  |  | Annual |  |  | AutoStore group – cross value chain |  |  | Climate Change Resource Use and Circular Economy |  |  | 65, 84
Human Rights Policy |  |  | CFO |  |  | Annual |  |  | AutoStore group – cross value chain |  |  | Own Workforce Workers in the Value Chain |  |  | 105
Anti-Corruption Policy |  |  | GC |  |  | Annual |  |  | AutoStore group – cross value chain |  |  | Business Conduct Own Workforce Workers in the Value Chain |  |  | 147
Whistleblowing and Investigation Policy |  |  | GC |  |  | Annual |  |  | AutoStore group – cross value chain |  |  | Business Conduct Own Workforce Workers in the Value Chain |  |  | 147
Business Partner Code of Conduct |  |  | CEO |  |  | Annual |  |  | AutoStore group – cross value chain |  |  | Climate Change Resource Use and Circular Economy Workers in the Value Chain Business Conduct |  |  | 134
Corporate Governance Policy |  |  | GC |  |  | Annual |  |  | AutoStore group – cross value chain |  |  | Business Conduct |  |  | 166

Click on a policy to navigate
directly to it on our website.

42

| Contents

Business Model

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Cube technology
Differentiated solutions
AutoStore’s automation solutions cater to a variety
of industries, including retail, e-commerce,
pharmaceuticals, manufacturing, and third-party
logistics offering tailored solutions for different storage
and retrieval needs. AutoStore also supports high-
speed, accurate order fulfillment, which is particularly
valuable for industries with high transaction volumes
and rapid order processing requirements.
Our business mo del revolves around providing an
automated storage and retrieval system (AS/RS) that
maximizes the use of space within warehouses. At the
core of AutoStore’s offering is the cube storage
concept, where goods are stored in a compact, vertical
Grid and retrieved by Robots. These Robots move
across the top of the cube, lifting Bins to access
products stored beneath them, which enables a dense
storage structure. This approach allows an AutoStore
system to store up to four times more products in the
same warehouse footprint as compared to traditional
shelving or racking systems.
Read more about AutoStore’s significant markets.
Partner distribution model
AutoStore relies on a network of distribution partners
implementing the AutoStore systems in end-user’s
warehouses and adapting the solution to specific needs.
By working with our distribution partners, we can scale
efficiently across global markets and ensure that
installations meet the unique requirements of each end-
user. This partnership-based model allows AutoStore to
focus on developing and refining its core technology,
while distribution partners handle installation, integration,
and ongoing support. AutoStore's revenue model
includes both initial sales and long-term service
agreements, ensuring ongoing revenue from system
maintenance, upgrades, and support. The distribution
partners are supported by AutoStore’s in-house partner
sales managers (PSMs), business development managers
(BDMs), and global account managers (GAMs).
Standardization
AutoStore’s technology is modular, which makes it
adaptable to varying warehouse sizes and allows
customers to expand the system incrementally as their
needs grow. Our system's flexibility supports scalability,
which is key to our business model, enabling customers
to optimize their storage capacity without needing to
build new facilities. The modular, customizable nature of
AutoStore’s solution has proven valuable for customers
facing fluctuating storage needs, as they can adjust the
number of Robots or storage Bins without reconfiguring
the entire warehouse.
For more information on the AutoStore system,
our value proposition, significant markets and
end-user groups, and our corporate strategy,
read more here.
Read more about AutoStore’s distribution partner model.

43

| Contents

Strategy

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

AutoStore is about more than warehousing – it is about
how we approach the finite time and space we have.
By providing solutions that can help us to store, share,
and move things in a smaller space and with greater speed,
we want to contribute to developing a new approach to
better utilizing our environment.
With our vision, mission, and values in mind, we aim at
capturing white space in an immature market and grow
through new applications and adjacencies. AutoStore
targets significant growth and wider potential beyond
the walls of the cube and the walls of the warehouse.
The cube is at the core of our strategy and the center of
everything we build. Our aspiration is standardization of
automation with and beyond the cube and outgrowing the
market. Our strategy is thus to optimize our current go-to-
market model and improving the cube to increase our
value propositions. Read more about our overall corporate
strategic direction.
Our strategic direction from an ESG perspective is discussed
further in this section. The elements of AutoStore’s
strategy that relate to or impact ESG matters, including
the main challenges ahead, critical solutions, or projects
to be put in place, are introduced in this chapter, and
further discussed in the topical chapters of this report.
AutoStore has a solid starting point for sustainability – we
supply a product with the potential to offer inherent
benefits to the environment and workers through space-
saving, energy efficiency, long product lifespan, and
features that support a positive warehouse work
environment.

AutoStore’s sustainability strategy
To accelerate the transition to space- and energy-efficient warehouse solutions that are preferred by warehouse workers.

To work towards this ambition, we focus on areas where
we see the greatest impacts can be made. This assessment
results from our conducted double materiality assessment,
stakeholder dialogue, and thorough strategy processes.
AutoStore’s three main sustainability focus areas have
been identified as carbon, circularity, and social and
governance. Through these focus areas, we aim to reduce
our environmental impact and contribute to the reduction
of our customers’ environmental impact by further improving
the circular value propositions of our products and
reducing GHG emissions. This work is a continuous
process.

44

| Contents

To help us reach our strategic pillars, from an ESG perspective, the strategic direction and key enablers include:

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

1 | A results-oriented organization living the Founder’s Mentality

We are proud of our culture in AutoStore and see
ourselves as ‘One AutoStore’. Our corporate culture is a
key enabler and the foundation of our strategy, aiming at
driving further growth and develop our offerings. Embracing
the Founder’s Mentality encourages accountability,
innovation, and long-term thinking, which we deem
foundational to strong ESG performance. By fostering a
culture of ownership, we believe that our employees are
more likely to prioritize ethical practices, transparency,
and community well-being. This mentality supports
governance goals through increased responsibility,
ethical conduct, and alignment with AutoStore’s values.

2 | A customer-centric partner-based go-to- market model

Our partner-based go-to-market model enables us to
efficiently scale globally, expand our sales reach, and
establish a continually growing base of installed systems.
We view our distribution partner relationships as vital to
our success, fostering close, collaborative ties where
distribution partners are both supported and challenged to
drive impactful sales and service initiatives. As a key part
of our downstream value chain, we prioritize building
partnerships that align with our ESG values. This
commitment includes fostering sustainable practices and
positive social impacts throughout our distribution partner
network. By partnering with ethically responsible
organizations, we aim at ensuring that products and
services reflect environmental sustainability, fair labor
practices, and community support.

3 | Product development with fast time to market and customer-centricity

Innovation remains core to AutoStore’s DNA. We
continuously invest in research and development to
refine our robotic technology and improve its software
capabilities, staying at the forefront of warehouse
automation innovation. Our aim is that innovative solutions
and additional cube capabilities include sustainable
product design, resource efficiency, and reduced
environmental impact with our customers in mind. End-
users of the AutoStore system increasingly expect
sustainable solutions, and by prioritizing ESG
considerations during product development, we can
design products that meet customer requirements while
minimizing waste, utilizing eco-friendly materials, and
promoting energy efficiency.

4 | Efficient operations and value chain set-up

USD million
Streamlining operations can reduce waste, minimize
carbon emissions, and optimize resource use, making our
operations more sustainable. An efficient value chain also
improves labor practices by promoting fair wages, safe
working conditions, and ethical sourcing. We believe
focusing on ESG within the value chain will lead to a
resilient, sustainable, and ethically responsible supply
network, strengthening governance through transparent
and compliant operations.

5 | Continuously optimize operating model

We want to consistently maintain a fit-for-purpose
organization, with the right structure, capabilities, and
processes to efficiently execute our strategy. We aim at
incorporating ESG principles into our operations to drive
sustainable growth, create positive societal impact, and
uphold the highest standards of governance and ethical
responsibility.
Performance in 2025
AutoStore reports one segment in
the consolidated Financial
Statements – the AutoStore
system. We deem this relevant also
for the definition of ESRS sectors.
538.6
Revenue
USD million

45

| Contents

Double Materiality Assessment

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Background and changes from 2024
In 2025, AutoStore completed its third Double Materiality
Assessment (DMA), further strengthening the foundation
laid in 2023 and refined in 2024. This year’s assessment
reflects a more mature and structured approach, aligned
with the European Sustainability Reporting Standards
(ESRS), and incorporates a broader mapping of
sustainability topics and sub-topics.
The 2025 process introduced a more detailed breakdown
of impacts, risks, and opportunities (IROs), allowing for
clearer prioritization and improved alignment with ESRS
disclosure requirements. The scoring methodology was
also updated, including revised thresholds for both impact
and financial materiality, to better capture topics of
strategic relevance.
Stakeholder engagement remained a central pillar of the
process. In addition to building on insights from previous
years, the double materiality assessment process in 2025
included targeted workshops across key departments and
production sites, as well as input from related assessments
such as climate risk and resilience analyses.
While the core structure of the assessment remains
consistent, several methodological improvements were
introduced this year. These will be presented in the
following chapters, covering the updated scoring logic and
stakeholder input process. The result is a more robust and
transparent materiality framework that reflects
AutoStore’s evolving sustainability context and supports
its strategic ESG priorities for 2025 and beyond.
Methodology and assumptions
Our approach to the double materiality assessment
process follows the principles as set forth by the EU’s
CSRD and ESRS adopted in July 2023. This approach
requires companies to evaluate and disclose sustainability
matters from two distinct perspectives.
As a basis for determining the disclosures in our
sustainability statements, an ESG-related matter was
deemed material for AutoStore out of one or both of the
following perspectives:

| Impact materiality |
| AutoStore’s impact on people and/or the environment, |
| and/or |
| Financial materiality |
| ESG-related matters that trigger effects on AutoStore’s cash flows, development, performance, position, cost of capital, or access to finance. |

The double materiality process involved assessments
across the entire group, evaluating impacts, risks, and
opportunities without excluding any specific locations
or subsidiaries.

46

| Contents

Our approach

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Double materiality assessment section |
This section on our double materiality assessment process outlines the methodology and approach used, incorporating key inputs such as stakeholder dialogue and value chain definition. These inputs are essential to the assessment. Finally, the section presents the identified impacts, risks, and opportunities. |

AutoStore has continued to apply a structured and
comprehensive approach to identifying potential material
ESG topics and associated impacts, risks, and
opportunities. The longlist of topics for the 2025
assessment builds on the foundation established in 2023
and refined in 2024, while incorporating updated guidance
from EFRAG’s materiality assessment implementation
framework.
This year’s identification process was strengthened by a
more detailed mapping of ESRS sub-topics and a clearer
disaggregation of previously broader themes. Input was
drawn from stakeholder dialogues conducted throughout
the year, as well as from relevant internal analyses,
including the company’s carbon accounting report and
climate risk assessments.
The identification of potential material topics was further
informed by value chain mapping, due diligence
processes, and screening of AutoStore’s activities, assets,
and business relationships. Particular attention was given
to how the company’s strategy and business model may
give rise to actual or potential impacts, and to the
dependencies on natural and social resources that could
influence financial outcomes.
Geographic location, operational context, and stakeholder
exposure were also considered when evaluating the
likelihood and severity of adverse impacts. These
contextual factors helped guide the identification of
disaggregated risks and opportunities, which are further
addressed in the topic-specific chapters of this report.
All identified topics were subsequently assessed and
prioritized based on their impact materiality and financial
materiality, using updated scoring logic and thresholds
introduced in this year’s methodology.

Process steps 2025 |
1 |  | Review and assessment of the double materiality assessment process from 2024 |
2 |  | Evaluation of our business model and strategy |
3 |  | Evaluation of our stakeholders and definition of value chain and its scope |
4 |  | Identification of impacts, risks, and opportunities within topical expert groups |
5 |  | Assessment of impacts, risks and opportunities based on defined criteria |
6 |  | Prioritization of potential material ESG- related topics, alongside reassessment and validation with relevant stakeholders and consolidation of impacts, risks, and opportunities |
7 |  | Final consolidated material impacts, risks, and opportunities |
8 |  | Approval of impacts, risks, and opportunities in the Audit Committee |

47

| Contents

Impact materiality
The assessment evaluated how AutoStore’s operations
affect the environment, people, society, and human
rights, both directly and indirectly, across all business
activities, geographies, and throughout the value chain.
In line with ESRS, an ESG topic was considered
material from an impact perspective if AutoStore is
associated with significant actual or potential impacts,
negative or positive, on the environment or people,
across short, medium, or long-term time horizons.
Scoring
The impacts were scored based on the following criteria, in line
with ESRS:
Severity of the impact. Negative impacts were scored based on
a combination of scale, scope, irremediability, and likelihood.
Positive impacts were scored based on a combination of scale,
scope, and likelihood. Scale, scope, and irremediability were all
scored on a scale from 1 to 5, where 1 was the minimal impact and
5 was the absolute impact.
Likelihood of the impact. Likelihood of impact occurring was
scored on a scale from 1 to 6, included a range from rare
occurrences (<10%) to actual events (100%).
Threshold
The product of both the severity of the
impact and the likelihood of it occurring
determined the impact score.
The threshold for materiality of impacts was
set at 15/30.
Impact score (impact) =
Severity x Likelihood.

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Financial materiality
The assessment evaluates how AutoStore and its
operations are impacted by the environment,
society, and human rights. An ESG topic is
considered material from a financial perspective if it
triggers significant financial effects on the company,
meaning it creates risks or opportunities that could
affect future cash flows and, consequently, the
value of AutoStore in the short, medium, or long
term. These financial effects may not be captured in
current financial reporting but are important for
understanding future impacts. For each risk and
opportunity identified, we analyzed both direct and
indirect ownership as well as the negative or
positive financial effect of the risk or opportunity.
Scoring
The financial risks and opportunities were scored based on the
following criteria, in line with ESRS, and based on defined
thresholds as set forth in AutoStore’s overall enterprise risk
management methodology:
Magnitude of financial effect. Risks were scored on a scale from
1 to 5, where 1 represents a negligible financial loss and 5 represents
a serious direct financial loss (>20% of turnover or persistent effect
on share price). Opportunities were scored on a scale from 1 to 5,
from very low (<5% of turnover) to very high (>20% of turnover).
Likelihood of financial effect. Likelihood was scored on a scale from
1 to 5, from rare (<10%) to almost certain (>75%).
Threshold
The product of both the magnitude of
the financial risk or opportunity and
the likelihood of it occurring
determined the financial impact score.
The threshold for materiality of risks
and opportunities was set at 5/25.
Financial impact score
(risk or opportunity) =
Magnitude x Likelihood.

48

| Contents

Stakeholder dialogue

For the 2025 stakeholder dialogue, AutoStore prioritized

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

comprehensive engagement with internal stakeholders
across the organization, including departments that
maintain frequent and direct contact with a wide range of
external stakeholders such as distribution partners,
suppliers, end-users, and investors and shareholders.
While there was limited direct interaction with external
stakeholders in this assessment cycle, the process ensures
that external perspectives are appropriately represented
through the insights and experience of internal teams.
The double materiality assessment process also builds
upon comprehensive stakeholder input gathered during
the 2023 and 2024 assessments. This approach enables
AutoStore to monitor developments in stakeholder
expectations and input over time, ensuring that the
assessment remains relevant and responsive to evolving
priorities.
Stakeholder engagement activities for the 2025 process
included workshops, interviews, and collaborative sessions
with internal stakeholders, whose feedback was informed
by their ongoing dialogue with external parties. Combined
with analysis of industry trends, peer benchmarks, and
regulatory frameworks, this process enabled the
identification and prioritization of material impacts, risks,
and opportunities relevant to AutoStore’s operations and
value chain.
Key stakeholders
AutoStore aims to further increase the scope of consulted
stakeholders going forward.
More information about our engagement with key
stakeholders, how it is organized, and our responses based
on these interactions is provided on the next page.

49

| Contents

|  |  | Employees |  |  |  | Partners and end-users |  |  |  | Suppliers |  |  |  | Investors / shareholders |  |  |  | Governments and civil society |  |  |  | Special interest groups
Stakeholder group |  |  | AutoStore’s employees are primary stakeholders who both directly affect and are directly affected by AutoStore’s internal policies and activities. |  |  |  | AutoStore’s partners and end- users directly affect the company economically, and customer expectations guide AutoStore’s sustainability priorities. |  |  |  | Suppliers are directly affected by AutoStore financially through procurement activities, and indirectly through our commitment to responsible business practices, which translates into specific expectations for supplier conduct. |  |  |  | AutoStore’s investors are primary stakeholders and directly affect the company’s priorities and strategic direction. |  |  |  | Governments and regulatory authorities have a direct and indirect impact on AutoStore and its operating conditions. Local communities are indirectly affected by the company’s activities through job creation, tax payments, and environmental impact. |  |  |  | Initiatives and special interest groups have a direct and indirect impact on AutoStore and its operating conditions through their expectations and requirements.
Arena |  |  | – Regular all-employee meetings – Annual performance review – Internal channels, including intranet – Training and coaching – Working environment committee meetings – Employee surveys – Huddles |  |  |  | – Newsletters – Training – Website – Quarterly business reviews – Conferences |  |  |  | – Regular direct dialogue and written communication – Supply chain management through supplier evaluation forms and annual audits of critical suppliers |  |  |  | – Reporting – Board meetings – Direct communication – Investor updates and quarterly reports – Investor presentations – Stock exchange / press releases – Roadshows |  |  |  | – Written and direct communication |  |  |  | – Answering surveys and interviews focusing on sustainability – Website update, review of internal guidelines – Various projects participation
Theme |  |  | – Comply with laws and regulations in terms of ethical business, double materiality, operations, human rights, and anti- corruption – Diversity, equity, and inclusion – Workplace safety, health, and well-being, including mental health – Development and career opportunities – Involvement of employees in climate and sustainability strategy process – Risk assessments related to climate change, operational, and reputational risks |  |  |  | – Climate – Greenhouse gas emissions – Energy use – Market conditions – Employee well-being and safety |  |  |  | – Future business needs and deliveries – Responsible and ethical business conduct and practice – Human rights |  |  |  | – Financial results – Innovation – Annual report and governing documents relating to sustainability information |  |  |  | – Regulatory framework – Focus on financial support from government for Norwegian export companies and capital-demanding start- ups. Need for education and high-competence workforce in Norway – Products and value in society |  |  |  | – Employer branding – Responsible business, openness, trust, selected sustainability issues, UN SDGs
How we responded |  |  | – DEI strategy process – Sustainability strategy process – Unconscious bias training – Inclusive recruitment training |  |  |  | – GHG emissions accounting with focus on scope 3 – Signed Code of Conduct – Sustainability strategy process |  |  |  | – Business Partner Code of Conduct to be signed by suppliers – Project group on the Norwegian Transparency Act – Sustainability strategy process |  |  |  | – ESG reporting in line with CSRD – Sustainability strategy process |  |  |  | – Sustainability strategy process |  |  |  | – Implementing UN Global Compact principles – Implemented the Guide Against Greenwashing

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

50

| Contents

Value chain

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

51

| Contents

Upstream

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

BOM suppliers
The upstream value chain for AutoStore begins with the
sourcing of raw materials and components of the
AutoStore system, hereunder materials to produce and
assemble the modules – Grids, Bins, Robots, Ports, and
Controllers. Most materials and components are sourced
from several suppliers, and we work closely with a
network of trusted suppliers to ensure the raw materials
meet the required quality. Our key suppliers include the
suppliers delivering aluminum products for our Grids and
plastic products for our Bins. Other key suppliers provide
materials and customized components necessary for
production and assembly of the remaining modules in the
AutoStore system. We define these suppliers as ‘bill-of-
materials’ (BOM) suppliers within our value chain
definition. Transportation suppliers are also included in this
category. This definition is also applied throughout our
double materiality process and these statements.
For the purpose of this value chain definition, and
assessments made in the double materiality assessment
process, the main focus has included suppliers with whom
AutoStore has direct business relationships, hereunder
referred to as ‘direct suppliers’. While considerations of
indirect suppliers further upstream in the value chain have
been assessed, transparency remains limited in certain
parts of our upstream value chain. AutoStore is committed
to strengthening visibility and understanding across all
tiers of the supply chain, and this work represents a
sustained effort to enhance due diligence and risk
management beyond direct suppliers. More information
and an overview of the main materials and components
used for producing and assembling the AutoStore system
can be found in our discussion about resource inflows.
Grid and Bin parts in the AutoStore system are directly
produced and shipped from our suppliers to the end-user
of the system for installation by our distribution partners.
Bin suppliers arrange the transportation from their
production sites, while AutoStore mostly arranges
transportation of the Grids. Furthermore, material and
components for our Robots, Ports, and Controllers are
shipped from our suppliers to our production facilities in
Poland and Thailand for internal assembly. The transport
for these shipments is coordinated and handled by the
suppliers via third-party transport service providers.
Non-BOM suppliers
Additionally, our upstream value chain includes suppliers
of goods and services not directly linked to the production
of the AutoStore system. These are defined as ‘non-bill-of-
materials’ (non-BOM) suppliers. Non-BOM suppliers
include, but are not limited to, software services, providers
of IT equipment, and consulting expertise that support the
company's operations, innovation, and digital
infrastructure.

52

| Contents

Own operations

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Our own operations begin with the product and research
and development (R&D) phase, where our engineers create
and refine the technology behind our cube storage system,
ensuring AutoStore meets user needs and market
demands.
AutoStore’s operations include the assembly of
components into fully integrated systems at production
facilities in Poland and Thailand. This process covers the
internal assembly of Robots, Ports, and Controllers. Once
assembled, these components along with spare parts are
transported from AutoStore’s facilities to end-user sites.
Transportation is arranged by AutoStore and typically
involves air, sea, and road freight. While AutoStore
facilitates and coordinates these shipments, the actual
transport is carried out by external suppliers specializing in
freight and logistics.
The AutoStore system is sold to a global network of
distribution partners. This encompasses the Grids, Robots,
Ports, Controllers, software, and spare parts. In addition to
the sale of the AutoStore system, AutoStore has a royalty
agreement with bin production partners.
Our own workforce is responsible for quality control,
ensuring that all systems meet the required performance
standards before they are shipped to the end-user’s site.
Service and support for partners and end-users is another
important aspect of our own operations, where we provide
training, technical assistance, and troubleshooting if
needed, particularly support towards our distribution
partners. AutoStore also monitors the performance of our
running systems, collecting data that is used to drive
continuous improvements and innovations. Through this
ongoing feedback loop, AutoStore ensures that our
solutions stay at the forefront of automation technology.
These functions are supported by teams in Sales and
Marketing, Procurement and Supplier Management,
Strategy, HR, HSE (health, safety, and working
environment), Finance, Legal, and IT. These functions
ensure effective coordination, risk management, and
compliance across the supply chain, providing the critical
support needed to maintain operational efficiency, drive
strategic goals, and enable seamless business continuity.

53

| Contents

Downstream

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

For the purposes of reporting and for defining the different
actors across tiers of the downstream value chain, the
terminology applied from this section onward is further
specified. AutoStore’s 23 distribution partners are referred
to as customers, while companies in the end market that
receive the installation of AutoStore systems are referred
to as end-users. AutoStore’s customers (the distribution
partners) are responsible for installing, servicing, and
maintaining the AutoStore system at the end-users’ site.
AutoStore’s own workforce provides training and support
to our distribution partners, enabling them to effectively
assist end-users and maintain system functionality. We
work closely with our distribution partners to ensure they
adhere to quality standards throughout the installation and
maintenance processes. Distribution partners also provide
valuable feedback to AutoStore, helping to identify areas
for improvement and new opportunities for innovation.
The downstream value chain also involves regular
monitoring and upgrading of systems to meet changing
end-user needs and technological advancements.
AutoStore’s close collaboration with its customers is
fundamental to our business model, ensuring end-user
satisfaction by serving as the primary point of contact for
those using the AutoStore system. We prioritize that our
distribution partners are well-equipped with the tools,
knowledge, and resources to support the end-user long
after installation.
Current and expected benefits
The AutoStore system enhances energy efficiency,
durability, space-saving solutions, and long product
lifespans in its installations. Ongoing services, such as
software updates, spare parts supply, repair, and leased
asset management, ensure long-term value for end-users
worldwide. AutoStore’s automation solutions cater to a
variety of industries and end-users of the system, including
retail, e-commerce, pharmaceuticals, manufacturing, and
third-party logistics offering tailored solutions for different
storage and retrieval needs.

54

| Contents

Conclusion on Double Materiality Assessment

Brief descriptions of our identified material impacts, risks,

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

and opportunities are presented on the following pages.
More detailed descriptions and related actions and
initiatives can be found in the topical sections following in
the subsequent chapters under environment, social, and
governance.
Topics deemed not material
All relevant topical standards within ESRS were
evaluated as part of the double materiality
assessment. The following ESRS topical standards
remain classified as non-material for AutoStore in
2025. These assessments build upon the conclusions
from the double materiality assessment in 2024 and
are further supported by updated internal evaluations,
supplier due diligence, and stakeholder alignment
conducted during the 2025 process.
Below follows a short description of the main reasons
these were not included as material topics following
no identified material impacts, risks, or opportunities.
These topics will continue to be monitored by
AutoStore going forward.

ESRS E2 Pollution
Pollution from AutoStore’s operations and value chain continues to be assessed as non-material. While pollution related to transportation and the production of aluminum and plastics is acknowledged, it is not considered significant compared to GHG emissions, which are covered under ESRS E1. In 2025, internal operations assessments did not identify pollution-related sub-topics as significant. These findings are aligned with AutoStore’s ISO 14001 environmental aspect registration process for production facilities.
ESRS E3 Water and marine resources
Water use remains non-material to AutoStore’s operations. While water is used in upstream processes such as aluminum and plastic production, internal assessments and supplier disclosures indicate limited impact. In 2025, water-related sub-topics were not identified as significant during internal operations assessments. This conclusion is also supported by ISO 14001 evaluations. Water is not a material part of AutoStore’s production process, and stakeholder input during the DMA process confirmed this assessment.
ESRS E4 Biodiversity and ecosystems
Although the AutoStore system may contribute positively to space efficiency and reduced brownfield expansion, there is currently insufficient data to quantify this impact. The topic remains non-material due to limited evidence and stakeholder consensus. It will continue to be monitored for future relevance.

ESRS S3 Affected communities
AutoStore’s production facilities are located in industrial zones and do not materially impact local communities. Upstream activities, including aluminum and plastic production, have not been linked to significant community risks. Due diligence conducted in 2025 did not reveal any direct connections to negative impacts from AutoStore’s operations or its suppliers. Stakeholder feedback during the DMA process confirmed that this topic should remain non-material.
ESRS S4 Consumers and end-users
Warehouse workers interacting with the AutoStore system may benefit from ergonomic design and improved work environments. However, the topic is not currently deemed material. Stakeholders acknowledged its relevance but agreed it does not meet the threshold for materiality. The topic will continue to be monitored for future developments.

55

| Contents

Financial effects of impacts, risks, and opportunities

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Financial effects
AutoStore is working on quantifying the monetary financial
effects of our identified material impacts, risks, and
opportunities. The impact on our financial performance
and cash flows will be disclosed in accordance with the
phase-in requirements of ESRS.
It is consistently acknowledged throughout AutoStore’s
respective policies and enterprise risk management that
the group shall include relevant ESG-related factors in its
running assessment of business risks and opportunities.
This includes, but is not limited to, conducting climate risk
assessments, human rights due diligence, and that health
and safety issues are integrated as part of the annual
enterprise risk assessment. The principle of double
materiality shall be applied in these analyses.
The current financial effects of AutoStore’s material risks
and opportunities on its financial position, financial
performance, and cash flows are assessed to be less
significant in the short-term. The materiality of these
effects are generally linked to potential developments in
longer term time horizons.
AutoStore does not assess or expect that material risks or
opportunities will result in a significant risk of a material
adjustment to the carrying amounts of assets and liabilities
reported in the financial statements within the next annual
reporting period.
Resilience
AutoStore conducts resilience assessments of its strategy
and business model in order to identify its capacity to
manage material impacts and risks, and to seize material
opportunities. The company assesses that its strategic
direction and priorities do not impair its ability to manage
material impacts, risks, and opportunities. Further
information on AutoStore’s business model and strategy is
presented here.
In accordance with the resilience analysis, and to ensure
strategic resilience, AutoStore will continue to monitor the
increasing risk exposure that could materialize over future
time horizons. A key resilience consideration is that
AutoStore continues to formalize its strategy and
commitments, further enhance cross-functional
collaboration, and continues to monitor alignment with
stakeholder expectations.
The company will persist in taking necessary actions to
ensure its ability to respond to long-term risks identified.
Going forward, resilience will depend on the company’s
ability to implement further resilience-related actions and
solutions, and to respond swiftly if these risks materialize.
The main focus of the resilience analysis conducted in
2025 has been the ability to manage risks related to
climate change mitigation and adaptation. Further
considerations regarding assessments of resilience related
to environmental topics are presented under climate-
related Risks in the E1 Climate Change chapter.
Other considerations
AutoStore also utilizes risk assessment tools, such as web-
based platforms that collect, analyze, and visualize
sustainability data in order to assist in the due diligence
and reporting process.
Key responsible parties and department heads in
AutoStore were consulted in the process for identifying
opportunities related to different ESG-related topics.
These opportunities have been presented to AutoStore’s
administrative and supervisory bodies in order to ensure
their option to add to the assessment of these
opportunities. The material opportunities have further
been presented to the relevant parties in order to facilitate
the integration into the group’s overall management
process where relevant.

56

| Contents

Material impacts, risks, and opportunities

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Climate change mitigation
Negative impact | Actual | Cross value chain | AutoStore’s GHG emissions Primary drivers are value chain emissions related to virgin aluminum and plastic, as well as emissions related to transportation and distribution
Risk | Potential | Own operations | Stakeholder expectations – Transition risk Risk of not responding properly to heightened stakeholder expectations of committing to a decarbonization plan
Risk | Potential | Cross value chain | GHG pricing mechanisms – Transition risk Risk of higher prices for emission-intensive products due to GHG pricing mechanisms
Energy
Negative impact | Actual | Cross value chain | Unfavorable energy mix of renewable energy
Positive impact | Actual | Downstream | The AutoStore system may offer reduced energy use and emissions

E1
Climate
Change

57

| Contents

E5
Resource Use
and Circular
Economy

Resource inflows, including resource use
Negative impact | Actual | Upstream, downstream | Use of non-recycled materials in the AutoStore system
Risk | Potential | Upstream | Dependencies on suppliers Risk related to the potential need for alternative sourcing of input factors
Resource outflows related to products and services
Negative impact | Actual | Downstream | End-of-life processes No formal process for recycling parts of the modules in the AutoStore system
Positive impact | Actual | Downstream | Lifetime of the AutoStore system Long lifetime reduces resource use and limits downtime
Opportunity | Potential | Downstream | Use of recycled materials in the AutoStore system
Waste
Negative impact | Actual | Cross value chain | Contributing to waste of wood and plastics Used in the packaging in delivering the AutoStore system

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

58

| Contents

S1
Own
Workforce

Working conditions
Negative impact | Actual | Own operations | Working time Pressure on certain employees to deliver within short time horizon and/or work outside regular hours
Positive impact | Actual | Own operations | Commitment to healthy work-life balance By promoting a flexible workplace, secure employment, and employee well-being
| Negative impact | Potential | Own operations | Different work-cultures across global offices
Negative impact | Potential | Own operations | Work-related incidents Any health-and safety-related incident occurring in our workplace is considered significant and constitutes a potential negative impact
Risk | Potential | Own operations | Geopolitical conflicts Potential financial effects from restricted employee access to areas affected by geopolitical conflicts
Equal treatment and opportunities for all
Positive impact | Actual | Own operations | Commitment to DEI AutoStore is committed to fostering equal opportunities and diversity
Positive impact | Actual | Own operations | Employee development and career progression Prioritization of training and development program offerings
Negative impact | Actual | Own operations | Partly failing to successfully employ and include persons with disabilities

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

59

| Contents

S2
Workers in
the Value
Chain

Working conditions
Negative impact | Actual | Upstream, downstream | Pressure to deliver within short deadlines or at a low cost Most pertinent to suppliers and transporters in Asia
Risk | Potential | Upstream, downstream | Violations of human rights and decent working conditions Risk related to a global value chain with limited transparency

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Corporate culture
Positive impact | Actual | Own operations | Healthy corporate culture Driven by our three values: Lean, transparent, and bold
Risk | Potential | Own operations | A sales-driven culture may lead to bias of inappropriate behavior
Corruption and bribery
Risk | Potential | Cross value chain | Corrupt activities in the value chain can lead to fines or penalties

G1
Business
Conduct

60

| Contents

Statement on Due Diligence

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Mapping of information provided in the Sustainability Statements about the due diligence process is shown in the following table.

| Core elements of due diligence |  | Pages
| a) Embedding due diligence in governance, strategy, and business model |  | 33, 43, 45, 107
| b) Engaging with affected stakeholders in all key steps of the due diligence |  | 45, 48, 126, 143
| c) Identifying and assessing adverse impacts |  | 45, 70, 97
| d) Taking actions to address those adverse impacts |  | 65, 84, 97, 105, 134, 147
| e) Tracking the effectiveness of those efforts, and communicating how impacts are addressed |  | AutoStore has not yet formalized a process for tracking the effectiveness of policies and actions in relation to the material sustainability-related impacts, risks, and opportunities

61

| Contents

Index of Material Disclosures

| ESRS |  |  | Disclosure requirement |  |  | Description |  |  | Pages |
| ESRS 2 |  |  | BP-1 |  |  | General basis for preparation of sustainability statement |  |  | 31 |
|  |  | BP-2 |  |  | Disclosures in relation to specific circumstances |  |  | 31 |
|  |  | GOV-1 |  |  | The role of the administrative, management, and supervisory bodies |  |  | 34 |
|  |  | GOV-2 |  |  | Information provided to and sustainability matters addressed by the undertaking's administrative, management, and supervisory bodies |  |  | 33 |
|  |  | GOV-3 |  |  | Integration of sustainability-related performance in incentive schemes |  |  | 34 |
|  |  | GOV-4 |  |  | Statement on due diligence |  |  | 60 |
|  |  | GOV-5 |  |  | Risk management and internal controls over sustainability reporting |  |  | 39 |
|  |  | SBM-1 |  |  | Strategy, business model, and value chain |  |  | 42, 43, 50 |
|  |  | SBM-2 |  |  | Interests and view of stakeholders |  |  | 48 |
|  |  | SBM-3 |  |  | Material impacts, risks, and opportunities and their interaction with strategy and business model |  |  | 54, 65, 84, 105, 134, 147 |
|  |  | IRO-1 |  |  | Description of the process to identify and assess material impacts, risks, and opportunities |  |  | 45-54 |
|  |  | IRO-2 |  |  | Disclosure requirements in ESRS covered by the undertaking's sustainability statements |  |  | 61 |
| ESRS E1 |  |  | E1-1 |  |  | Transition plan climate change mitigation |  |  | 66 |
|  |  | E1-2 |  |  | Policies related to climate change mitigation and adaptation |  |  | 41, 66-67 |
|  |  | E-3 |  |  | Actions and resources in relation to climate change policies |  |  |  |
|  |  | E-4 |  |  | Targets related to climate change mitigation and adaptation |  |  | 29, 66 |
|  |  | E-5 |  |  | Energy consumption |  |  | 75, 78 |
|  |  | E-6 |  |  | Gross scopes 1, 2, 3 and total GHG emissions |  |  | 78 |

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

62

| Contents

| ESRS |  |  | Disclosure requirement |  |  | Description |  |  | Pages |
| ESRS E5 |  |  | E5-1 |  |  | Policies related to resource use and circular economy |  |  | 41, 85-86 |
|  |  | E5-2 |  |  | Actions and resources related to resource use and circular economy |  |  | 88, 91, 95 |
|  |  | E5-3 |  |  | Targets related to resource use and circular economy |  |  | 29, 85 |
|  |  | E5-4 |  |  | Resource inflows |  |  | 86 |
|  |  | E5-5 |  |  | Resource outflows |  |  | 91 |
|  |  | E5-6 |  |  | Anticipated financial effects from material resource use and circular economy-related risks and opportunities |  |  | 54 |
| ESRS S1 |  |  | S1-1 |  |  | Policies related to own workforce |  |  | 41, 106-107 |
|  |  | S1-2 |  |  | Process for engaging with own workforce and workers’ representatives about impacts |  |  | 48, 106, 126 |
|  |  | S1-3 |  |  | Process to remediate negative impacts and channels for own workforce to raise concerns |  |  | 127, 149 |
|  |  | 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 |  |  | 109 and following pages |
|  |  | S1-5 |  |  | Targets related to managing material negative impacts, advancing positive impacts and managing material risks and opportunities |  |  | 29, 106 |
|  |  | S1-6 |  |  | Characteristics of the undertaking's employees |  |  | 128 |
|  |  | S1-7 |  |  | Characteristics of non-employees in the undertaking's own workforce |  |  | 128 |
|  |  | S1-9 |  |  | Diversity metrics |  |  | 128 |
|  |  | S1-13 |  |  | Training and skills |  |  | 130 |
|  |  | S1-14 |  |  | Health and safety |  |  | 131 |
|  |  | S1-15 |  |  | Work-life balance |  |  | 131 |
|  |  | S1-16 |  |  | Remuneration metrics (pay gap and total remuneration) |  |  | 132 |
|  |  | S1-17 |  |  | Incidents, complaints, and severe human rights impacts |  |  | 132 |

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

63

| Contents

| ESRS |  |  | Disclosure requirement |  |  | Description |  |  | Pages |
| ESRS S2 |  |  | S2-1 |  |  | Policies related to value chain workers |  |  | 41, 135-137 |
|  |  | S2-2 |  |  | Processes for engaging with value chain workers about impacts |  |  | 48, 135, 143 |
|  |  | S2-3 |  |  | Processes to remediate negative impacts and channels for value chain workers to raise concerns |  |  | 144, 149 |
|  |  | S2-4 |  |  | Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions |  |  | 139 and following pages |
|  |  | S2-5 |  |  | Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities |  |  | 29, 135 |
| ESRS G1 |  |  | G1-1 |  |  | Corporate culture and business conduct policies |  |  | 41, 148-149 |
|  |  | G1-3 |  |  | Prevention and detection of corruption and bribery |  |  | 155 |
|  |  | G1-4 |  |  | Incidents of corruption or bribery |  |  | 157 |

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

64

| Contents

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Environment

65

| Contents

E1
Climate
Change

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Introduction | 66
Climate Change Mitigation | 67
C limate-related Risks | 70
Energy | 75
Metrics | 78

66

| Contents

| Introduction

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

| AutoStore is committed to ensuring that our strategy and business model align with the transition to a more sustainable economy. We support our community of stakeholders on their sustainability journey, aiming to be a key enabler in helping end-users of the AutoStore system achieve their sustainability goals, while still maintaining full focus on quality, delivery, and cost. This is embedded in one of our values – lean.
| Key policies in this chapter |  | Code of Conduct Climate and Environmental Policy
| Responsibility |  | For further information on how our policies are managed, read more here.
| Availability |  | Externally available on our website

Impacts, risks, and opportunities
The following sections present our material impacts,
risks, and opportunities structured by the standard’s
sub-topics along with our approach and policies for
addressing these areas. A summary of our general
approach and policies related to this topical chapter
follows on the next page, and relates to several of the
presented impacts, risks, and opportunities presented
herein. Further, on each presented impact, risk, and
opportunity, we also outline actions and initiatives we
have or are planning to implement to:
– Mitigate or prevent negative impacts or risks, and
– Emphasize positive impacts and opportunities.
AutoStore has not yet formalized a process for
tracking the effectiveness of policies and actions in
relation to the material ESG-related impacts, risks,
and opportunities. In cases where future initiatives for
target setting and their time horizon are established,
this is addressed under each material impact, risk, or
opportunity if deemed relevant.
Furthermore, AutoStore has not yet established
specific ESG-related targets. As a result, current
actions and initiatives are not formally aligned with
predefined objectives. For more information, read
more here.
When assessing our impacts, risks, and opportunities
related to ESRS E1 Climate Change, the primary emphasis
has been on our greenhouse gas (GHG) emissions, the
principal factors contributing to these emissions, and the
respective risks associated with these emissions. Read
more about the process for identifying potential climate-
related risks.
Base year
AutoStore established a baseline in 2024 for GHG
emissions, energy consumption, and other relevant
quantitative environmental metrics. This reference period
will serve as the base year for comparing future
disclosures and tracking progress over time.
Transition plan
AutoStore has not yet developed a transition plan for
climate change mitigation. AutoStore initiated the
development of a decarbonization roadmap in late 2024.
The mapping and feasibility assessments of various
alternatives to reduce emissions are still under
development and will continue into 2026.
Resilience analysis
AutoStore conducted a resilience analysis in 2025 to
assess its capacity to manage material impacts and risks,
and to seize material opportunities. The analysis included
considerations of the company’s strategy and business
model in the context of climate change.

67

| Contents

Climate Change Mitigation

Our approach and policies

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Our Code of Conduct states that environmental
precautions shall be considered throughout the production
and distribution of AutoStore’s offerings, from raw
materials production to retail. Furthermore, it highlights
AutoStore’s commitment to minimizing environmental
impacts at our production sites. National and international
environmental laws and regulations shall be observed.
Hazardous chemicals and other substances shall be
managed in a responsible manner.
Supported by our Code of Conduct, the purpose of our
Environment and Climate Policy is to outline the principles
guiding AutoStore’s environmental and climate impact
management, ensuring consistent implementation,
monitoring, and reporting across all our operations. The
primary objectives of the policy are to ensure AutoStore
works actively to reduce GHG emissions, improve energy
use and efficiency, and focus on circularity through the
product lifecycle. We want to contribute to reducing GHG
emissions, both in our operations and by enabling
customers and end-users to achieve their sustainability
goals through our automated solutions. The CFO is
responsible for the implementation of the policy.
Our Climate and Environment Policy applies to all entities
in the AutoStore group and any third party acting on behalf
of AutoStore, requiring compliance with the outlined
principles as well as with relevant local regulations. A core
principle defined by our Environment and Climate Policy
is the precautionary approach – which means avoiding
actions with unknown environmental impacts until fully
assessed and deemed acceptable. AutoStore maintains an
environmental management system aligned with ISO 14001
standards at its production facilities, incorporating
environmental, social, and governance factors into risk
assessments, and applies the principle of double
materiality to address both company and societal impacts.
AutoStore commits to annual reporting on environmental
and climate performance, integrating supplier data when
needed.
While the policy covers several broad topics related to
climate change, the policy does not directly address all
identified material impacts, risks, and opportunities as
presented herein, and the management of these. Detailed
considerations of how AutoStore addresses climate
change mitigation and adaptation, as well as renewable
energy, are not included in the policy. Further considerations
regarding these topics are addressed in relation to each of
the material impacts, risks, and opportunities presented in
this chapter where relevant.
Furthermore, our updated Business Partner Code of
Conduct states that Business Partners shall implement
actions to improve environmental protection, promote
principles and practices of social responsibility through the
entire supply chain, and prioritize ethical procurement.
Business partners shall be focused on reducing the use of
raw materials and resources, as well as eliminating waste
generated as part of their activities. Furthermore, we
expect business partners to actively work to reduce GHG
emissions and water consumption, support recycling
initiatives, and implement logistics strategies that minimize
environmental impact.
Activity screening
AutoStore has screened its activities and assets to identify
and assess potential climate-related impacts, risks, and
opportunities as part of the double materiality assessment
process. This screening included own operations and
relevant parts of the value chain to identify GHG emission
sources. Material impacts related to AutoStore’s GHG
emissions are presented on the next page. Screening and
reporting of actual GHG emission sources have been
conducted in accordance with the GHG Protocol and are
detailed in the respective scopes and categories in the
metrics section of this chapter. AutoStore has not
identified drivers for other climate-related impacts for
emissions, such as emissions of black carbon or
tropospheric ozone, and considers these to be not
applicable.

68

| Contents

Climate change
Climate change mitigation

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

AutoStore’s GHG emissions
| Negative impact

Value chain |  | Cross value chain
Impact |  | Overall environmental impact
Connection to strategy and business model |  | Primary drivers are virgin aluminum and plastic, which are material key resource inflows to the AutoStore system
Time horizon |  | Current impact can potentially be reduced in the medium- to long-term horizon

| AutoStore has an actual negative impact related to GHG emissions. Supply chain GHG emissions, such as the purchasing of goods and services, account for most of AutoStore's total GHG emissions. Primary drivers are the procurement of: |
| – Virgin aluminum used for our Grids – Virgin plastic used for our Bins |
| For an overview of the AutoStore system, including our Grids and Bins, reference is made to our value chain and to the description of resource inflows to the AutoStore system. |
| Additionally, AutoStore recognizes its GHG emissions related to the transportation of material and goods inflows and product outflows, mainly by cars, ships, and planes. |
| The majority of AutoStore’s GHG footprint derives from scope 3 emissions. A detailed overview of AutoStore’s GHG emissions are presented in the metrics section of this chapter. |

Our approach and policies
Our Code of Conduct states that environmental
precautions shall be considered throughout the production
and distribution of AutoStore’s offerings, from raw
materials production to retail. Our Environment and
Climate Policy’s primary objectives are to ensure
AutoStore works actively to reduce GHG emissions,
improve energy use and efficiency, and focus on
circularity through the whole product lifecycle.
Our approach and policies described in the introduction to
this chapter on climate change mitigation apply to this
impact.
AutoStore has not adopted specific action plans that
include an overview of resources allocated to their
implementation.

69

| Contents

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Actions and initiatives
Developing a more structured sustainability focus
AutoStore’s sustainability activities have become
increasingly structured and integrated into our strategic
direction in recent years. This has included establishing a
dedicated organizational framework, recruiting specialized
talent, and defining roles to align with broader corporate
objectives while setting clear priorities within the
sustainability domain. We have also worked to embed ESG
considerations across the organization, and these efforts
continue to evolve as part of our long-term commitments.
Life cycle analysis
As one of the key initiatives completed in 2024, AutoStore
conducted a cradle-to-gate life cycle analysis (LCA) of
Grids and Bins, covering components supplied by one key
supplier per module. The results of the LCAs were
integrated into AutoStore’s GHG emissions accounting,
strengthening our efforts in ensuring a higher degree of
accuracy in reporting data.
To continue our focus on data quality and accuracy,
AutoStore initiated further LCA projects in 2025. This
included a cradle-to-grave LCA of the R5 Pro Robot, and
updated cradle-to-grave evaluations of Bins and Grids, in
order to provide a more complete environmental footprint
of these modules. A LCA of one of AutoStore’s Ports was
also assessed for initiation in 2025.
These projects were designed to support our medium-
term goal of completing LCAs for the most sold product
types in each module, with the expected outcome of
enabling a comprehensive GHG footprint overview of an
average AutoStore system.
Due to a reallocation of resources related to
transformation projects commenced in 2025, some LCA
projects scheduled for completion in 2025 were
temporarily paused. AutoStore remains committed to
achieving these objectives, focusing on the aim to
complete the initiated LCAs in line with advancing our
broader sustainability roadmap. Our efforts in this area are
further guided by stakeholder expectations and regulatory
requirements.
Decarbonization roadmap
AutoStore initiated the development of a decarbonization
roadmap for the group in late 2024, with the initial phase
exploring various alternatives to reduce emissions across
scope 1, 2, and 3. Due to a reallocation of internal
resources, this work was temporarily paused prior to
finalizing an implementation plan. The initiative will
continue, but no formal commitments to specific targets
or actions have been made at this stage. We remain
committed to aligning the roadmap with stakeholder
expectations and regulatory requirements.
As part of this process, we are assessing the feasibility and
impact of proposed measures, including potential costs
and returns. AutoStore continues to explore this topic
going forward, with the aim that this initiative will outline
the specific steps needed to establish actionable targets
in key areas, including carbon emission reduction and
circularity.
Exploring green aluminum options
In 2024 and 2025, AutoStore has explored the use and
supply of green aluminum produced with renewable
energy and/or more sustainable practices from one of our
key suppliers. AutoStore has not yet adopted green
aluminum as a standard material for its components.
However, pilot projects utilizing this material have been
conducted and supplied to select sustainability-focused
end-users. The objective of this exploration process is to
be able to consistently offer Grids made from lower
carbon aluminum, reducing the carbon intensity of these
components. This initiative is closely linked to AutoStore’s
ongoing development of its decarbonization roadmap,
which aims to identify feasible measures for reducing
emissions across scope 1, 2, and 3. While formal
commitments have not yet been made, the integration of
low carbon materials represents an important step toward
future actions outlined in the roadmap. Part of this process
has involved stakeholder dialogue and surveys with end-
users to map expectations and inform future priorities.

70

| Contents

Climate-Related Risks

AutoStore recognizes that climate change presents both

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

physical and transition risks that may materially impact our
operations, supply chain, and long-term strategic
positioning. In 2025, we conducted an updated climate risk
assessment to formalize and expand our understanding of
these risks and opportunities, building on the foundation
laid in 2024.
The topics addressed in this section should not be
conflated with climate or environmental reporting, which
primarily examines the manner and extent to which the
group impacts the climate or environment through
emissions and pollution. Rather, this section is centered on
climate-related risks – circumstances arising from climate
change that may have direct financial implications for the
group.
To provide a clear understanding of their potential effects,
climate risks in this assessment are categorized as follows:

Physical risks | Transition risks
Acute risks | Regulatory risks
Chronic risks | Technological risks
| Market risks
| Reputational risks

These categories allow for a structured approach to
identifying and managing the diverse impacts that climate
change may have on AutoStore’s business.
Resilience
AutoStore’s resilience analysis for 2025 provides a
structured evaluation of the company’s ability to withstand
and adapt to climate-related risks, both physical and
transitional, across its operations and value chain. The
analysis is a key component of AutoStore’s broader ESG
risk management framework and supports compliance
with the ESRS, particularly ESRS E1 and ESRS 2 SBM-3.
The scope of the analysis encompasses AutoStore’s own
operations, including production and warehouse facilities
in Thailand, Poland, the U.S., and Norway, as well as
upstream supply chains and downstream logistics.
The resilience analysis builds on the updated climate risk
assessment, and the analysis also considers product-
specific vulnerabilities and the broader strategic
implications of climate-related developments. Areas of
uncertainty in the analysis primarily relate to data
limitations for certain locations and incomplete granular
asset-level risk data, assumptions and variability in the
climate scenarios applied, and uncertainties arising from
evolving climate-related regulations.
The findings indicate that AutoStore’s strategy is
moderately resilient to climate-related risks, with several
strengths and areas for continued improvement. For the
purposes of this chapter, AutoStore’s resilience
considerations identified through the resilience analysis
are presented alongside the relevant climate-related
physical risks and transition risks.
Physical climate risks
When assessing risks related to climate change adaptation,
AutoStore has considered how its assets and business
activities may be impacted by exposure to chronic or
acute climate-related hazards in our own operations and
along the value chain. This assessment was part of the
process of identifying impacts, risks, and opportunities
under the double materiality assessment process.
For assessments of AutoStore’s physical climate-related
risks concerning our facilities and supply chain,
considerations were given to the Intergovernmental Panel
on Climate Change (IPCC) scenarios and climate science
from the IPCC Sixth Assessment Report (AR6). Scenarios
ranged from the SSP1-2.6 low-emission scenario (“best
case”) to the SSP5-8.5 high-emission scenario (“worst
case”).
AutoStore’s operations span multiple geographies, with
key production, warehouse, and R&D facilities located in
Poland, Thailand, the U.S., and Norway. The locations
which could have the most significant effect on the
group’s production and operational efficiency were
assessed with a focus on acute and chronic hazards such
as extreme heat, heavy precipitation, flooding, and storm
events. The time horizons applied in the climate risk
assessments are the same as those used across these
statements. AutoStore has not established specific capital
allocation plans to address physical climate risks, and the
expected lifetime of the assessed assets is consistent with
the useful lives applied in the financial statements.

71

| Contents

Key physical climate risks for each facility
Poland (Koszalin). Moderate risk from heavy snowfall and
rainfall, with increased flood potential under high-emission
scenarios.

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Thailand (Rayong). Higher baseline exposure to heat and
monsoon-related flooding under high-emission scenarios.
U.S. (Salem, Denver, Hatfield). Moderate exposure to
heatwaves, heavy rainfall, and tornadoes, with increased
frequency and severity under high-emission scenarios.
Norway (Nedre Vats, Husøy). Currently low risk, but
projected increases in extreme rainfall and snow events
could challenge infrastructure resilience under high-
emission scenarios.
AutoStore has not experienced significant climate-related
disruptions to date. However, we are proactively mapping
facility-level resilience. AutoStore has identified a range of
adaptation measures to enhance physical resilience, and
aims to collaborate with landlords to assess and implement
adequate adaptation measures where relevant. AutoStore
also utilizes location specific emergency preparedness
procedures to mitigate and limit potential adverse impacts
to workforce or assets in the event of climate-related
hazards. Other resilience considerations in 2025 include
the assessment of available certifications of buildings,
environmental management systems, insurance, product
specific considerations, and the further integration of
physical risk management with our enterprise risk
management framework.
Supply chain and logistics
AutoStore’s supply chain is exposed to climate-related
disruptions, particularly in regions like Thailand and
Poland. While current impacts are limited, long-term risks
under SSP5-8.5 include increased transportation delays
and material shortages due to extreme weather. AutoStore
operates within a global supply chain, both upstream and
downstream, and remains exposed to potential climate-
related vulnerabilities faced by companies connected to
global distribution networks.
In terms of supply chain resilience, AutoStore acknowledges
that while current disruptions from climate-related events
are limited, long-term risks, particularly under SSP5-8.5,
could become more pronounced. The company is
addressing these risks through supplier diversification,
reducing reliance on single-source components, and
enhancing adaptive logistics planning. AutoStore also aims
to further monitor the physical climate risk exposure of key
suppliers.
Conclusions on physical climate risks
The assessment of physical climate risks was part of the
process of identifying impacts, risks, and opportunities
under the double materiality assessment process. As of
December 31, 2025, we have not identified any material
climate-related physical risks for the group. Management
will continue to monitor and assess the actual and
potential effects, including plans to mitigate these.
Through a hazard screening, AutoStore has identified
the potential relevant chronic and acute climate-related
hazards (highlighted in red in the subsequent tables) to be
monitored and further assessed.
Acute

Temperature- related |  | Heat wave
| Cold wave/frost
| Wildfire
Wind-related |  | Cyclones, hurricanes
| Storms
| Tornado
Water-related |  | Drought
| Heavy precipitation
| Flood
| Glacial lake outburst
Solid mass- related |  | Avalanche
| Landslide
| Subsidence

Chronic

Temperature- related |  | Changing temperature
| Heat stress
| Temperature variability
| Permafrost thawing
Wind-related |  | Changing wind patterns
Water-related |  | Changing precipitation patterns
| Precipitation variability
| Ocean acidification
| Saline intrusion
| Sea level rise
| Water stress
Solid mass- related |  | Coastal erosion
| Soil degradation
| Soil erosion
| Solifluction

72

| Contents

Climate-related transition risks
AutoStore’s 2025 climate risk assessment informs the
double materiality assessment process, and identifies and
evaluates a range of transition risks that could materially

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

affect the company’s financial performance, strategic
direction, and operational continuity. These risks arise
from the global shift toward a low-carbon economy and
are categorized into four primary risk areas. The assessment is
grounded in scenario analysis using the previously described
IPCC-aligned pathways to evaluate the likelihood and
impact of these risks across short-, medium-, and long-
term horizons. Resilience assessments also include
consideration towards scenarios such as the IEA Net Zero
by 2050. The key forces and drivers considered in the
respective scenarios have been identified based on their
relevance to AutoStore’s business model and industry
context. These include factors such as macroeconomic
trends, applicable climate-related regulations, stakeholder
expectations, and other relevant assumptions.
Conclusions on transition risks
The four most applicable transition risks and their
respective resilience considerations along with key
relevant drivers are further described in the figure
presented on this page.
AutoStore’s transition risk profile reflects the complexity
of global climate policy and market dynamics. A proactive
approach, anchored in scenario analysis, stakeholder
engagement, and strategic adaptation, positions the
company to manage risks while identifying opportunities
for innovation. Ongoing monitoring, cross-functional
collaboration, and integration of climate considerations
into core processes are essential for long-term resilience
and value creation.
Strategy and business model
AutoStore assesses through its resilience analysis that key
capabilities are currently robust and resilient in the short-
term. These capabilities include securing ongoing access
to finance at an affordable cost of capital, redeploying,
upgrading or decommissioning assets, and managing the
potential need for shifts its product and service portfolio as
well as reskilling its workforce. Over the medium and
longer term, AutoStore recognizes that climate-related
risks and regulatory developments may require strategic
adjustments. AutoStore has established processes to
integrate these risks into the enterprise risk management
system and will continue to monitor developments,
updating the resilience assessment and adaptation
measures accordingly.

Reputational risks
AutoStore’s reputational exposure to investors, customers, and employees is increasingly tied to its climate performance and transparency under low- emission scenarios. A perceived lag in climate action or inconsistencies in disclosures could undermine trust and brand equity. AutoStore is mitigating this risk by ensuring its ESG reporting complies with international frameworks, participating in ESG ratings and benchmarks, and maintaining open and proactive communication with stakeholders. AutoStore’s commitment to transparency and continuous improvement is a key asset in managing reputational risk, supported by continued commitment to aligning our efforts with stakeholder expectations.

Regulatory risks
AutoStore faces increasing exposure to climate-related regulatory developments, particularly within the European Union. While AutoStore currently complies with, and faces low risk from existing regulatory frameworks, scenarios where regulatory requirements become more stringent could require further adaptation. Most notable risks include increased pricing mechanisms related to GHG emissions, and frameworks related to the circularity or environmental impact of products.
AutoStore is actively monitoring the development of relevant regulatory frameworks to ensure resilience and preparedness to regulatory changes under future time horizons, and engages with suppliers to ensure upstream transparency and compliance.

Market risks
Market transition risk arises from low-emission scenarios driven by rapid decarbonization trends and the emergence of greener procurement standards. These risks include changing customer behavior and preferences, uncertainty in market signals, and increased raw material costs following declining demand for emission-intensive and virgin products.
AutoStore’s markets may experience reshaped demand in these scenarios, as large customers and end-users subject to evolving regulations increasingly prioritize suppliers with strong ESG credentials and low-carbon products. Failure to meet these expectations could result in lost contracts, reduced market share, or pricing pressure.
Resilience measures include active monitoring of investor, customer, and end-user expectations, engagement in sustainability dialogues with key customers, exploration of alternative materials, and efforts to reduce dependence on single-source suppliers. AutoStore’s modular and energy-efficient automation systems are well-positioned to meet evolving market demands, while the company continues to actively monitor and prepare for future adaptation needs.

Technological risks
Technological transition risk arises from potential innovation and disruption of existing automation technologies, driven by scenarios involving rapid shifts toward energy-efficient and low-carbon products and production methods. AutoStore currently assesses this risk as low, reflecting its strong focus on energy efficiency and commitment to remain at the forefront of automation technology. Key resilience measures include continuous investment in product innovation and R&D, and ongoing monitoring of policy incentives and evolving customer demand to maintain compliance and competitiveness in a rapidly evolving market. These measures aim to ensure the necessary preparedness to adapt product offerings in response to accelerated transition scenarios or emerging low-carbon technologies.

73

| Contents

Climate change
Climate change mitigation

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Risk of not responding properly to heightened stakeholder expectations of committing to a decarbonization plan in the medium-term future
| Risk

Value chain |  | Own operations
Connection to strategy and business model |  | Ensure compliance with upcoming regulations while meeting customer and stakeholder expectations – both essential to AutoStore
Time horizon |  | This risk is expected to have a low short-term financial impact, but has the potential to be higher in the medium- to long-term horizon

| We recognize the rapidly evolving customer and regulatory drivers of decarbonization and climate targets, and that there is a potential risk of not committing fully to environmental responsibility or of showing insufficient progress in this area. Several of AutoStore’s customers and end-users have defined climate targets of their own, hence several of these stakeholders have clear requirements for decarbonization and changes in material use. This is deemed to be a climate-related transitional risk. |

Our approach and policies
Our approach and policies described in the introduction to
this chapter on climate change mitigation apply to this
potential risk.
AutoStore approaches ESG commitments and
expectations with deliberate care, prioritizing informed
and strategic decision-making in a dynamic environment.
We remain committed to meeting stakeholder
expectations and ensuring compliance with emerging
requirements, while closely monitoring developments from
legislative bodies, industry standards, and demands from
customers and end-users. This includes preparing for
potential adjustments in reporting frameworks and
strengthening internal processes to maintain transparency
and reliability.
Actions and initiatives
Applicable actions and initiatives presented here:
– Developing a more structured sustainability focus
– Decarbonization roadmap

74

| Contents

Climate change
Climate change mitigation

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Risk of higher prices for emission- intensive products due to GHG pricing mechanisms
| Risk

Value chain |  | Potentially cross value chain
Connection to strategy and business model |  | AutoStore’s standardized business model is underpinned by efficient operations and value chain set-up
Time horizon |  | This risk is expected to have a low short-term financial impact, but has the potential to be higher in the medium- to long-term horizon

| With the implementation of GHG pricing mechanisms in the EU, including carbon taxes and regulatory compliance costs, we acknowledge the introduction of the potential risk of higher costs for emission-intensive products like aluminum. For AutoStore, this may potentially lead to increased costs and overall impact our supply chain operational efficiency. This is deemed to be a climate-related transition risk. |
| The carbon pricing mechanisms addressed under transition risks in the Climate-Related Risks section further describe the specific topics relevant for this risk. |

Our approach and policies
Our approach and policies described in the introduction to
this chapter on climate change mitigation apply to this
potential risk.
Actions and initiatives
Applicable actions and initiatives presented here:
– Developing a more structured sustainability focus
– Decarbonization roadmap
– Resilience analysis

75

| Contents

Energy

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Our approach and policies
In terms of energy use and efficiency, our Environment and
Climate Policy states that we shall seek to optimize energy
consumption across facilities and infrastructure. Energy
efficiency considerations shall be integrated into product
design and development, with a focus on reducing energy
use in the product use phase. Suppliers are encouraged to
adopt energy-efficient practices, especially in logistics and
production.
We shall optimize the energy use in our physical facilities,
and we shall seek to optimize energy use and efficiency
when selecting new office buildings, warehouses,
production facilities, and other physical locations.
Improving the energy use and efficiency in the use phase
of our products shall be prioritized in the design phase
of new products and in the upgrade of current products.
Finally, the policy states that we shall work together with
our suppliers to improve energy use and efficiency in
the production of the goods and services that we source.
We expect services such as transportation and logistics
to be carried out with a view to optimize fuel efficiency
and energy use.

76

| Contents

Climate change
Energy

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Unfavorable energy mix of renewable energy
| Negative impact

Value chain |  | Cross value chain
Impact |  | Overall environmental impact
Connection to strategy and business model |  | The principal factors contributing to this negative impact is related to internal transportation and energy use in AutoStore facilities
Time horizon |  | Current impact can potentially be reduced in the medium- to long-term horizon

| AutoStore’s energy mix across its operations, offices, and production facilities includes consumption from non-renewable sources, resulting in sub-optimal levels of renewable energy in certain locations. Although several facilities are situated in regions with a high share of renewable energy, the company does not currently secure Guarantees of Origin (GoO) or Renewable Energy Certificates (RECs) to verify renewable sourcing. Some facilities also rely on energy from stationary combustion, which contributes to higher emissions. |
| While the overall energy mix reflects a relatively high proportion of renewable energy compared to global averages, it remains below optimal levels and represents an actual negative impact. AutoStore will continue to assess the feasibility of implementing GoO or REC programs and other measures to strengthen its renewable energy profile and reduce emissions going forward. This is further detailed in metrics. |

Our approach and policies
Our approach and policies described in the introduction to
this chapter on climate change mitigation apply to this
impact.
Actions and initiatives
Applicable actions and initiatives presented here:
– Decarbonization roadmap
Energy efficiency in new facilities
In 2024, AutoStore opened a new office in Salem, U.S. This
change reduced the use of stationary combustion from
propane which was prevalent at the previous office
location. AutoStore will continue to seek to optimize
energy consumption across facilities and infrastructure
going forward. This includes continuous assessments of
energy use and emission, especially when establishing new
offices.

77

| Contents

Climate change
Energy

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

The AutoStore system may offer reduced energy use and emissions
| Positive impact

Value chain |  | Downstream
Impact |  | May reduce emissions from energy use in end-user warehouse
Connection to strategy and business model |  | AutoStore is continuously seeking to enhance the benefits and advantages with the AutoStore system for end- users
Time horizon |  | Current impact with potential to become more significant following increased data coverage of the extent of the impact

| One of the main areas where AutoStore can make a positive climate-related contribution and impact is related to the inherent space and energy efficiency of the system compared to traditional warehouse solutions. AutoStore’s Robots are designed for minimal energy use compared to the energy required by traditional warehouse solutions. These Robots regenerate energy when braking, further enhancing efficiency. AutoStore’s high-density system enables businesses to store more inventory in a smaller space, reducing the need for additional warehouse facilities. By minimizing space requirements, companies can reduce land use, as well as energy consumption related to heating, cooling, and lighting. Faster, automated fulfillment can also reduce the need for traditional equipment such as forklifts. This impact could prove more significant if the current equipment is reliant on fossil fuels. |

Our approach and policies
Our approach and policies described in the introduction to
this chapter on climate change mitigation apply to this impact.
Actions and initiatives
Product portfolio evolvement
In the fall of 2025, AutoStore announced a product launch
expanding our product portfolio with new innovations and
products designed for speed, scale, and smarter
operations. The launch highlighted features that could
contribute to improvements in efficiency, increased
density, and reduced energy use. While these initiatives
could contribute positively towards sustainability matters,
they are not considered part of a formal action plan for
managing material impacts, risks, and opportunities.
Positive contribution to be quantified
AutoStore seeks to provide solutions that enable goods to
be stored, shared, and moved within a smaller warehouse
footprint and with greater efficiency. Through these
solutions, the company aims to contribute to more
responsible and resource‑efficient environmental
practices. AutoStore continuously work towards capturing
white space in an immature market and grow through new
applications and adjacencies. Key findings from an impact
report1 and interviews with end-users of the AutoStore
systems highlight the low amounts of energy required by
AutoStore Robots. These energy-related benefits are yet
to be fully quantified.
1 An Economic Impact Study by Forrester commissioned by AutoStore, including case
studies.

78

| Contents

Metrics

Methodology and assumptions for data

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

collection
Energy consumption and mix
An overview of AutoStore’s total energy consumption and
mix can be found in the table following on the next pages.
AutoStore has not utilized Guarantees of Origin (GoO) or
Renewable Energy Certificates (RECs). The calculation
method is based on the residual mix and the corresponding
distribution of energy sources. This means that the
reported values are more aligned with the approach
applied to calculate market-based scope 2 emissions, with
the factors adhering to the hierarchy of emission factors.
AutoStore has identified several offices which, based on
their geographical location, likely have a local electricity
mix consisting of significant amounts of renewable energy.
AutoStore currently does not have any GoO for the
renewable energy mix, but will continue to explore this
going forward.
GHG accounting
The following section provides an overview of AutoStore's
greenhouse gas (GHG) emissions. GHG accounting is an
integrated part of the company’s climate strategy, and a
fundamental tool for our identification of impacts and
measures to reduce emissions.
The reporting period for consolidated emissions data is
January 1, 2025 to December 31, 2025. The base period
for measuring progress is set to 2024, due to the
completeness of the data and operational changes from
previous reporting years. The reporting includes all
subsidiaries of the group within the relevant scopes
and categories. The input data for our GHG accounting
comprises consumption data from internal and external
sources, converted into tonnes of CO2-equivalents
(tCO2eq). The analysis is based on the Corporate
Accounting and Reporting Standard developed by the
Greenhouse Gas Protocol Initiative (GHG Protocol).
AutoStore uses the operational control approach for
consolidating its GHG accounting, which is aligned with
AutoStore’s financial approach. The GHG emissions
accounting comprises the following organizational units,
offices, and remote workers in: Norway (Nedre Vats, Oslo,
Husøy, Raglamyr, and Stavanger), Poland, U.S. (Denver,
Hatfield, and Salem), Thailand, UK, Germany, France,
South Korea, Austria, Japan, Singapore, Canada, Italy,
Sweden, Denmark, Lithuania, Australia, Switzerland, and
Spain.
Inclusions/exclusions
AutoStore has included all relevant material emissions for
2025, following the same methodology as the previous
years. The current omitted items pertain to instances
where the information is incomplete.
Omitted items have been assessed immaterial quantities.
There are no significant exclusions in the GHG emissions
accounting for 2025. AutoStore has not included the scope
3 categories 14 and 15 due to relevance, which are further
described on the next page. Data is hence considered
complete for scope 1, 2, and 3 emissions.
Estimations
Estimations have been used for scope 2 emissions related
to AutoStore’s office locations with less than 15 employees,
which is consistent with thresholds used in the previous
reporting period. Scope 3 estimations include the following
6 categories: Employee commuting, processing of sold
products, use of sold products, end-of-life treatment of
sold products, and downstream leased assets. Specific
units are estimated for some categories. Waste data has
been estimated for office locations with less than 15
employees and for the U.S. locations. The relevant
categories are estimated due to the lack of available data
or due to the relative size of the categories.
Changes from 2024
There have been no restatements of 2024 metrics in this
report. AutoStore has continued its efforts to add further
inclusions based on available data and enhanced data
quality in 2025. The scope of included data has consequently
increased for certain categories. This is further detailed in
the respective categories presented for scope 3 emissions.

79

| Contents

Scope 1

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Scope 1 emissions include AutoStore’s direct emission
sources. Emissions relate to fuel consumption from
company cars, stationary combustion of propane, and
natural gas. Calculations for emissions from company cars
are based on reported fuel types in liters and mileage
readings. The reported propane use relates to AutoStore’s
U.S. locations.
Scope 2
Scope 2 emissions include all indirect emissions sources
from purchased energy. This includes electricity use,
district heating, and district cooling. Calculations are
based on activity data collected with a location based
method related to energy use (MWh) in AutoStore’s
locations, facilities, and electric vehicles. In cases where
data is unavailable, estimations have been applied using
databases for energy efficiency indicators and energy
consumption, or average consumption based on the
countries AutoStore facilities are located in. Estimations
have been used for scope 2 emissions for AutoStore’s
office locations with less than 15 employees and for
AutoStore employees working remotely.
Scope 3
AutoStore’s total indirect GHG emissions have decreased
from 2024. The GHG emissions accounting for scope 3 is
split into the following categories:
Category 1 – Purchased goods and services
The purchase of goods and services are accountable for
almost 90% of AutoStore’s total GHG emissions. Metrics
are not disaggregated for each location, as the predominant
share of these materials relate to the production facilities
in Poland and Thailand. The key driver for emissions, and
consequently the main focus for GHG calculations, relates
to the purchased components and materials used in the
production and assembly which make up the AutoStore
offerings.
Calculations are primarily based on the weight of materials
purchased by suppliers, with emission factors for each
material. With regards to emissions related to grids,
AutoStore received new emission factors for aluminum
from its suppliers in 2025. 2024 metrics are not restated,
as the group considers that 2025 emission factors do not
necessarily apply for 2024. Read more about AutoStore’s
main material use in the Resource inflows chapter. Most
emission items that do not relate to AutoStore products,
are calculated based on spend data.
Category 2 – Capital goods
Capital goods are calculated by collecting activity data.
Category 3 – Fuel and energy-related activities
GHG emissions are calculated based on fuel and energy
consumption not included in scope 1 or scope 2 (upstream
emissions related to scope 1 and 2).
Category 4 – Upstream transportation and distribution
Emissions for upstream transportation and distribution are
calculated based on available data and reports received
from suppliers. Some emission factors pertaining to the
“purchased goods and services” category already include
part of the emissions from transport and distribution.
Category 5 – Waste generated in operations
Waste generation is estimated for all locations with offices
of 15 or fewer employees, as well as for U.S. offices due to
data limitations. The estimation is based on statistics for
waste types and the average waste disposed of per
employee. Emissions from waste related to larger
AutoStore locations are based on activity data collected
through waste reports. International recycling statistics
have been applied to refine the calculations and determine
final waste amounts.
Category 6 – Business travel
Business travel is calculated based on reports from various
travel agencies used during the reporting period, as well
as spend data for business travel expenses. Company
car activities are in some cases reported as “mileage
compensation” in this category. Omitted items in this
category pertains to instances with incomplete information.
These instances are assessed to be immaterial quantities.
Category 7 – Employee commuting
Employee commuting is estimated for all employees
across AutoStore based on national and international
commuting statistics. This includes contingent workers,
apprentices, fixed-term employees, interns, regular staff,
and seasonal workers. Remote and home office workers
are excluded, as they do not commute to an office.

80

| Contents

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Category 8 – Upstream leased assets
Upstream leased assets are not included due to relevance
to AutoStore. Emissions related to electricity use, district
heating, and district cooling in AutoStore’s locations and
facilities are included in scope 2.
Category 9 – Downstream transportation
Downstream transportation is calculated based on
available data and reports received from suppliers.
Emissions from this category relate to transportation not
paid for by AutoStore. Estimations related to emissions
from downstream transportation are based on a larger
scope of available data in 2025 than previous years, and
primarily relate to the transportation of AutoStore Bins.
Category 10 – Processing of sold products
Processing of sold products is estimated based on the
energy consumption of installation tools and the
complexity of the Grid set-ups. Complexity is assessed by
the number of tools and ports involved, with different
thresholds applied. Only Grids created in 2025 are
included to avoid double counting, and assumptions are
made for cases where no new Grids were recorded.
Category 11 – Use of sold products
Use of sold products is estimated based on recorded
working hours and power usage data, ensuring alignment
with real operational patterns. The expected lifespan
follows the same assumptions as AutoStore’s consolidated
Financial Statements. Average power consumption per
module is derived from product specifications, while daily
operating hours are calculated by dividing total registered
hours by the number of working days in a year. After
determining total power consumption for each country,
electricity emission factors from the respective countries
are then applied to estimate the associated emissions.
Category 12 – End-of-life treatment of sold products
End-of-life treatment of sold products is estimated based
on the material composition of Robots, Ports, and Grids. By
using total sales data, the overall material volume is
determined. Waste treatment statistics from the countries
where the products are sold are then applied to estimate
the share of materials that go to recycling, landfill, and
incineration.
Category 13 – Downstream leased assets
In certain cases, AutoStore leases out Robots and Ports,
which are accounted for in the downstream leased assets
category. The estimation follows the same parameters as
the use of sold products category, but considers only
annual usage, excluding lifespan, in order to reflect annual
energy consumption.
Category 14 – Franchises
This category is not included due to relevance, as
AutoStore does not conduct franchise operations.
Category 15 – Investments
This category is not included due to relevance, as
AutoStore does not finance emissions through
investments.
Emission factors
Most location-based electricity emission factors used are
based on national gross electricity production mixes and
are published by the International Energy Agency’s
statistical database (IEA Stat). Emission factors per fuel
type are in these calculations based on assumptions in the
IEA methodological framework. Emission factors for
district heating/cooling are either based on actual (local)
production mixes or average national statistics. For the
market-based method for electricity without GoOs or
RECs, the emission factor is based on the remaining
electricity supply after all GoOs for renewable electricity
and/or RECs have been sold and cancelled. This is called
the residual mix, which in most cases is connected to a
substantially higher emission factor than the location-
based emission factor. Yearly adjustments to emission
factors related to electricity applied in 2025 impacts the
categories for Scope 2, Fuel and energy-related activities,
and Use of sold products. The most essential emission
factors used for AutoStore’s GHG emissions calculations
are based on databases and references from AIB, DEFRA,
EcoInvent, IEA, IPCC, and WBCSD/WRI.
GHG intensity
GHG intensity is based on total GHG emissions and net
revenue for 2025. The net revenue can be reconciled with
"total revenue and other operating income” in note 2.1 in
the consolidated Financial Statements.
High climate impact sectors
AutoStore assesses that the undertaking does not have
operations and activities in high climate impact sectors.

81

| Contents

Energy consumption from non-renewable sources |  |  |  |
| Unit |  | 2025 | 2024
Fuel consumption from coal and coal products | MWh |  | - | -
Fuel consumption from crude oil and petroleum products | MWh |  | 182 | 262
Fuel consumption from natural gas | MWh |  | 1 | 1
Fuel consumption from other fossil sources | MWh |  | - | -
Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources | MWh |  | 7,027 | 7,753
Total fossil energy consumption | MWh |  | 7,211 | 8,017
Share of fossil sources in total energy consumption | % |  | 80% | 83%
Consumption from nuclear sources | MWh |  | 795 | 493
Share of consumption from nuclear sources in total energy consumption | % |  | 9% | 5%
Fuel consumption for renewable sources, including biomass1 | MWh |  | 11 | 12
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources | MWh |  | 971 | 1,084
Consumption of self-generated non-fuel renewable energy | MWh |  | - | -
Total renewable energy consumption | MWh |  | 983 | 1,096
Share of renewable sources in total energy consumption | % |  | 11% | 11%
Total energy consumption | MWh |  | 8,989 | 9,605

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

1 Also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.

82

| Contents

GHG emissions |  |  |  |  |  |  |
| Unit |  | 2024 (Base year) |  | 2025 |  | % 2025 / 2024
Scope 1 |  |  |  |  |  |  |
Gross scope 1 GHG emissions | tCO2eq |  | 61 |  | 44 |  | -28%
Percentage of scope 1 GHG emissions from regulated emission trading schemes | % |  | - |  | - |  | -
Scope 2 |  |  |  |  |  |  |
Gross location-based scope 2 GHG emissions | tCO2eq |  | 2,739 |  | 2,057 |  | -25%
Gross market-based scope 2 GHG emissions | tCO2eq |  | 4,848 |  | 4,094 |  | -16%
Scope 3 – significant emissions |  |  |  |  |  |  |
Total gross indirect (scope 3) GHG emissions | tCO2eq |  | 317,240 |  | 280,339 |  | -12%
1 Purchased goods and services |  |  | 285,680 |  | 251,641 |  | -12%
2 Capital goods1 |  |  | 160 |  | 17 |  | -89%
3 Fuel and energy-related activities (not included in scope 1 or scope 2) |  |  | 696 |  | 546 |  | -22%
4 Upstream transportation and distribution2 |  |  | 14,542 |  | 6,738 |  | -54%
5 Waste generated in operations |  |  | 30 |  | 34 |  | 15%
6 Business traveling |  |  | 3,623 |  | 4,466 |  | 23%
7 Employee commuting |  |  | 528 |  | 486 |  | -8%
8 Upstream leased assets |  |  | - |  | - |  | -
9 Downstream transportation3 |  |  | 812 |  | 8,722 |  | 974%
10 Processing of sold products |  |  | 13 |  | 11 |  | -14%
11 Use of sold products |  |  | 10,877 |  | 7,425 |  | -32%
12 End-of-life treatment of sold products |  |  | 271 |  | 239 |  | -12%
13 Downstream leased asset |  |  | 9 |  | 12 |  | 35%
14 Franchises |  |  | - |  | - |  | -
15 Investments |  |  | - |  | - |  | -
Total GHG emissions – location-based | tCO2eq |  | 320,040 |  | 282,440 |  | -12%
Total GHG emissions – market-based | tCO2eq |  | 322,149 |  | 284,477 |  | -12%

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

1 Numbers relate to office furniture for offices in the U.S.
2 Decrease relates to updated methodology for calculating estimations related to transportation in 2025.
3 Increase is related to the inclusion of estimations for the transport of Bins (not included in previous years).

83

| Contents

GHG intensity |  |  |  |  |  |  |
| Unit |  | 2024 |  | 2025 |  | % 2025 / 2024
Net revenue used to calculate GHG intensity | USD million |  | 601.4 |  | 538.6 |  |
GHG emissions intensity (location-based) | tCO2eq/’000 USD |  | 0.53 |  | 0.52 |  | -1.5%
GHG emissions intensity (market-based) | tCO2eq/’000 USD |  | 0.54 |  | 0.53 |  | -1.4%

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

84

| Contents

E5
Resource Use
and Circular
Economy

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Introduction | 85
Resource Inflows | 86
Resource Outflows | 91
Waste | 95
Metrics | 96

85

| Contents

| Introduction

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

| AutoStore acknowledges that circularity and efficient resource use are essential for the transition to a sustainable economy. Designing lean, resource-efficient products is a core principle embedded in AutoStore’s operations and product development.
| Key policies in this chapter |  | Code of Conduct Climate and Environmental Policy
| Responsibility |  | For further information on how our policies are managed, read more here.
| Availability |  | Externally available on our website

To address resource use and circular economy at
AutoStore, we carried out a renewed screening in 2025 as
part of the double materiality assessment process. This
screening focused on relevant activities and assets to
identify and assess material impacts, risks, and
opportunities related to resource inflows, outflows, and
waste. The assessment forms the basis for evaluating both
our own operations and our value chain. Specifically, we
reviewed our production processes, procurement
practices, and waste management systems. In addition, the
process incorporated insights from stakeholder
engagement to indirectly map activities and areas of
interest linked to resource efficiency and circularity.
As a result of the assessment process, we have identified
material resource inflows and outflows that will be
prioritized for disclosure and reporting. Our key focus
areas relate to significant input materials and components
used in AutoStore’s production, as well as the main
product groupings within the AutoStore offering. While
Grids and Bins in the AutoStore system are not
manufactured directly by AutoStore and are shipped from
suppliers to end-users, these components are still
considered material inflows in our assessment.
Correspondingly, Grids and Bins are classified as material
resource outflows, as they form part of the AutoStore
system deliverable and represent “products placed on the
market” by AutoStore. Key considerations for material
resource inflows and outflows primarily concern the bill-
of-materials (BOM) flows associated with production,
which are further illustrated in the value chain overview.
Impacts, risks, and opportunities
The following sections present our material impacts,
risks, and opportunities structured by the standard’s
sub-topics along with our approach and policies for
addressing these areas. A summary of our general
approach and policies related to this topical chapter
follows on the next page, and relates to several of the
presented impacts, risks, and opportunities presented
herein. Further, on each presented impact, risk, and
opportunity, we also outline actions and initiatives we
have or are planning to implement to:
– Mitigate or prevent negative impacts or risks, and
– Emphasize positive impacts and opportunities.
AutoStore has not yet formalized a process for tracking
the effectiveness of policies and actions in relation to
the material ESG-related impacts, risks, and
opportunities. In cases where future initiatives for target
setting and their time horizon are established, this is
addressed under each material impact, risk, or
opportunity if deemed relevant.
Furthermore, AutoStore has not yet established specific
ESG-related targets. As a result, current actions and
initiatives are not formally aligned with predefined
objectives. For more information, read more here.

86

| Contents

Resource Inflows
Introduction

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

AutoStore uses a range of materials in the production and
assembly process. The specified inflows in this chapter
have been assessed as material due to the volume of use
for production purposes and their respective impacts on
resource use and circularity. For AutoStore’s resource
inflows, the main focus has been on the materials as well
as packaging used in delivering the AutoStore system.
These are further described in the respective impacts,
risks, and opportunities in this chapter.
Most of the components in the AutoStore system are
sourced from suppliers. The highest value-adding activity
in our own operations is the final assembly of the modules
in AutoStore’s own production facilities. This process is
less dependent on extensive use of equipment and
machinery. AutoStore’s assets relating to property, plant,
and equipment are not considered material resource
inflows for reporting in this chapter.
AutoStore does not use material amounts of biological
materials in its production and assembly process, but
utilizes wood as part of packaging of products. Other
materials such as critical raw materials and rare earths,
along with water inflows are assessed as not material
resource inflows for reporting under ESRS E5.
Due to the extensive number of components and parts that
comprise the total resource inflows, AutoStore
acknowledges the complexity and challenges of mapping
circularity data for each individual component. For
reporting purposes, AutoStore has focused on the most
material resource inflows in 2025, with plans to expand
this effort in the future. These efforts are further detailed in
the actions and initiatives in this chapter. On the following
page, we provide an overview of the modules that make
up the AutoStore system. The modules are a leading factor
for considerations for both material inflows and outflows.
Our approach and policies
Resource use and circular economy is one of three primary
objectives outlined in AutoStore’s Environment and
Climate Policy. This policy ensures that AutoStore
maintains focus on circularity throughout the entire
product lifecycle, from design to use and end-of-life. To
remain innovative and competitive, we aim to continuously
enhance the circularity of our products. This involves
challenging ourselves and our suppliers to choose
materials offering the best combination of longevity,
climate footprint, and recyclability. General considerations
regarding the scope, responsibilities, and implementation
of the policy are described in E1 Climate Change.
Concerning sustainable sourcing, our Environment and
Climate Policy addresses that AutoStore shall work
together with suppliers to improve energy use and
efficiency in the production of the goods and services that
we source. We have not yet adopted formalized guidelines
for sustainable sourcing of products and services, and data
is currently not available. The policy also addresses that
AutoStore shall adhere to the waste hierarchy in the
management of waste in our own operations. The policy
does not address the concepts of eco-design, waste as a
resource, or post-consumer waste.
We expect our suppliers to adhere to the waste hierarchy
in the management of waste produced in their production
processes. We encourage our suppliers to initiate dialogue
with us if they have identified opportunities for improving
circularity or material choice in their deliveries to us. Read
more about AutoStore’s waste management.
While the Environment and Climate Policy covers several
broad topics related to resource use and circularity, the
policy does not directly address all identified impacts,
risks, and opportunities and their management, such as the
transition away from the use of virgin resources. Detailed
considerations of how the company addresses circularity
topics are not included in the policy. Further
considerations regarding these topics are addressed in
relation to each material impact, risk, and opportunity in
this chapter where relevant.
The environmental management systems at AutoStore’s
production facilities in Poland and Thailand were certified
in accordance with ISO 14001 in 2025.

87

| Contents

Modules in the AutoStore system

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Ports – ‘The workstation’
Description Ports are workstations where operators pick up or fill in products, tag, pack, and send products out. They are designed to keep the orders rolling without reducing efficiency. The main consideration of our Ports is employee safety, comfort, and productivity. Each workstation is designed at an optimal height and includes multiple safety features to prevent injury.
Materials There are 6-9 different product lines of Ports in the AutoStore system. The furniture material in the Ports are primarily comprised of aluminum and composite material. The main components for the Ports also include belts, motors, wheels, weights, weight switch, and optical sensor boards.
Durability The AutoStore modules have an estimated durability of at least 10 years.
Recyclability The aluminum used in the product is infinitely recyclable.

Grids – ‘The structure’
Description The Grid is the aluminum framework that holds the columns of vertically stacked Bins in place while also being the railways for Robots.
Materials The Grids are primarily constructed of virgin aluminum.
Durability The durability of the Grids are related to the long lifetime of the aluminum when used according to guidelines. Most of the Grids ever delivered by AutoStore are still in use, and the aluminum is infinitely recyclable.

Bins – ‘The container’
Description Like blocks, Bins are stacked next to and on top of each other within the Grid. These durable containers hold the inventory in the AutoStore system.
Materials AutoStore provides three different Bin types made of virgin plastic. The Bins are manufactured from HDPE, PP-C, or anti-static PP- ESD, all well-suited for recycling at the end of their lifetime.
Durability The AutoStore Bin is engineered to withstand hundreds of thousands of movements over years of service. Strong construction and gentle Robot handling secures the long lifetime of the Bins. The first AutoStore system was installed in 2005 and virtually all AutoStore Bins are still in use in AutoStore systems worldwide. The lifetime of the Bins is estimated to be approximately 10-20 years. Durability is dependent on factors such as workload, inventory weight, and involvement of third- party transport and handling equipment.

Robots – ‘The worker’
Description Robots ride on rails along the top of the Grid, retrieving and delivering Bins to workstations.
Materials The cover material of the Robots are made up of aluminum, with the Robots consisting of several separate components. The components linked to material impacts include, but are not limited to, PCBA (printed circuit board assembly) and batteries. The batteries in the R5 Robot are chargeable and uses two 12V/105Ah AGM batteries (lead acid - Absorbed Glass Mat) as a standard. The estimated lifetime design and expectancy of the batteries for each R5 Robot is subject to systems’ running time:
Systems running 8 hours a day, 5 days a week: 8 years
Systems running 16 hours a day, 5 days a week: 4 years
Systems running more than 16 hours a day, more than 5 days a week: 2-4 years
Durability The lifetime design and expectancy of the Robot engines are dependent on weight, driving frequency, operational hours, and other factors. The AutoStore modules have an estimated durability of at least 10 years. The belts and batteries in the Robots are the components that are most susceptible to wear and tear. Repairs and spare parts are readily available for the end- user.
Recyclability Enhancing the recyclability of the materials used in the Robots and obtaining more comprehensive and accurate data regarding this information will be a priority for AutoStore in its ongoing commitment to circularity.

Controller – ‘The brain’
Description The Controller is the command center and uses the Router software platform to manage both Bin traffic and the AutoStore database. The Controller will also run diagnostic troubleshooting when Robot errors occur using XHandler, greatly increasing the system’s uptime.
Materials A fully assembled AutoStore Controller consists of a 19ʺ steel mini-rack with the following components: fans for cooling, industrial computer (AutoStore Controller computer), network switch, ASIO (AutoStore Input/Output), and UPS.
Durability The AutoStore modules have an estimated durability of at least 10 years.
Recyclability The aluminum used in the product is infinitely recyclable.

Port
Bin
Robot
Controller

88

| Contents

Resource use and circular economy
Resource inflows

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Use of non-recycled materials in the AutoStore system
| Negative impact

Value chain |  | Upstream, downstream
Impact |  | Overall environmental impact
Connection to strategy and business model |  | Aligned with our business model and strategy to remain innovative and competitive, AutoStore recognizes the growing emphasis on circularity in order to stay at the forefront of sustainable automation solutions
Time horizon |  | Current impact with a medium- to long-term horizon subject to advances in own operations

| AutoStore’s material resource inflows include raw materials stemming from virgin aluminum for most of our Grids and virgin plastic for our Bins. Material inflows for our Robots include components such as PCBA boards and batteries. These material inflows relate to our upstream value chain. Furthermore, wood and non-recycled plastic used in the packaging of materials and modules in the AutoStore system are also considered material resource inflows. This relates to both our upstream and downstream value chain. |
| Key to incorporating recycled materials into product design is ensuring that the products meet AutoStore’s required standards of quality and durability. These consideration can in some cases limit the feasibility of such solutions. However, AutoStore acknowledges the need to continue addressing this topic going forward. |

Our approach and policies
Our approach and policies described in the introduction to
this chapter on resource use and circular economy apply
to this impact.
Actions
Options to be explored, but not yet formalized
Incorporating a larger amount of recycled materials into the
resources used for production of the AutoStore system is a
focus area in AutoStore’s sustainability journey. AutoStore is
continuously exploring options to improve efficiency and
extend longevity. AutoStore is exploring options for
integrating more recycled materials into the product design,
but no formal process has been adopted in 2025. The
feasibility of the implementation of such solutions is ultimately
subject to evolving demand and preferences from end-users.
Applicable actions from ESRS E1
Actions related to increased sustainability focus, exploring
green aluminum options, and decarbonization roadmap
described in ESRS E1 actions also apply to this topic.
PLM implementation project
AutoStore is in the process of conducting a product
lifecycle management (PLM) implementation project,
which is a strategic initiative aimed at enhancing our
product lifecycle management capabilities. Initially, the
initiative aims to fully gather all product related definitions
in one common repository and structure (engineering
BOM). This project will continue throughout 2026.

89

| Contents

Resource use and circular economy
Resource inflows

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Dependencies on suppliers
| Risk

Value chain |  | Upstream
Connection to strategy and business model |  | Financial risk related to loss of opportunities due to not meeting stakeholder expectations, or through exposure to legal restrictions limiting access to suppliers due to circularity concerns
Time horizon |  | Current risk with a medium- to long- term horizon subject to advances in own operations

| AutoStore recognizes a potential risk related to exposure to changes in stakeholders’ expectations. |
| Related to transition risks described under ESRS E1, evolving environmental regulations or shifts in demand away from products with virgin materials could result in the need for alternative sourcing of materials. This may lead to changes in costs and gross margins and could potentially affect supply chain efficiency regarding supplier-onboarding in the short term. |

Our approach and policies
Our approach and policies described in the introduction to
this chapter on resource use and circular economy apply
to this potential risk.
Actions and initiatives
Applicable actions and initiatives presented here:
– Options to be explored, but not yet formalized
– PLM implementation project

90

| Contents

Metrics
Methodology

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

The weights of products and materials are calculated based on a hybrid of supplier input
data and reports, spend data, and estimates. For further information regarding
methodology related to purchased materials, read more here.
Weights for AutoStore’s material resource inflows are sourced from direct measurements,
through supplier reports, or through supplier spend data.
Overall total weight
Most of the resources AutoStore consumes, are related to our production and
manufacturing process. These are the resource inflows that are related to AutoStore’s
impacts, risks, and opportunities. The estimated overall total weight of products and
technical and biological materials used in production during the reporting period is listed
in the metrics overview.
Biological materials
AutoStore does not use biological materials, such as biofuels, during the production and
assembly process. Biological materials such as wood is used for packaging of products,
and weights are listed in the metrics overview. AutoStore does not use certification
schemes for the biological materials sourced. There are no material amounts of materials
sourced from by-products or waste-stream used in the production process.
Recycled and reused materials
AutoStore uses a wide range of components consisting of different materials. AutoStore
does not currently have the necessary specific data to disaggregate potentially recycled
materials comprising the components for each product group. Based on assessments made
of the materials used, AutoStore does not use any significant amount of secondary reused
or recycled components, secondary intermediary products, and secondary materials to
manufacture its products and services. Materials for packaging does not come from
recycled materials.
Based on the double materiality assessment and volume used, AutoStore has limited
material resource inflows to the following materials:

Material resource inflows | Description | Unit |  | 2025 |  | 2024 |
Virgin aluminum | Used in the production of Grids | tonnes |  | 8,690 |  | 10,665 |
Virgin plastics | Used in the manufacture of Bins | tonnes |  | 48,981 |  | 41,633 |
PCBA boards | Used in Robots assembly | tonnes |  | 14 |  | 25 |
Batteries | Used in Robots assembly | tonnes |  | 756 |  | 1,024 |
Virgin plastic | Used in the assembly and packaging of products | tonnes |  | 228 |  | 1,344 |
Wood | Used in packaging of products | tonnes |  | 3,298 |  | 1,938 |
Total weight of material resource inflows | tonnes |  | 61,967 |  | 56,630 |
Other materials | Used in Robots assembly | tonnes |  | 3,336 |  | 4,433 |
Overall total weight | tonnes |  | 65,303 |  | 61,062 |

91

| Contents

Resource use and circular economy
Resource outflows

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

End-of-life processes
| Negative impact

Value chain |  | Downstream
Impact |  | Overall environmental impact
Connection to strategy and business model |  | Aligned with our business model and strategy to remain innovative and competitive, AutoStore recognizes the growing emphasis on circularity in order to stay at the forefront of sustainable automation solutions
Time horizon |  | Current impact with a medium- to long-term horizon subject to advances in own operations

| While the AutoStore system is designed for long operational lifetime, supported by repairability and the availability of spare parts – which together reduce the need for frequent recycling – establishing formalized recycling procedures represent a clear opportunity for further improvement at AutoStore. |
| AutoStore has not yet established formal procedures and processes for the end-of-life recycling of all the materials used in the system’s modules. AutoStore aims to further cooperate with partners and end- users in order to better facilitate or assist with these procedures. In cases where AutoStore itself is conducting sunsetting of products, the group is committed to ensuring that this process is conducted in a responsible manner. |

Our approach and policies
AutoStore aims to continuously improve the circularity
of our products, limit waste, and promote resource
efficiency. We also acknowledge the need to challenge
ourselves and our suppliers on which materials offer the
best combination of longevity, climate footprint, quality,
and recyclability, in line with technological innovations.
Our approach and policies described in the introduction to
this chapter on resource use and circular economy apply
to this impact.
Actions
Applicable actions and initiatives presented here:
– Options to be explored, but not yet formalized
– PLM implementation project
Life cycle analysis
AutoStore is committed to continue the process of
conducting life cycle analyses (LCA) of its modules. This
will provide further quantitative data on impacts related to
circularity for the AutoStore system, as well as insights and
basis for future actions and strategy implementation.
Further information on AutoStore’s work with LCA’s is
detailed here.

92

| Contents

Resource use and circular economy
Resource outflows

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Lifetime of the AutoStore system
| Positive impact

Value chain |  | Downstream
Impact |  | Overall environmental impact
Connection to strategy and business model |  | Aligned with our business model and strategy to remain innovative and competitive, AutoStore recognizes the growing emphasis on circularity to staying at the forefront of sustainable automation solutions
Time horizon |  | We are committed to maintaining the presented current actions and initiatives in the future

| The durability and repairability of the AutoStore system reduces resource use and limits downtime. In particular for the Bins and Grids, both the aluminum and the plastic used have a long lifetime. Most of the sold Bins and Grids are still in use in AutoStore systems worldwide, and the materials are recyclable at end-of-life. This longevity aligns with AutoStore’s aim of limiting waste and promoting resource efficiency. |

Our approach and policies
Our approach and policies described in the introduction to
this chapter on resource use and circular economy apply
to this impact.
Actions
Applicable actions and initiatives presented here:
– Options to be explored, but not yet formalized
– PLM implementation project
– Life cycle analysis

93

| Contents

Resource use and circular economy
Resource outflows

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Use of recycled materials in the AutoStore system
| Opportunity

Value chain |  | Downstream
Connection to strategy and business model |  | Aligned with our business model and strategy to remain innovative and competitive, AutoStore recognizes the growing emphasis on circularity in order to stay at the forefront of sustainable automation solutions
Time horizon |  | The magnitude of financial effect is subject to evolving requirements and expectations in end market segments

| AutoStore recognizes that offering Grids and Bins made with green aluminum and recycled plastic could contribute to further meeting stakeholder expectations, as well as retaining and/or attracting sustainability-oriented customers, end-users, and investors. AutoStore is currently not using green aluminum and recycled plastic in the production process, but are exploring suitable options for further assessment. This does, however, need to be in line with the quality AutoStore expects of its systems. |

Our approach and policies
Our approach and policies described in the introduction to
this chapter on resource use and circular economy apply
to this potential opportunity.
Actions
Applicable actions and initiatives presented here:
– Options to be explored, but not yet formalized
– Exploring green aluminum options
– PLM implementation project
– Life cycle analysis
Metrics
The AutoStore system consists of several modules. This
section provides a description of the key products that
come out of our production process. For the purpose of
reporting on our resource outflows for the AutoStore
system, disclosures related to durability, repairability, and
recyclable content is presented on the following page.

94

| Contents

Metrics on products and materials
Durability

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

The modules in the AutoStore system have a long lifetime,
and most installed systems are still in use. This limits
available data and statistics for registering the lifetime of
each module. An established general benchmark for the
AutoStore system is an estimated durability of at least 10
years. The durability of AutoStore’s modules is also
dependent on a number of factors. Considering intended
use and maintenance procedures are followed, the key
considerations for durability relates to:
– Work load per module (throughput, Grid layout,
Bin distribution)
– Average weight of the Bins
– Environment where the system is installed
– Quality and quantity of maintenance and repairs
A complete breakdown of estimated maintenance cost per
installation, as well as estimated frequency of parts to be
replaced over a 10-year period are provided to AutoStore’s
distribution partners, responsible for the installation and
service and maintenance of the system.
AutoStore has not identified an applicable industry
average for the durability of its modules.
Repairability
The AutoStore products are designed to be repairable.
Key considerations for delivering the AutoStore system
include providing the end-user with the necessary
information and education on procedures and options for
repair and maintenance of products, as well as facilitating
the necessary availability of spare parts.
The repair and maintenance of the end-user’s systems are
handled by AutoStore’s distribution partners. AutoStore
provides its distribution partners with the necessary
training, education, and commissioning to ensure they
conduct installation, service, and support for the end-user
with high quality. As part of the Grid design process, end-
users may order a desired amount of spare parts. End-
users are also provided with relevant service manuals and
may order spare parts from a dedicated AutoStore
website. AutoStore can be consulted on issues regarding
service and maintenance. For more complex repairs,
AutoStore's production facility in Poland is responsible for
handling these issues.
We have not identified an established rating system that
is applicable to the modules in the AutoStore system.
Additional information on the durability and recyclability
of AutoStore’s modules can be found on the product
overview here.
Recyclable content
As of now, AutoStore does not have the necessary data to
calculate rates of recyclable content in each product
group. AutoStore aims to increase available data through
the PLM project. This project aims to enhance our product
lifecycle management capabilities.
Packaging of the AutoStore system
AutoStore operates in an industry that requires extensive
packaging to maintain the integrity of shipped products
and materials. This applies to both resource inflows and
outflows.
The primary materials used in packaging our products
are wood materials and plastic. AutoStore also utilizes
lesser amounts of cardboard and ferrous metals to protect
the products during transport. Plastic and wooden pallets
are reused in certain cases, but there is currently no formal
process in place to monitor this process.
Although the content of packaging of products is well
suited for recycling, there are currently no recycling
solutions in place (read more in the following section).
AutoStore is exploring alternatives for packaging materials
and recycling solutions. However, we acknowledge that
the nature of the items being shipped, such as Robots and
Ports, necessitates packaging that meets specific quality
standards to ensure their safe transportation.

95

| Contents

Resource use and circular economy
Waste

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Contributing to waste of wood and plastics
| Negative impact

Value chain |  | Cross value chain
Impact |  | Overall environmental impact
Connection to strategy and business model |  | Aligned with our business model and strategy to remain innovative and competitive, AutoStore recognizes the growing emphasis on circularity in order to stay at the forefront of sustainable automation solutions
Time horizon |  | Current impact with a medium- to long-term horizon subject to advances in own operations

| AutoStore has identified material negative impacts regarding waste from the packaging used in delivering the AutoStore offering. Transporting AutoStore products involves extensive packaging in order to safeguard the integrity of the product until delivery at the installation site. The primary composition of waste from packaging are wood waste and virgin plastics. AutoStore also contributes to wood waste in other parts of our supply chain, such as office facilities. More information about AutoStore’s waste measures can be found in the following pages. |

Our approach and policies
Our approach and policies described in the introduction to
this chapter on resource use and circular economy apply
to this impact.
AutoStore's production facilities in Poland and Thailand
are key locations that manage the waste generated from
the production and assembly of the products that
AutoStore places on the market. AutoStore’s waste
management process regarding the handling and disposal
of waste or unused materials produced by the company
is compliant with applicable laws and regulations. The key
procedures and responsibilities are covered by the ISO
14001 certification of the production facilities.
Actions
Exploring alternative solutions
After the delivery of products, waste handling at the
installation site is not handled directly by AutoStore.
We do however recognize a responsibility for facilitating
solutions that does not result in excess waste for the end-
user. AutoStore is looking into alternative solutions to
wood and plastic packaging, as well as recycling solutions.
As part of a wider plan to collaborate with our distribution
partners and end-users, we will continue to address the
issue of waste handling and end-of-life processes for the
AutoStore system going forward.

96

| Contents

Metrics
AutoStore’s waste composition is primarily made up of residual waste, wood, metal, paper,

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

and cardboard. Hazardous waste is monitored and disposed of in a responsible manner.
AutoStore does not generate radioactive waste.
Methodology and assumptions for data collection
Waste is generally calculated based on invoices received from waste recipients for the
respective AutoStore locations. The calculations are supplemented with measurements
from AutoStore’s production facilities in Poland and Thailand. AutoStore relies on waste
disposal methods reported directly by the different local actors in waste reception and
recycling. Estimations have been used in cases where this data is unavailable, and for all
AutoStore offices with 15 or fewer employees. Estimations are used based on country
averages for waste management data or by a using a conservative approach.
The methodologies for calculations of waste data in this chapter are consistent with
the methodologies previously described in relation to AutoStore’s GHG emissions for
Category 5 – Waste generated in operations. AutoStore is aware that there might be
higher levels of hazardous waste present in the overall scope of waste. Classifications
for activity data are reliant on disposal methods reported directly by the different local
actors in waste reception and recycling and whether this is tracked. The calculation of
hazardous waste recycling rates for 2024 was based on a conservative calculation
approach. In 2025, enhanced data interpretation capabilities allow for a more substantiated
determination of the metrics, resulting in a recycling rate considered more probable for the
reporting year.
Special considerations for 2025
In the fourth quarter of 2025, AutoStore commissioned the disposal of 100 Robots and
batteries in the U.S. To ensure responsible and secure asset disposition, all processing
adhered to EPA, TCEQ, and local regulations, and was conducted by an ISO 9001, ISO
45001, ISO 14001, and R2v3 certified service provider. The processed materials
commissioned for destruction or recycling are included in the waste metrics presented on
this page.

Waste generated (kg) |
2025 |  | Non- hazardous | Hazardous | Total
a. Preparation for reuse |  | - | - | -
b. Recycling |  | 242,435 | 5,348 | 247,783
c. Other recovery operations |  | 32,357 | 5 | 32,362
A. Total diverted from disposal (a. + b. + c.) |  | 274,792 | 5,353 | 280,145
d. Incineration |  | 23,559 | 41 | 23,600
e. Landfill |  | 17,059 | - | 17,059
f. Other disposal operations |  | - | - | -
B. Total directed to disposal (d. + e. + f.) |  | 40,618 | 41 | 40,659
Total waste (A. + B.) |  | 315,410 | 5,394 | 320,805
Non-recycled waste (d) |  | 72,976 | 46 | 73,022
Non-recycled waste % (d) |  | 23% | 1% | 23%
2024 |  | Non- hazardous | Hazardous | Total
a. Preparation for reuse |  | - | - | -
b. Recycling |  | 269,614 | - | 269,614
c. Other recovery operations |  | 45,316 | 865 | 46,181
A. Total diverted from disposal (a. + b. + c.) |  | 314,930 | 865 | 315,795
d. Incineration |  | 10,424 | 20 | 10,444
e. Landfill |  | 16,810 | - | 16,810
f. Other disposal operations |  | - | - | -
B. Total directed to disposal (d. + e. + f.) |  | 27,234 | 20 | 27,254
Total waste (A. + B.) |  | 342,163 | 885 | 343,048
Non-recycled waste (d) |  | 72,549 | 885 | 73,434
Non-recycled waste % (d) |  | 21% | 100% | 21%

97

| Contents

EU Taxonomy

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

98

| Contents

Introduction
The EU Taxonomy is an internationally recognized

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

classification system that defines sustainable
economic activities, aiming to redirect capital
towards sustainable investments and support the
transition to a low-carbon, resilient, and resource-
efficient economy. AutoStore is in scope of the EU
Taxonomy regulation, which assesses how our
economic activities are considered environmentally
sustainable according to the criteria set forth in the
EU Taxonomy.
AutoStore presented its first mandatory EU Taxonomy
report for the 2023 financial year, establishing a structured
approach to identifying eligible economic activities across
the organization. This work was further refined in 2024
through a more detailed assessment of eligibility and
alignment. The 2025 report continues this progression
and incorporates the amendments and simplifications
introduced in the Delegated Act on July 4, 2025, as part
of the Omnibus Simplification Package. These updates are
reflected throughout this year’s disclosures, including
the presentation of tables and metrics, ensuring that
AutoStore’s reporting remains consistent, transparent,
and aligned with the evolving EU Taxonomy framework.
Eligibility
For the 2025 reporting year, AutoStore has conducted
a renewed assessment of the eligibility of its economic
activities to ensure completeness, relevance, and quality
in line with the EU Taxonomy methodology. A preliminary
screening was performed to identify potentially eligible
activities, followed by internal discussions with key
stakeholders and consultations with external experts.
The outcome confirms that there are no notable changes
to the list of eligible activities compared to the 2024
reporting period.
AutoStore has closely followed the regulatory developments,
including the amendments and simplifications introduced
through the delegated acts. In accordance with these
updates, AutoStore has opted to apply exemptions based
on financial materiality for selected activities and KPIs.
These considerations are reflected throughout the 2025
disclosures.
Alignment
AutoStore’s material eligible economic activities are
assessed against the “Substantial Contribution” and the
“Do No Significant Harm” (DNSH) criteria as set out in
the technical screening criteria of Commission Delegated
Regulation (EU) 2021/2139 and its amendments, as well as
the “Minimum Safeguard” criteria. While the substantial
contribution and the DNSH criteria are economic activity-
specific criteria, the minimum safeguards criteria is
a company-level policy requirement.

99

| Contents

Overview
The following tables provide a breakdown of AutoStore's

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

proportions of eligible and aligned activities within the
EU Taxonomy, based on key performance indicators for
turnover, capital expenditures (CAPEX), and operational
expenditures (OPEX). Variations compared to 2024 metrics
due to activities conducted or excluded based on
materiality are further detailed on the next page.
The following table presents the proportion of turnover,
CAPEX, and OPEX from products or services associated
with Taxonomy-eligible or Taxonomy-aligned economic
activities in 2025.

2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
KPI |  | Total | Proportion of Taxonomy- eligible activities | Taxonomy- aligned activities | Proportion of Taxonomy- aligned activities |  | Breakdown by environmental objectives of Taxonomy-aligned activities |  | Proportion of enabling activities | Proportion of transitional activities | Not assessed activities considered non-material | Taxonomy- aligned activities in 2024 | Proportion of Taxonomy- aligned activities in 2024
|  | Climate change mitigation | Climate change adaptation | Water | Circular economy | Pollution | Bio-diversity |
|  | USDm | % | USDm | % |  | % | % | % | % | % | % |  | % | % | % | USDm | %
Turnover |  | 538.6 | 63% | - | - |  | - | - | - | - | - | - |  | - | - | 9% | - | -
CAPEX |  | 60.7 | 73% | - | - |  | - | - | - | - | - | - |  | - | - | 3% | - | -
OPEX |  | 4.1 | 39% | - | - |  | - | - | - | - | - | - |  | - | - | 5% | - | -

Turnover
AutoStore’s Taxonomy-eligible turnover stands at 63%,
a decrease from 71.0% in 2024. Turnover is primarily
attributed to activities related to circular economy (CE).
This turnover is mainly generated from sales of AutoStore
systems. The main driver for changes in Taxonomy-eligible
turnover compared to 2024 relates to the exclusion of
activities considered non-material.
CAPEX
The Taxonomy-eligible CAPEX activities consists primarily
of research and development of AutoStore’s product
pipeline, which was 73% in 2025, a decrease from 74.8%
in 2024.
CAPEX plan
AutoStore does not currently have a CAPEX plan to
expand Taxonomy-eligible economic activities or to enable
activities to become Taxonomy-aligned.
OPEX
AutoStore presented Taxonomy-aligned OPEX of 0.03% in
2024 related to the installation of electric vehicle chargers.
AutoStore does not present alignment in 2025 due to this
activity not being conducted in the reporting year.
The eligible OPEX for 2025 stands at 39%, a decrease
from 44.7% in 2024.

100

| Contents

Eligible activities

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

The assessment of the technical screening criteria for each
of the potentially eligible activities, as specified in the
Commission Delegated Regulation (EU) 2021/2139 and its
amendments, concludes that AutoStore, as a technology
company that develops order-fulfillment solutions,
performed the following eligible activities in 2025.
AutoStore has not identified substantial activities that does
not relate to the EU Taxonomy list of activities. The primary
objective for AutoStore’s eligible activities mainly relates
to Climate Change Mitigation (CCM) and Circular
Economy (CE). AutoStore has not introduced new eligible
activities for 2025. The screening process for 2025
resulted in two activities to be considered material, namely
CE 1.2 and CE 4.1, as presented in the table on this page.
Non-material activities
AutoStore has opted to omit immaterial activities based
on financial materiality thresholds. Activities have been
excluded if they account for less than 10% of AutoStore’s
total revenue, CAPEX, or OPEX. Specific metrics related to
activities considered non-material are presented under the
metric “Not Assessed Activities Considered Non-Material”
in the table on the previous page.
The following table outlines AutoStore’s eligible activities.
While the total overview is unchanged from 2024,
activities excluded on the basis of financial materiality
are clearly marked for distinction.

Taxonomy sector |  |  | Code |  |  | Taxonomy activity |  |  | Relevance to AutoStore
Manufacturing |  |  | CE 1.2 |  |  | Manufacture of electrical and electronic equipment |  |  | AutoStore designs, manufactures, and assembles modules in the AutoStore system. This includes a range of essential electronic equipment, such as Robots, Ports, and Controller units, all of which are critical to ensuring the efficient operation of its automation systems.
Information and communication |  |  | CE 4.1 |  |  | Provision of IT/OT data- driven solutions |  |  | AutoStore develops and delivers software designed to optimize warehouse operations. Utilizing sophisticated data algorithms, the software continuously calculates and adjusts the most efficient paths for its Robots.
Non-material activities
Construction and real estate activities |  |  | CCM 7.4 CCA 7.4 |  |  | Installation, maintenance, and repair of charging stations for electric vehicles in buildings |  |  | AutoStore reported this activity as taxonomy aligned in 2024, which related to the installation of electric vehicle chargers in its office buildings to facilitate use of electric vehicles for employees and visitors. AutoStore has not conducted this activity in 2025.
Construction and real estate activities |  |  | CCM 7.7 |  |  | Acquisition and ownership of buildings |  |  | AutoStore leases several properties to support operational needs, including office spaces and production sites essential for its business activities. This activity is considered non-material in 2025 based on the financial materiality of new contracts.
Transport |  |  | CCM 6.5 CCA 6.5 |  |  | Transport by motorbikes, passenger cars, and light commercial vehicles |  |  | The transportation of AutoStore’s products to end-users is handled by third-party logistics providers, while the company manages its own transportation for employee commutes and internal logistics. This includes the use of both leased and owned company vehicles for transporting staff, materials, and other business-related items. Assessed as non-material based on financial materiality threshold.
Services |  |  | CE 5.2 |  |  | Sale of spare parts |  |  | AutoStore supplies spare parts, ensuring the continued functionality and longevity of the systems provided. Assessed as non-material based on financial materiality threshold.
Services |  |  | CE 5.5 |  |  | Product-as-a-service and other circular use- and result-oriented service models |  |  | AutoStore’s automated fulfillment technology offers the option to lease the system through a pay-per-pick model. The pay-per-pick model involves an upfront payment for the warehouse Grid infrastructure, along with a recurring subscription fee for Robots, Ports, and software, based on order volume. In 2025, we launched AutoStore-as-a-Service (ASaaS), offering greater flexibility and lower upfront investment. Pio, a subsidiary of AutoStore, provides a streamlined warehouse automation solution for smaller operations through a leasing model. Assessed as non-material based on financial materiality threshold.

101

| Contents

Alignment assessment
The following section provides details on AutoStore’s
assessment process and considerations regarding
Taxonomy-aligned activities. AutoStore has not identified

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

alignment for economic activities in 2025.
‘Substantial Contribution’ criteria
‘Substantial Contribution’ set out the criteria for determining
that a specific economic activity furthers the Taxonomy’s
environmental objectives. AutoStore’s eligible economic
activities are assessed to not meet the screening criteria
on all accounts. The primary reason for non-alignment
mainly relates to instances such as: Lack of recycled
material in the packaging of products, lack of available
necessary detailed documentation to meet criteria, or
respective labeling not relating to AutoStore products.
‘Do No Significant Harm’ criteria
‘Do No Significant Harm’ (DNSH) set out the criteria for
determining that a specific economic activity does not
impair any other environmental objective in the act.
Economic activities also have to be carried out in
compliance with the minimum safeguards that mainly
relate to human rights and labor standards but also cover
the topics of corruption, fair competition, taxation, and
controversial weapons.
Physical climate risk assessment
When assessing the alignment of eligible economic activities
introduced in the Climate Delegated Act, the generic
DNSH criteria for climate change adaptation states that
a physical climate risk assessment should be conducted for
the eligible activity and that adaptation solutions should be
identified.
A comprehensive physical climate risk assessment was
first conducted in 2024, and further developed in 2025.
The assessment was conducted to evaluate the potential
impacts of climate change on AutoStore’s operations
across multiple global locations. This assessment aligns
with the EU Taxonomy Regulation (Regulation (EU)
2020/852) and adheres to the Technical Screening Criteria
outlined in the Climate Delegated Act (Commission
Delegated Regulation (EU) 2021/2139) for substantial
contribution to climate change adaptation. It also follows
the EU Guidelines on Reporting Climate-Related
Information. The assessment is based on AutoStore’s
eligible activities.
In line with the DNSH criteria under the EU Taxonomy, this
assessment identifies potential climate risks and provides a
basis for strategic climate adaptation planning. It supports
AutoStore in strengthening resilience across its operations
by informing risk mitigation strategies, investment decisions,
and long-term sustainability efforts. This aims to ensure
the business remains aligned with the EU’s sustainability
and climate adaptation objectives while reducing exposure
to physical climate risks in the coming decades.
‘Minimum Safeguard’ criteria
‘Minimum Safeguard’ is a component of the EU Taxonomy
Regulation and ensures that investments or activities
classified as Taxonomy-aligned adhere to minimum
governance standards and uphold social norms, including
human and labor rights. Although these requirements are
only required on a company level, AutoStore has conducted
an assessment for each eligible activity and documented
adherence to the criteria.

102

| Contents

Accounting policies
General reporting principles
The EU Taxonomy defines turnover, capital expenditure

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

(CAPEX), and operating expenditure (OPEX) as key
performance indicators (KPIs). The numerators of the
CAPEX and OPEX KPIs do not include investments
associated with a CAPEX plan, as such a plan has not yet
been established by AutoStore.
Turnover
AutoStore defines turnover as the total of revenue and
other operating income, consisting of the revenue from
contracts with customers and net freight income, as
presented in the consolidated statement of comprehensive
income. AutoStore’s eligible turnover is the part of the
“revenue from contracts with customers” generated
through the manufacturing of electrical and electronic
equipment, the provision of IT/OT data-driven solutions,
the sale of spare parts, and the product-as-a-service
models, as presented in note 2.1 of the consolidated
statement of comprehensive income.
Capital expenditure (CAPEX)
AutoStore defines CAPEX as the additions to non-current
and current assets following the IFRS definition of capital
expenditure, as presented in notes 3.1, 3.2 and 3.4 of the
consolidated statement of financial position. AutoStore’s
eligible CAPEX is the CAPEX related to the long-term lease
and purchase of company cars, the research and
development of Robots, Ports, Controller units, and
software, as well as investments in the AutoStore system
related to product-as-a-service models. The economic
activity acquisition and ownership of buildings of the
Climate Delegated Act also covers leased real estate and
AutoStore recognizes the leased asset as a right-of-use
asset and has been reported as a CAPEX denominator.
Operating expenditure (OPEX)
AutoStore defines OPEX as the sum of employee benefit
expenses and other operating expenses directly related
to research and development, as well as the maintenance,
repair, and day-to-day servicing of property and equipment.
AutoStore’s eligible OPEX relates to the operating expenses
directly related to the research and development of
Robots, Ports, Controller units, software, and the product-
as-a-service models.
Double counting
AutoStore prevents double counting across economic
activities through a comprehensive review process that
ensures each activity is accounted for only once.
This involves cross-referencing financial data and clearly
defining and categorizing activities to avoid overlap.
This approach ensures that the financial numbers are
not counted more than once.
What’s next
AutoStore will continue to follow the advancement of
the EU Taxonomy closely and conduct new eligibility
screenings and alignment assessments if additional
activities are introduced. Furthermore, new eligibility
screenings will be conducted if AutoStore starts to perform
additional economic activities that are not performed to
this date.
Activity breakdown
The following table presents the proportion of turnover,
CAPEX, and OPEX from products or services associated
with Taxonomy-eligible or Taxonomy-aligned economic
activities, with a breakdown of KPI’s by economic activity
for 2025.

103

| Contents

About
Shareholder Information
Board of Directors Report
Sustainability Statements
General
Environment
E1 Climate Change
E5 Resource Use and Circular Economy
EU Taxonomy
Social
Governance
Appendices
Corporate Governance Report
Financial Statements
Appendices

Activity breakdown per KPI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Environmental objectives of Taxonomy-aligned activities |  |  |  |
Economic activity | Code |  | Eligible KPI | Aligned KPI | Aligned KPI |  | CCM | CCA | WTR | CE | PPC | BIO |  | Enabling activity | Transitional activity | Taxonomy- aligned in Taxonomy- eligible
|  |  | % | USDm | % |  | % | % | % | % | % | % |  | E (where applicable) | T (where applicable) | %
Turnover |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manufacture of electrical and electronic equipment | CE 1.2 |  | 57% | - | - |  | - | - | - | - | - | - |  | - | - | -
Provision of IT/OT data-driven solutions | CE 4.1 |  | 6% | - | - |  | - | - | - | - | - | - |  | - | - | -
Sum of alignment per objective |  |  |  |  |  | - | - | - | - | - | - |  | - | - | -
Total KPI |  | 63% | - | - |  | - | - | - | - | - | - |  | - | - | -
CAPEX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manufacture of electrical and electronic equipment | CE 1.2 |  | 41% | - | - |  | - | - | - | - | - | - |  | - | - | -
Provision of IT/OT data-driven solutions | CE 4.1 |  | 32% | - | - |  | - | - | - | - | - | - |  | - | - | -
Sum of alignment per objective |  |  |  |  |  | - | - | - | - | - | - |  | - | - | -
Total KPI |  | 73% | - | - |  | - | - | - | - | - | - |  | - | - | -
OPEX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manufacture of electrical and electronic equipment | CE 1.2 |  | 20% | - | - |  | - | - | - | - | - | - |  | - | - | -
Provision of IT/OT data-driven solutions | CE 4.1 |  | 19% | - | - |  | - | - | - | - | - | - |  | - | - | -
Sum of alignment per objective |  |  |  |  |  | - | - | - | - | - | - |  | - | - | -
Total KPI |  | 39% | - | - |  | - | - | - | - | - | - |  | - | - | -

CCM Climate Change Mitigation
CCA Climate Change Adaptation
WTR Water
CE Circular Economy
PPC Pollution Prevention and Control
BIO Bio-diversity
E Enabling activity that supports other activities in making a substantial contribution without causing significant harm
T Transitional activity that contributes to climate mitigation where no low-carbon alternative is currently feasible

104

| Contents