Once Upon Celebrates Continued Sustainable Growth and Strong Financial Results in 2023, Achieving Profitability Milestone

Stockholm, Sweden – Once Upon, the Swedish-based leading photo book company, is thrilled to announce its remarkable financial performance and significant global growth in 2023, solidifying its standing as an industry leader. Despite economic challenges, Once Upon has showcased resilience and achieved noteworthy success, reflecting its commitment to innovation, sustainability, and a positive work environment. In another significant milestone, Once Upon obtained B Corp certification in 2023, joining the ranks of over 100 other companies in the Nordics and contributing to the global community of 8000 B Corps. This certification underscores Once Upon's pursuit of ethical business practices and social responsibility, further enhancing its reputation as a forward-thinking and socially conscious organization.

"We are excited to announce our positive financials and strong growth during 2023," said Lina Andersson, CEO and founder of Once Upon. "These results are a testament to the dedication of our team, as well as the support of our valued customers. As a certified B Corporation, we remain committed to delivering innovative solutions and exceptional experiences to our customers while making a positive impact on society and the environment."

Key Highlights:

• Financial Success:
• Despite external challenges, Once Upon achieved an impressive 55.6% increase in turnover, from 152.3 MSEK to 237.0 MSEK, marking a significant net profit of 9.9 MSEK for the first time.
• Global Expansion and Market Growth:
• Australia witnessed an astonishing 89% growth in the past year, establishing it as Once Upon's fourth-largest market.
• Strong growth rates were observed in the three largest markets: Germany, the Netherlands and Sweden.
• Investments in the North American market were stepped up during the financial year, with plans for a strategic launch in Canada in the coming months.
• Product Innovation and Customer Engagement:
• Once Upon successfully launched a new product – customizable photo prints, receiving around 4,000 orders by the end of the year.
• New payment solutions and design functions, such as the popular AutoFill feature allowing users to add up to 594 images simultaneously, contributed to increased customer engagement and larger orders.
• Strategic Initiatives and Resilience:
• Once Upon's success in 2023 is also attributed to strategic initiatives, effective partnerships, and a solution-oriented approach in overcoming challenges related to shipping and material cost increases.

Positive Work Environment and Sustainability Commitment: Once Upon remains steadfast in its commitment to sustainability and social responsibility, with a holistic approach ingrained in all aspect of its operations.

• Sustainability Focus and Holistic Approach:
• Once Upon actively explores opportunities for climate compensation and has set an internal price for the CO2 emissions across the value chain of 1000 SEK / ton CO2.
• Sustainability is not just a checkbox but a fundamental part of everything the company does, with a vision for a future that prioritizes the well-being of the team, valued customers, and the planet.
• In 2023, Once Upon became B Corp certified, one of 100+ other companies in the Nordics and one of 8000 B Corps around the world such as Patagonia, Ben & Jerry’s, Icebug and Ganni.
• Psychological Safety and Employee Wellbeing:
• Once Upon not only met but exceeded its goal in maintaining and improving its results in psychological safety measurement, highlighting the company's dedication to a positive work environment.
• The company strives to implement initiatives that contribute to the overall health and satisfaction of its workforce, aligning with its commitment to being a socially responsible and employee-centric organization.

Expansion Plans, Workforce Expansion and Sustainability Goals for 2024:

• Offer Development and Carbon Emission Reduction:
• Continued development of the product offering.
• Focus on reducing carbon dioxide emissions along the value chain in 2024 based on the Net Zero strategy.
• Global Market Focus and Expansion:
• Strategic focus on key markets, including Germany, Australia, the Netherlands, Sweden, the UK, and the US.
• Launch in Canada and ongoing service development.
• Sustainability and B Corp Certification:
• Once Upon aims to intensify sustainability efforts in 2024 by working closely with suppliers, increasing training efforts while also investing in staff well-being.
• Workforce Expansion:
• Once Upon, currently with 65 employees, plans to recruit individuals in 2024 in all areas.

Looking Forward: Once Upon is poised for continued growth in 2024, capitalizing on emerging market trends, enhancing customer engagement, and fostering a positive work environment. The company remains dedicated to sustainability and social responsibility, contributing to a promising and impactful future.

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For media inquiries, please contact:

Antonia Stubbe-Pettersson, PR & Partnership Lead

antonia.stubbe-pettersson@onceupon.se

+46 70 30 43 775

Note: Financial figures are provided in Swedish Kronor (SEK).