Interim Report for Duni AB (publ) 1 January – 30 September 2009

Improved income and continued strong cash flow

1 January – 30 September 2009 - Net sales increased by 3.7% to SEK 3,063 m (2,954) - Earnings per share for continuing operations amounted, after dilution, to SEK 4.36 (3.30) - A strong cash flow has resulted in a reduction in the net debt from SEK 1,298 m to SEK 870 m over the last 12 months. 1 July – 30 September 2009 - Net sales increased by 4.9% to SEK 1,021 m (973) - Earnings per share for continuing operations amounted, after dilution, to SEK 2.12 (1.21) Key financials 9 months 9 months 3 months 3 months 12 months 12 months Jan-Sep Jan-Sep Jul-Sep Jul-Sep Jan-Dec Oct-Sep 2009 2008 2009 2008 2008 08/09 Net sales, SEK m 3 063 2 954 1 021 973 4 099 4 208 Operating income 1), SEK m 269 269 113 102 414 414 Operating margin 1), % 8.8% 9.1% 11.0% 10.5% 10.1% 9.8% Income after financial items, SEK m 279 212 134 72 251 318 Net income 2), SEK m 205 155 100 53 191 241 1) Before an unrealized valuation effect of derivatives, due to the non-application of hedge accounting, of SEK 48 m (-9) January – September, SEK 25 m (-18) July – September and before restructuring costs of SEK -2 m (0) January – September, SEK -1 m (0) July – September. 2) With respect to continuing operations. CEO’s comments "The stabilization of the market situation which began during the second quarter of the year has continued during the third quarter. The trend from the beginning of the year with declining volumes has gradually leveled off and, during the third quarter, involved a reduction of approximately 2-3% within the Professional and Retail business areas compared to last year. In addition, sales within the Tissue business area have recovered as a result of an improved order in-take of hygiene products which could be discerned towards the end of the second quarter. Duni's sales during the third quarter reached SEK 1,021 m, a 4.9% increase. At fixed exchange rates, this corresponds more or less to unchanged sales. The gross margin was further strengthened during the third quarter, reaching 28.1%. This, in combination with improving volumes, primarily within the Tissue business area, and good cost control, have led to a strong operating income of SEK 113 m, as compared with SEK 102 m the preceding year. Duni's main markets continue to resist the weak economy well. On the other hand, demand has been low during the quarter in Eastern Europe and, to some extent, Southern Europe. The growth within the market segment for take-away packaging is still positive. This year we have increased our efforts in offering branded restaurant chains customized packaging solutions within the Professional business area. Operating margins in both the Professional and Retail business areas improved during the quarter in comparison with last year. For the Tissue business area, the increase in sales improved operating income, but the margin was lower than the preceding year primarily due to less favorable product mix. The strong cash flow has continued during the third quarter, which reflects continued success with inventory reductions. Duni's net debt is now down to SEK 870 m. In terms of seasonality, we are now entering the strongest quarter. Even if the economic situation has stabilized it is still on a relatively low level and we estimate that recovery can take time. Moreover, it should be noted that the prices for some of Duni's key input material have begun to rise. Prices are nevertheless still lower than the same period last year," says Fredrik von Oelreich, President and CEO, Duni. ----

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