Net sales, MSEK 1,632 1,776 5,991 6,088 EBITDA excl. items affecting comparability (IAC), MSEK

Q4 2017 2017 2016 2017 2016 Q4 IN BRIEF Q4 Q4 YTD YTD Net sales, MSEK 1,632 1,776 5,991 6,088 EBITDA excl. items affecting comparability (IAC), MSEK 163 203 486 561 EBITDA margin excl. items affecting comparability (IAC), % 10.0 11.4 8.1 9.2 EBITDA, MSEK 133 173 421 489 EBITDA margin, % 8.1 9.7 7.0 8.0 Operating profit (EBIT) excl. items affecting comparability (IAC), MSEK 134 172 369 438 Operating margin (EBIT) excl. items affecting comparability (IAC), % 8.2 9.7 6.2 7.2 Operating profit (EBIT), MSEK 104 142 304 366 Operating margin (EBIT), % 6.4 8.0 5.1 6.0 Net profit for the period, MSEK 76 96 160 209 Basic earnings per share, SEK 0.91 1.25 2.00 2.71 Free cash flow, MSEK 71 107-74 159 Dividend per share (*proposed), SEK - - 1.20* 1.20

CEO S COMMENTS ON THE FOURTH QUARTER 2017 D uring the fourth quarter the strategic review of our operations in France has continued and production in South Africa has been closed, as previously decided. The quarter s sales were lower than in the previous year, but order intake developed favourably, which means that the Group will enter 2018 with a stronger order book than 2017. DEVELOPMENT OF OUR BUSINESS During the fourth quarter, sales decreased compared to the fourth quarter of 2016. This is mainly a consequence of weak sales to banks in India and South Africa and the effect of a large Entrance Control order delivered in quarter four 2016 in Europe. Sales in Region EMEA fell in the fourth quarter. Order intake, on the other hand, developed positively and the Group continues to develop the business with existing customers as well as new customer segments. For example, pre-boarding gates from Gunnebo will be installed at Munich Airport and Coop will continue to turn to us to service the cash management solutions it has installed in stores across the Nordic region. Sales in Region Asia-Pacific decreased in the quarter mainly due to the continued weak development of the public banking market in India, which was amplified by weak sales of ATM safes. However, Region Asia-Pacific had a strong order intake in the fourth quarter. Gunnebo received its first major order in India for ticket gates for the metro network in one of the country s major cities and, Incheon Airport in Seoul, South Korea, chose entrance security solutions from Gunnebo. Both of these orders demonstrate how Gunnebo is shifting its customer segment focus in the region. Region Americas also had lower sales in the quarter, where development was good in Brazil and unchanged in Mexico. In North America, sales were FINANCIAL TARGETS & OUTCOME temporary weaker due to slow business in bank projects. One noteworthy order received during the quarter came from Brazil, where several large international food retailers chose Gunnebo s warehouse solutions to be gradually installed in their stores around the country. In the United States, Gunnebo delivered entrance security solutions to the Empire State Building in New York. In terms of product areas, the positive sales development within Cash Management has continued in the fourth quarter. In Entrance Security, sales have remained unchanged at a high level during the quarter. Safes & Vaults developed weakly during the quarter, due to lower sales of safes to global ATM manufacturers and the continued low demand from banks in several markets. In Electronic Security, sales were unchanged during the quarter, which is an important improvement against the decline earlier in 2017. RESULTS For the quarter, we reported an operating profit excluding items affecting comparability of MSEK 134 and an operating margin of 8.2%. For the full year, we reported an operating income excluding items affecting comparability of MSEK 369 and an operating margin of 6.2%. Work on continuing to improve our business in line with our strategy for profitable growth continues. During the year, we have also conducted a review and prioritisation of our product areas in respect to range, which will further strengthen our focus on customers and delivery. Gothenburg, 2 February 2018 Henrik Lange President and CEO 2017 2016 2017 2016 Q4 Q4 YTD YTD Target Organic growth -6% 3% -3% 1% 5% Operating margin 1) 8.2% 9.7% 6.2% 7.2% 7.0% Return on capital employed 1) 2) 10.3% 12.8% 10.3% 12.8% 15.0% Equity ratio 33% 34% 33% 34% 30% 1) Excluding items affecting comparability (IAC) 2) During the last twelve-month period During the fourth quarter the strategic review of our operations in France has continued and production in South Africa was closed, as previously decided." 2 GUNNEBO Q4 REPORT 2017

SALES AND RESULT IN BRIEF SALES BY REGION YTD 2017 SALES BY PRODUCT AREA YTD 2017 SALES Q4 2017 VS Q4 2016 SALES YTD 2017 VS YTD 2016 Organic Structure Currency Total Organic Structure Currency Total EMEA -6% 0% 0% -6% APAC -9% 0% -4% -13% AMERICAS -3% 0% -6% -9% TOTAL -6% 0% -2% -8% EMEA -3% 0% 1% -2% APAC -4% 0% 1% -3% AMERICAS 1% 0% 1% 2% TOTAL -3% 0% 1% -2% GROUP SALES & OPERATING MARGIN BY QUARTER Sales per quarter Operating margin %, excl. IAC Operating margin % 12M, excl. IAC QUARTERLY SALES 2015 Q4 2017 Sales 2015 Sales 2016 Sales 2017 Operating margin % 12M, excl. IAC 2015 Operating margin % 12M, excl. IAC2016 Operating margin % 12M, excl. IAC 2017 3 GUNNEBO Q4 REPORT 2017

REGION EMEA 2017 2016 2017 2016 Q4 Q4 YTD YTD % GROUP SALES YTD Net sales, MSEK 1,058 1,131 3,831 3,907 Organic growth, % -6 2-3 0 Operating profit excl. IAC, MSEK 54 76 116 172 Operating margin excl. IAC, % 5.1 6.7 3.0 4.4 Items affecting comparability (IAC), MSEK -22-23 -47-59 Operating profit, MSEK 32 53 69 113 64% SALES DEVELOPMENT Q4 2017 Organically, the region s sales decreased by 6% during the fourth quarter. Sales developed positively in the UK, South Europe and France. Sales on other markets in the region were weaker. The Region s order intake was strong in the quarter. Sales within Cash Management developed well across all markets in Europe. Entrance Security developed well in Europe, but had a weaker development in Eastern Europe and Middle East due to a large order delivered in quarter four 2016. Safes & Vaults developed weakly across the region. Electronic Security developed positively, mainly in Central Europe, the Nordics, UK and Middle East. Also sales in France improved for the quarter, which is in line with the plan to improve profitability on this market. RESULT DEVELOPMENT Q4 2017 Operating profit excluding items affecting comparability amounted to MSEK 54 (76), giving an operating margin of 5.1% (6.7). This lower profit is derived from the markets with weak sales development and the customer segment repositioning that is currently ongoing as part of the strategic review in France. Items affecting comparability in the fourth quarter amounted to MSEK -22 (-23), and were related to continued structural activities in France and South Africa. 0 Sales per quarter Operating margin %, excl. IAC Operating margin % 12M, excl. IAC QUARTER HIGHLIGHTS Nordics: Retail chain, Coop, renews multi-year service contract with Gunnebo to deliver service for cash management solutions installed in its stores. Germany: Gunnebo s pre-boarding gates will be installed at Munich Airport. Belgium: Hospital group, Chirec, equips its latest hospital with security solutions from Gunnebo, including electronic security, cash management and entrance security. UK: Luton Airport places additional order for presecurity gates. France: A gas company classed as high-risk site (SEVESO site), turns to Gunnebo to upgrade its surveillance security at seven production sites. Italy: Gunnebo is appointed supplier of solutions for entrance security to be installed at Italy s main railway stations. Middle East: Allied Bank in Pakistan orders Gunnebo s solution for automated safe deposit lockers, SafeStore Auto. EMEA IN BRIEF SVP: Heinz Jacqui Sales Companies: 17 Europe, Middle East & Africa (EMEA) is the Group s largest region. It is divided into eight sub-regions: Nordic, Central Europe, South Europe, UK/Ireland, France, East Europe, Middle East and Africa SALES BY PRODUCT AREA YTD 2017 23% 31% 4% 20% 22% Cash Management Entrance Security Safes & Vaults Electronic Security Other 4 GUNNEBO Q4 REPORT 2017

REGION ASIA-PACIFIC 2017 2016 2017 2016 Q4 Q4 YTD YTD % GROUP SALES YTD Net sales, MSEK 305 351 1,091 1,129 Organic growth, % -9 3-4 5 Operating profit excl. IAC, MSEK 42 55 130 138 Operating margin excl. IAC, % 13.8 15.7 11.9 12.2 Items affecting comparability (IAC), MSEK -6-3 -12-5 Operating profit, MSEK 36 52 118 133 18% SALES DEVELOPMENT Q4 2017 Organically, the region s sales decreased by 9% during the fourth quarter as the large OKI-project now has been finalised. This is explained by the continued weak development in India. Sales in other markets in the region developed positively. The Region s order intake was strong in the quarter. Entrance Security continued to develop well, especially sales to the metro sector in India and to high-risk sites in Australia. Sales for fire projects (Other) declined. Safes & Vaults had lower sales compared to last year, mainly impacted by continued low spending from the public bank sector in India and lower sales of safes to global ATM manufacturers in the region. RESULT DEVELOPMENT Q4 2017 Operating profit excluding items affecting comparability amounted to MSEK 42 (55) giving an operating margin of 13.8% (15.7). The weaker result is mainly explained by lower sales in India where the Group is currently undertaking a customer segment repositioning to reduce the dependency on the banking sector. Items affecting comparability in the fourth quarter were related to structural changes in South-East Asia. 0 Sales per quarter Operating margin %, excl. IAC Operating margin % 12M, excl. IAC QUARTER HIGHLIGHTS Australia: Gunnebo s Intellisafe cash management solution helps to optimise cash processing at one of the country s first drive-in cinemas. Australia: Gunnebo Australia is awarded a significant contract to provide security at several government facilities across the country. India: Hundreds of Gunnebo s ticket gates are installed for automatic fare collection at metro railway stations in one of India s major cities. China: Gunnebo s metro gates will be installed in Line 3 in Suzhou city, following previous orders for Line 1 and Line 4. South Korea: Incheon International Airport selects solutions from Gunnebo for entrance control. This is the first order to the airport segment in the country. China: SafeStore Auto Maxi will be installed in one of the high-end housing estates in Shanghai, offering a storage service with certified protection for residents valuables. ASIA-PACIFIC IN BRIEF SVP: Sacha de La Noë Sales Companies: 7 Asia-Pacific (APAC) is divided into following sub-regions: Australia, New Zealand, India, China, South Korea and South-East Asia: Malaysia and Singapore (with offices in Indonesia, Thailand, Vietnam and Myanmar) SALES BY PRODUCT AREA YTD 2017 5 GUNNEBO Q4 REPORT 2017

REGION AMERICAS 2017 2016 2017 2016 Q4 Q4 YTD YTD % GROUP SALES YTD Net sales, MSEK 269 294 1,069 1,052 Organic growth, % -3 4 1-2 Operating profit excl. IAC, MSEK 38 41 123 128 Operating margin excl. IAC, % 14.1 13.9 11.5 12.2 Items affecting comparability (IAC), MSEK -2-4 -6-8 Operating profit, MSEK 36 37 117 120 18% SALES DEVELOPMENT Q4 2017 Organically, the region s sales decreased by 3% during the fourth quarter. Sales in Brazil developed well, while sales in Mexico were flat. In North America sales were weak, due to slow business in bank projects. Order intake in the Region was flat in the quarter. Sales within Cash Management decreased due to delays in investments in bank projects. Sales development was stable within Entrance Security in the quarter. Safes & Vaults developed well in the quarter, particularly in the US, where sales to public administration picked up. Sales of Electronic Security developed well in Brazil, but continued to be weak on all other markets. RESULT DEVELOPMENT Q4 2017 Operating profit excluding items affecting comparability amounted to MSEK 38 (41) resulting in an operating margin of 14.1% (13.9). The improved margin is explained by the favourable product mix and focus on cost control. 0 Sales per quarter Operating margin %, excl. IAC Operating margin % 12M, excl. IAC QUARTER HIGHLIGHTS US: The Empire State Building once again turns to Gunnebo for their entrance security needs with OptiStile gates for its new observatory entrance lobby. Brazil: Two major international food retailers use Gunnebo s solutions for loss prevention in its stores with several major orders being recorded in the fourth quarter. Brazil: Cash Management is a vital element of loss prevention for retailers, where Gunnebo s solutions are being provided through CIT companies. This business had a good order intake in Q4. Mexico: BBVA Bancomer renews service agreement with Gunnebo to deliver electronic security services to its national branches. Canada: The largest telecommunication organisation in the country signs a contract for locksmith services for its national outlets. AMERICAS IN BRIEF SVP: Dan Schroeder Sales Companies: 4 North America: Canada, USA Latin America: Brazil, Mexico SALES BY PRODUCT AREA YTD 2017 19% 27% 6% 26% 22% Cash Management Entrance Security Safes & Vaults Electronic Security Other 6 GUNNEBO Q4 REPORT 2017

FINANCIAL PERFORMANCE OCTOBER DECEMBER 2017 Net sales The Gunnebo Group s net sales during the fourth quarter amounted to MSEK 1,632 (1,776) representing an 8% decrease. Organic growth for the Group was -6%, where Asia-Pacific ended at -9%, Americas at -3%, and EMEA was -6%. The currency effect was -2% coming from Asia-Pacific and Americas. Operating results Operating profit was MSEK 104 (142), equaling an operating margin of 6.4% (8.0). Excluding items affecting comparability, operating profit amounted to MSEK 134 (172), equaling an operating margin of 8.2% (9.7). EBITDA excluding items affecting comparability reached MSEK 163 (203) corresponding to 10.0% (11.4) of net sales. The gross margin excluding items affecting comparability was 28.4% compared to 29.7% last year, partly due to low variability of costs where business volume declined and partly due to unfavorable changes in the product mix. The reduced selling and administrative expenses partly compensated for the drop in gross margin. Selling and administrative expenses excluding items affecting comparability decreased by some MSEK 20 over the same quarter 2016. As a percent of net sales, this equaled 20.7% which was slightly higher than the 20.1% from last year. Gross spending on product research and development, which included capitalised amounts, totalled MSEK 31 (36) equaling 1.9% (2.0) of net sales. Items affecting comparability impacted the Group s result by MSEK -30 (-30) in the quarter, with MSEK -17 (-8) in cost of goods sold and MSEK -13 (-22) reported in selling and administrative. For EMEA, these mainly related to the continued focus on increased productivity and structural changes in France and South Africa. Items affecting comparability in the other regions related primarily to structural changes affecting management levels and manufacturing efficiency. OPERATING PROFIT BRIDGE Q4 Operating profit 2016 142 Organic -26 Structure 9 Currency 0 Other -21 Changes in the operating profit in the fourth quarter, as compared to the corresponding quarter 2016, can be explained by: The negative organic growth impacted operating profit by MSEK -26. The positive net structural effects of MSEK 9 reflect realised savings from implemented productivity measures and structural changes mainly in EMEA which continue to give benefits as planned, as well as the change in items affecting comparability between the two periods. Currency effects were MSEK 0, of which translation effect was MSEK -3 and transaction effect was MSEK 3. Other effects included negative gross margin development caused partly by low variability of costs in relation to certain business contraction and partly by an unfavourable product mix. Other financial highlights Net financial items in the quarter was MSEK -14 and was at the same level as 2016. Tax expense was MSEK -14 (-33) representing an effective tax rate of 15.5% (25.6). The effect of changed tax rate legislation from the US and France had a net positive impact on tax expense of some MSEK 8. Free cash flow for the quarter was MSEK 71 (107), with the decline attributable to operating profits and the higher investment rate, offset by a positive impact from lower tax payments. Investments in the quarter were MSEK 55 (31), reflecting increased investments both in product/it development as well as property, plant and equipment. The lower tax payments in the quarter were partly timing but were also in line with net profits. The change in working capital ended at the same level as 2016 in total. Cash flow from financing activities totalled MSEK -33 (-37) representing a mix of minor financing movements. Total equity increased by MSEK 78 and was mainly attributable to the net profit of MSEK 76, as the positive currency development was offset by actuarial losses caused by changes in demographical and financial assumptions in the Group s UK pension plan. Operating profit 2017 104 7 GUNNEBO Q4 REPORT 2017

JANUARY - DECEMBER 2017 Net sales The Gunnebo Group s reported net sales for the full year amounted to MSEK 5,991 (6,088) representing a 2% decrease. Organic growth for the Group was -3%, where EMEA was -3%, Asia- Pacific was -4%, while Americas showed positive growth of 1%. The currency effect was 1%. Operating results Operating profit was MSEK 304 (366), equaling an operating margin of 5.1% (6.0). Excluding items affecting comparability, operating profit amounted to MSEK 369 (438), equaling an operating margin of 6.2% (7.2). EBITDA excluding items affecting comparability reached MSEK 486 (561) corresponding to 8.1% (9.2) of net sales. The gross margin excluding items affecting comparability for the year was 28.6% compared to 29.5% last year. Selling and administrative expenses excluding items affecting comparability decreased by some MSEK 15 over the same period 2016, representing a percent of net sales of 22.6% for 2017 compared to 22.5% for 2016. Adjusted for currencies, the selling and administrative cost reduction was some 30 MSEK year over year. The Group s gross spending on product research and development, which includes amounts that have been capitalised, increased over 2016, and amounted to MSEK 116 (104) equaling 1.9% (1.7) of net sales. Items affecting comparability impacted the result by MSEK -65 (-72) for the year, mainly related to continued focus on increased productivity and structural changes as well as management changes in APAC and Americas. OPERATING PROFIT BRIDGE YTD Operating profit 2016 366 Organic -39 Structure 54 Currency 17 Other -94 Operating profit 2017 304 Changes in the operating profit for the year as compared to 2016, can be explained by: The negative organic growth impacted operating profit by MSEK -39. The positive net structural effects of MSEK 54 reflect realised savings from implemented productivity measures and structural changes in EMEA which continue to give benefits as planned, as well as the change in items affecting comparability between the two periods. Currency effects were MSEK 17, where the translation effect was MSEK 5 and transaction effect was MSEK 12. Other effects included negative gross margin development caused partly by under absorption of fixed costs and partly by the unfavourable product mix and material cost increases. Other financial highlights Net financial items totalled MSEK -57 (-53), where the increase is due partly to costs taken in connection with the Group s refinancing. Tax expense was MSEK -87 (-104) resulting in an effective tax rate of 35.2% (33.2). The effective tax rate was slightly higher due to current losses not recognised, taxes on distributions from certain subsidiaries and mix effects of profits in higher tax jurisdictions offset by a net positive effect from tax rate changes in the US, France and the UK. Free cash flow was MSEK -74 (159) where a mix of factors contributed to the development. The most significant were the decline in operating profits, the increase in working capital and the increased level of investments. Additionally, 2016 included a positive cash flow effect of MSEK 31 from sales of property. The working capital increases were mainly seen in accounts receivables but also within inventories. The higher rate of investments in 2017, MSEK 150 compared to MSEK 106 in 2016, are related primarily to product/it development investments, with a slight increase in investments in property, plant and equipment. Cash flow from financing activities totalled MSEK 15 (-115) coming mainly from long-term loans and dividend payments. During 2017, the Group completed the refinancing of its long-term credit facilities. Total loan repayments for the year were MSEK -1,417 and new borrowings were MSEK 1,483, including the refinancing. Dividends paid to shareholders totalled MSEK 92 (76) equivalent to SEK 1.20 (1.00) per share. For 2017, return on capital employed excluding items affecting comparability was 10.3% compared to 12.8% in 2016. The 2.5 percentage point decline is attributable to the result development, impacting with -2.0 percentage points, as well as to the working capital development impacting with a -0.4 percentage point. The currency impact was minor. Total equity decreased by MSEK 24 in 2017, mainly from the dividend payment of MSEK -92 and the 8 GUNNEBO Q4 REPORT 2017

negative currency development of MSEK -74, being offset by the net profit of MSEK 160. Equity ratio was 33% at the end of the year (34% at the beginning of the year). Negative currency developments were the largest cause for the decline, in addition to the increase in total assets. Parent company The Group s parent company, Gunnebo AB, is a holding company which has the main task of owning and managing shares in other Group companies, as well as providing Group-wide services. Net revenue for the fourth quarter and year to date were MSEK 71 (100) and MSEK 239 (236) respectively. Profit after financial items was MSEK -7 (4) in the fourth quarter and MSEK 11 (24) for the full year, which included both dividends and write-down of shares in subsidiaries. Net profit for the fourth quarter amounted to MSEK 88 (88) and MSEK 79 (110) for the full year. Long-Term Incentive Programmes Under the Group s Long-term Incentive Programme LTIP 2015, matching shares of 103,580 can be allotted depending on the 2018 employment condition being fulfilled by the participants. No allotment of performance shares will be made under this programme as the related targets have not been fulfilled. No allotment of shares will be made under the Group s Performance Share Programme LTI 2017/2021 due to non-fulfilment of the targets. Employees The number of employees at the end of the fourth quarter was 5,210 which is a decrease of some 350 employees as compared to the end of 2016. Reductions are caused by structural changes as well as temporary workers taken out to match the variability in the business volume. Proposed dividend The Board of Directors proposes a dividend of SEK 1.20 (1.20) per share for the financial year 2017, corresponding to a total dividend payment of MSEK 92 (92) based on the number of outstanding shares at the end of 2017. It is also proposed that the dividend is to be paid in two installments, with the first payment of SEK 0.60 per share in April and the second payment of SEK 0.60 per share in October. The proposed record dates are 16 April 2018 for the first payment and 16 October 2018, for the second payment. Gothenburg, 2 February 2018 Henrik Lange President and CEO This interim report is a translation of the original report in Swedish. This report has not been reviewed by the company s auditors. 9 GUNNEBO Q4 REPORT 2017

CONDENSED CONSOLIDATED INCOME STATEMENTS 2017 2016 2017 2016 MSEK Q4 Q4 YTD YTD Net sales 1,632 1,776 5,991 6,088 Cost of goods sold -1,185-1,257-4,306-4,319 Gross profit 447 519 1,685 1,769 Selling and administrative expenses -351-379 -1,395-1,417 Other operating income and expenses, net 8 2 14 14 Operating profit 104 142 304 366 Financial income and expenses, net -14-13 -57-53 Profit before taxes 90 129 247 313 Income tax -14-33 -87-104 Net profit for the period 76 96 160 209 Net profit attributable to: Shareholders of the Parent Company 70 95 153 206 Non-controlling interests 6 1 7 3 Net profit for the period 76 96 160 209 Basic earnings per share, SEK 0.91 1.25 2.00 2.71 Diluted earnings per share, SEK 0.91 1.24 2.00 2.70 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 2017 2016 2017 2016 MSEK Q4 Q4 YTD YTD Net profit for the period 76 96 160 209 Other comprehensive income Items that will not be reclassified to the income statement Remeasurements (actuarial gains and losses) 1) -20 37-20 -99 Subtotal -20 37-20 -99 Items that may be reclassified to the income statement Translation differences on foreign operations 18 18-74 100 Other 1) 4 2 4 2 Subtotal 22 20-70 102 Other comprehensive income for the period 2 57-90 3 Total comprehensive income for the period 78 153 70 212 Total comprehensive income attributable to: Shareholders of the Parent Company 73 150 66 205 Non-controlling interests 5 3 4 7 Total comprehensive income for the period 78 153 70 212 1) Net of taxes 10 GUNNEBO Q4 REPORT 2017

CONDENSED CONSOLIDATED BALANCE SHEETS 2017 2016 1) MSEK Dec 31 Dec 31 Goodwill 1,596 1,628 Other intangible assets 314 294 Property, plant and equipment 345 347 Deferred tax assets 322 332 Other long-term assets 17 14 Total non-current assets 2,594 2,615 Inventories 902 825 Accounts receivable 1,413 1,317 Other short-term assets 294 312 Cash and cash equivalents 498 581 Total current assets 3,107 3,035 Total assets 5,701 5,650 Total equity 1,866 1,890 Long-term financial liabilities 1,396 1,152 Provisions for post-employment benefits 494 484 Deferred tax liabilities 66 90 Total non-current liabilities 1,956 1,726 Accounts payable 742 739 Short-term financial liabilities 108 251 Other short-term liabilities 1,029 1,044 Total current liabilities 1,879 2,034 Total equity and liabilities 5,701 5,650 1) Reclassification made to previously published report. See Note 1. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 2017 2016 MSEK Dec 31 Dec 31 Opening balance 1,890 1,747 Total comprehensive income for the period 70 212 Dividends -92-76 Other, including new share issue -2 7 Closing balance 1,866 1,890 11 GUNNEBO Q4 REPORT 2017

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW 2017 2016 2017 2016 MSEK Q4 Q4 YTD YTD OPERATING ACTIVITIES Operating profit 104 142 304 366 Adjustment for depreciation 16 17 66 68 Adjustment for amortisation 1) 13 14 51 55 Other, including non-cash items -6-9 -13 11 Interest and other financial items -9-5 -51-45 Taxes paid -8-29 -86-99 Net cash flow from operating activities before changes in working capital 110 130 271 356 Cash flow from changes in working capital 13 7-200 -122 Net cash flow from operating activities 123 137 71 234 INVESTING ACTIVITIES Capital expenditure for intangibles, property, plant and equipment -55-31 -150-106 Sales of non-current assets 3 1 5 31 Net cash flow from investing activities -52-30 -145-75 Net cash flow after investments before financing 71 107-74 159 FINANCING ACTIVITIES Change in loans and other financial items -33-37 107-43 New share issue - 1-4 Dividends - - -92-76 Net cash flow from financing activities -33-36 15-115 Net cash flow for the period 38 71-59 44 Cash and cash equivalents at the beginning of the period 449 496 581 496 Translation differences 11 14-24 41 Cash and cash equivalents at the end of the period 498 581 498 581 Free cash flow 71 107-74 159 1) Amortisation from acquisition related intangibles amounted to MSEK 4 (6) in the fourth quarter and to MSEK 22 (24) for the period January - December. CHANGE IN LIABILITIES FROM FINANCING ACTIVITIES AND NET DEBT MSEK Closing balance Dec 31 Cash changes Non-cash changes Translation differences Opening balance Jan 1 Long-term loans including short-term portion 1,440 66 28-2 1,348 Short-term loans 64 9 - - 55 Other financing assets -7 32-30 - -9 Total liabilities from financing activities 1,497 107-2 -2 1,394 Cash and cash equivalents -498 59-24 -581 Net debt before post-employment benefits 999 166-2 22 813 Post employment benefits, net 494-44 57-3 484 Net debt 1,493 122 55 19 1,297 12 GUNNEBO Q4 REPORT 2017

GROUP KEY RATIOS 1) 2017 2016 2017 2016 Q4 Q4 YTD YTD Income statement EBITDA, MSEK 133 173 421 489 EBITDA excluding IAC, MSEK 163 203 486 561 EBITDA margin, % 8.1 9.7 7.0 8.0 EBITDA margin excluding IAC, % 10.0 11.4 8.1 9.2 Operating margin (EBIT), % 6.4 8.0 5.1 6.0 Operating margin (EBIT) excluding IAC, % 8.2 9.7 6.2 7.2 Profit margin (EBT), % 5.5 7.3 4.1 5.1 Interest coverage ratio, times 7.9 11.3 5.8 7.4 Balance sheet Return on capital employed, % 8.6 10.8 8.6 10.8 Return on capital employed excluding IAC, % 10.3 12.8 10.3 12.8 Capital employed turnover rate, times 1.6 1.7 1.6 1.7 Return on equity, % 8.6 11.7 8.6 11.7 Net debt, MSEK 1,493 1,297 1,493 1,297 Net debt/ebitda, times 3.3 2.6 3.3 2.6 Equity ratio, % 33 34 33 34 Debt/equity, times 0.8 0.7 0.8 0.7 Share data Basic earnings per share, SEK 0.91 1.25 2.00 2.71 Diluted earnings per share, SEK 0.91 1.24 2.00 2.70 Equity per share, SEK 24.03 24.40 24.03 24.40 Free cash flow per share, SEK 0.93 1.40-0.97 2.09 Total number of shares at end of period 77,050,848 77,050,848 77,050,848 77,050,848 Weighted average number of shares 77,050,848 76,805,859 77,050,848 76,836,889 Weighted average number of basic shares 76,320,001 76,295,001 76,320,001 76,243,567 Weighted average number of diluted shares 76,402,596 76,343,314 76,389,239 76,283,982 1) For a reconciliation of key ratios, refer to gunnebogroup.com/en/investors/financial-definitions 13 GUNNEBO Q4 REPORT 2017

QUARTERLY DATA GROUP 2015 2016 2017 Income statement, MSEK 1 2 3 4 Full year 1 2 3 4 Full year 1 2 3 4 Full year Net sales 1,397 1,516 1,462 1,677 6,052 1,390 1,474 1,448 1,776 6,088 1,440 1,510 1,409 1,632 5,991 Cost of goods sold -995-1,053-1,028-1,202-4,278-993 -1,049-1,020-1,257-4,319-1,035-1,065-1,021-1,185-4,306 Gross profit 402 463 434 475 1,774 397 425 428 519 1,769 405 445 388 447 1,685 Selling and administrative expenses (S&A) -372-383 -352-345 -1,452-346 -349-343 -379-1,417-348 -356-340 -351-1,395 Other operating income and expenses, net -1 0 8-9 -2 2 4 6 2 14 2 3 1 8 14 Operating profit 29 80 90 121 320 53 80 91 142 366 59 92 49 104 304 Financial income and expenses, net -17-9 -10-7 -43-14 -12-14 -13-53 -13-17 -13-14 -57 Profit before taxes 12 71 80 114 277 39 68 77 129 313 46 75 36 90 247 Income tax -23-20 -32-34 -109-19 -26-26 -33-104 -17-36 -20-14 -87 Net profit for the period -11 51 48 80 168 20 42 51 96 209 29 39 16 76 160 Key ratios Organic growth, % -3-4 4 2 0 1-1 -1 3 1 0-3 -2-6 -3 Gross margin, % 28.8 30.5 29.7 28.3 29.3 28.6 28.8 29.6 29.2 29.1 28.1 29.5 27.5 27.4 28.1 Gross margin excl. IAC, % 28.8 30.7 30.2 29.2 29.7 28.6 29.4 30.0 29.7 29.5 28.4 29.5 27.8 28.4 28.6 S&A in % of net sales 26.6 25.3 24.1 20.6 24.0 24.9 23.7 23.7 21.3 23.3 24.2 23.6 24.1 21.5 23.3 S&A in % of net sales excl. IAC 26.1 24.0 23.4 19.8 23.1 24.6 22.7 23.2 20.1 22.5 24.0 22.9 23.1 20.7 22.6 Operating margin (EBIT), % 2.0 5.3 6.2 7.2 5.3 3.8 5.4 6.3 8.0 6.0 4.1 6.1 3.5 6.4 5.1 Operating profit (EBIT) excl. IAC, MSEK 38 102 108 149 397 58 103 105 172 438 65 103 67 134 369 Operating margin (EBIT) excl. IAC, % 2.7 6.7 7.4 8.9 6.6 4.2 7.0 7.3 9.7 7.2 4.5 6.8 4.8 8.2 6.2 EBITDA, MSEK 53 105 117 153 428 82 109 125 173 489 89 121 78 133 421 EBITDA margin, % 3.8 6.9 8.0 9.1 7.1 5.9 7.4 8.6 9.7 8.0 6.2 8.0 5.5 8.1 7.0 EBITDA excl. IAC, MSEK 62 127 135 181 505 87 132 139 203 561 95 132 96 163 486 EBITDA margin excl. IAC, % 4.4 8.4 9.2 10.8 8.3 6.2 9.0 9.6 11.4 9.2 6.6 8.7 6.8 10.0 8.1 Items affecting comparability (IAC), MSEK -9-22 -18-28 -77-5 -23-14 -30-72 -6-11 -18-30 -65 Whereof cost of goods sold -1-2 -8-15 -26-1 -9-7 -8-25 -4-1 -4-17 -26 Whereof S&A -8-19 -11-13 -51-4 -14-7 -22-47 -2-10 -14-13 -39 Whereof other IAC - -1 1-0 - - - - - - - - - - Basic earnings per share, SEK -0.13 0.64 0.62 1.05 2.18 0.26 0.55 0.65 1.25 2.71 0.37 0.51 0.21 0.91 2.00 Cash flow Free cash flow -143-42 23 218 56 7 27 18 107 159-6 -76-63 71-74 14 GUNNEBO Q4 REPORT 2017

QUARTERLY REGIONAL DATA 2015 2016 2017 EMEA 1 2 3 4 Full year 1 2 3 4 Full year 1 2 3 4 Full year Net sales, MSEK 887 962 927 1,084 3,860 888 966 922 1,131 3,907 919 979 875 1,058 3,831 Organic growth, % -3-2 1 3 0-1 -1 0 2 0 2-2 -5-6 -3 Operating profit (EBIT), MSEK -3 19 25 43 84 4 25 31 53 113 6 36-5 32 69 Operating margin (EBIT), % -0.3 2.0 2.7 4.0 2.2 0.5 2.6 3.4 4.7 2.9 0.7 3.7-0.6 3.0 1.8 Items affecting comparability (IAC), MSEK -8-16 -17-26 -67-3 -22-11 -23-59 -6-10 -9-22 -47 Operating profit (EBIT) excl. IAC, MSEK 5 35 42 69 151 7 47 42 76 172 12 46 4 54 116 Operating margin (EBIT) excl. IAC, % 0.6 3.6 4.5 6.4 3.9 0.8 4.9 4.6 6.7 4.4 1.3 4.7 0.5 5.1 3.0 APAC Net sales, MSEK 245 273 244 323 1,085 258 267 253 351 1,129 254 264 268 305 1,091 Organic growth, % -12-20 -2 1-8 10 4 2 3 5-8 -9 9-9 -4 Operating profit (EBIT), MSEK 12 31 26 39 108 26 29 26 52 133 25 27 30 36 118 Operating margin (EBIT), % 4.9 11.4 10.7 12.1 10.0 10.1 10.9 10.3 14.8 11.8 9.8 10.2 11.2 11.8 10.8 Items affecting comparability (IAC), MSEK -1-3 -1-2 -7 - -1-1 -3-5 - - -6-6 -12 Operating profit (EBIT) excl. IAC, MSEK 13 34 27 41 115 26 30 27 55 138 25 27 36 42 130 Operating margin (EBIT) excl. IAC, % 5.3 12.5 11.1 12.7 10.6 10.1 11.2 10.7 15.7 12.2 9.8 10.2 13.4 13.8 11.9 AMERICAS Net sales, MSEK 265 281 291 270 1,107 244 241 273 294 1,052 267 267 266 269 1,069 Organic growth, % 9 5 21-2 8-1 -6-5 4-2 3 4 0-3 1 Operating profit (EBIT), MSEK 20 30 39 39 128 23 26 34 37 120 28 29 24 36 117 Operating margin (EBIT), % 7.5 10.7 13.4 14.4 11.6 9.4 10.8 12.5 12.6 11.4 10.5 10.9 9.0 13.4 10.9 Items affecting comparability (IAC), MSEK - -3 - - -3-2 - -2-4 -8 - -1-3 -2-6 Operating profit (EBIT) excl. IAC, MSEK 20 33 39 39 131 25 26 36 41 128 28 30 27 38 123 Operating margin (EBIT) excl. IAC, % 7.5 11.7 13.4 14.4 11.8 10.2 10.8 13.2 13.9 12.2 10.5 11.2 10.2 14.1 11.5 15 GUNNEBO Q4 REPORT 2017

NOTE 1 ACCOUNTING PRINCIPLES AND RISKS Accounting principles Gunnebo complies with the International Financial Reporting Standards adopted by the EU, and the official interpretations of these standards (IFRIC). The Interim Report for the Gunnebo Group has been prepared in accordance with the Swedish Annual Accounts Act and IAS 34 Interim Financial Reporting. The Interim Report for the parent company has been prepared in accordance with the Annual Accounts Act and the recommendation of the Swedish Financial Reporting Board, RFR 2 Accounting for Legal Entities. The same accounting principles and methods of calculation have been used as in the latest Annual Report. Reclassification on the balance sheet Strategic priorities for the Group are Demand Chain and Cash for Growth. In order to increase transparency related to these priorities, the Group has reclassified Advance payments from customers from Inventory in the Group s balance sheet to Other short-term liabilities. Consequently, inventory has increased by some MSEK 100 at December 2017 as well as December 2016. Previous periods have been restated. New accounting principles 2018 IFRS 15 IFRS 15 Revenues from Customers has a mandatory implementation date of 1 January 2018. As part of its IFRS 15 implementation project, the Group has evaluated all revenue streams by mapping deliverables within the product areas Cash Management, Entrance Security, Safes & Vaults and Electronic Security as well as Other. The deliverables identified in these product areas are similar globally, include both product and services, and are relatively non-complex. The majority involve a fixed quantity of goods where revenue is recognized at a point in time, typically at delivery or after installation. The Group also has contracts involving more integration/customisation and which are built to a certain extent on customer site. Revenue is recognized over time for these contracts, as well as for maintenance contracts. The Group has concluded that the revenue recognition patterns required under IFRS 15 for the Group s products and services are consistent with how the accounting is performed today. These conclusions have been confirmed in conjunction with the year-end closing 31 December 2017, and therefore IFRS 15 is not expected to have any material effect on its financial position or performance. The Group intends to use the cumulative effect option for the adoption of IFRS 15, where equity at 1 January 2018 would be adjusted for the accumulated effect caused by IFRS 15. In line with the Group s conclusion, no material adjustment is expected. The Group will provide more disclosures related to 2018 revenues and movements in related balance sheet items, as required under the IFRS 15. However, under the cumulative effect option no comparison year information related to 2017 is required to be provided. IFRS 9 The Group does not anticipate that the adoption of IFRS 9 Financial instruments, which replaces IAS 39 as from 1 January 2018, will have any significant impact on its financial position and/or performance. The use of hedge accounting is very limited. Additionally, impairment losses on accounts receivable (doubtful accounts) are not currently, nor have historically been, significant. Significant risks and uncertainties The Group s and Parent Company s significant risks and uncertainties include operational risks and financial risks. Operational risks for Gunnebo mainly include risks posed by the global economy and commercial risks. The Group s risks as well as risk management are described in more detail in the latest Annual Report. NOTE 2 RECONCILIATION TO THE GROUP'S PROFIT BEFORE TAXES 2017 2016 2017 2016 MSEK Q4 Q4 YTD YTD Region EMEA 32 53 69 113 Region APAC 36 52 118 133 Region Americas 36 37 117 120 Operating profit 104 142 304 366 Financial income and expenses, net -14-13 -57-53 Profit before taxes 90 129 247 313 16 GUNNEBO Q4 REPORT 2017

PARENT COMPANY CONDENSED PARENT COMPANY INCOME STATEMENTS 2017 2016 2017 2016 MSEK Q4 Q4 YTD YTD Net revenue 71 100 239 236 Administrative expenses -79-93 -221-201 Operating profit -8 7 18 35 Net financial items 1-3 -7-11 Profit after financial items -7 4 11 24 Appropriations 119 113 119 113 Taxes -24-29 -51-27 Net profit for the period 88 88 79 110 Total comprehensive income corresponds with net profit for the period. CONDENSED PARENT COMPANY STATEMENTS OF FINANCIAL POSITION 2017 2016 MSEK Dec 31 Dec 31 Intangible assets 63 7 Property, plant and equipment 3 1 Investments in group companies 1,585 1,585 Deferred tax assets 20 67 Total non-current assets 1,671 1,660 Receivables from group companies 59 54 Other short-term assets 20 16 Cash and cash equivalents 2 1 Total current assets 81 71 Totalt assets 1,752 1,731 Total equity 1,548 1,563 Liabilities to group companies 150 120 Other short-term liabilities 54 48 Total current liabilities 204 168 Total equity and liabilities 1,752 1,731 CONDENSED CHANGES IN PARENT COMPANY EQUITY 2017 2016 MSEK Dec 31 Dec 31 Opening balance 1,563 1,520 Total comprehensive income for the period 79 110 Dividends -92-76 Other, including new share issue -2 9 Closing balance 1,548 1,563 17 GUNNEBO Q4 REPORT 2017

DEFINITIONS In the Interim Report, Gunnebo presents certain key performance measures that are not defined according to IFRS. The Group believes that these measures provide investors and the management with valuable supplementary disclosures, since they enable a valuation of the Group s financial results and position. Since not all companies calculate performance measures in the same way, these are not always comparable with measures used by other companies. Definitions of Gunnebo key performance measures which are not defined according to IFRS are presented below. Key performance measures according to IFRS Basic earnings per share Net profit attributable to the Parent Company s shareholders divided by the weighted average number of shares excluding C-shares as these have no dividend rights. Diluted earnings per share Net profit attributable to the Parent Company s shareholders divided by the weighted average number of shares excluding C-shares as these have no dividend rights, after dilution. Key performance measures not defined according to IFRS Capital employed Total assets less non-interest-bearing provisions and liabilities. Capital employed turnover rate Net sales rolling 12 months in relation to average capital employed. Debt/equity Net debt in relation to equity. EBITDA Operating profit before depreciation/amortisation and impairment of intangible assets and property, plant and equipment. EBITDA margin EBITDA as a percentage of net sales. Equity per share Equity attributable to the shareholders of the Parent Company divided by the number of shares excluding C-shares as these have no dividend rights, at the end of the period. Equity ratio Equity as a percentage of the total assets. Free cash flow Cash flow from operating and investing activities, excluding acquisitions and divestments. Free cash flow per share Free cash flow divided by weighted average number of shares excluding C-shares as these have no dividend rights. Gross margin Gross profit as a percentage of net sales. Interest coverage ratio Profit before taxes excluding interest expense, divided by interest expense. Net debt Interest-bearing provisions and liabilities less cash and cash equivalents and interest-bearing receivables. Net debt/ebitda Average net debt divided by EBITDA rolling 12 months. Items affecting comparability (IAC) Items affecting comparability encompass restructuring programmes (closure of businesses and/or employee related costs) and other items affecting comparability. Operating margin (EBIT) Operating profit as a percentage of net sales. Organic growth Growth in net sales adjusted for acquisitions, divestments and exchange rate effects. Profit margin Profit before taxes as a percentage of net sales. Return on capital employed Operating profit plus financial income rolling 12 months as a percentage of average capital employed. Return on equity Net profit for rolling 12 months as a percentage of average equity. For a reconciliation of key performance measures, refer to gunnebogroup.com/en/investors/financial-definitions 18 GUNNEBO Q4 REPORT 2017

Financial Calendar 2018 Annual Report 2017 20 March 2018 Interim Report Q1 2018 24 April 2018 Interim Report Q3 2018 23 October 2018 JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC Year-End report 2017 2 February 2018 AGM 2018 12 April 2018 Interim Report Q2 2018 19 July 2018 About Gunnebo Gunnebo is a global security provider with an offering covering cash management, entrance security, safes and vaults as well as electronic security. The Group has an annual turnover of MSEK 6,000 and 5,200 employees in 28 countries worldwide. Gunnebo has 10 production units in 9 countries. Gunnebo s share (GUNN) is traded on NASDAQ Stockholm under Mid Cap and Industrials. Vision To be the leading global provider of a safer future. Mission Gunnebo s mission is to offer products, services and solutions that increase security and efficiency, and to create value for shareholders, customers, partners, employees and society on a global scale. Strategy for Profitable Growth In 2016 Gunnebo introduced its Strategy for Profitable Growth to be implemented by the end of 2020. Product Areas Cash Management Development, production, installation and service of cash management solutions for deposit, dispense, recycling and closed cash management. Marketed and sold under the Gunnebo brand with strong product brands as SafePay and Sallén. Entrance Security Development, production, installation and service of turnstiles, security doors & partitions and electronic article surveillance (EAS). Marketed and sold under the Gunnebo and Gateway (EAS) brands. Safes & Vaults Development, production, installation and service of safes, vaults, vault doors, safe deposit lockers (SDL s) and ATM safes. Marketed and sold under world leading brands such as Chubbsafes and Fichet-Bauche. Electronic Security Development, production, installation and service of solutions for remote surveillance, access control, intrusion detection and electronic locking. Marketed and sold under the Gunnebo brand. Other Development, production, installation and service of solutions for fire safety and other traded products. 19 GUNNEBO Q4 REPORT 2017

Contacts Karin Wallström Nordén, SVP Marketing & Communications +46 (0)10 2095 026 Susanne Larsson, Group Chief Financial Officer +46 (0)10 2095 092 This information is information that Gunnebo AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact persons, at 08.01 CET on 2 February 2018. Gunnebo Gunnebo AB (publ) Reg. no. 556438-2629 Box 5181, SE-402 26 Gothenburg, Sweden. Tel: +46 (0)10 2095 000 e-mail: info@gunnebo.com www.gunnebogroup.com 20 GUNNEBO Q4 REPORT 2017