Slides
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Corporate Presentation Third quarter, 2026
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Content Company introduction01 Strategy and aspiration02 Latest financials03 23/10/2026 2
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Company introduction Our business 23/10/2026 3 Company introduction Strategy and aspiration Latest financials
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An integral part in many of the products we love to consume, every day 23/10/2026 4 A warm shower to wake up in the morning, and you apply a day cream to your skin. 07:00 07:30 For breakfast, you have a delicious bowl of granola with yoghurt, an energizing start to the day. 14:00 18:00 20:00 It’s lunchtime! Today, a tasty and healthier plant-based burger is on the menu. The afternoon tiredness kicks in, and you re-energize by dipping a crunchy cookie in your coffee. Since it's Friday, you treat yourself to some delightful chocolate, satisfying your sweet tooth! As it’s a cold autumn day, you light up a few candles for a cozy and warm start to the weekend. For dinner you prepare grilled salmon glazed in sweet and mildly spicy hot sauce. 18:30 11:00 19:00 Before bedtime, your child gets a bottle of infant nutrition with the right taste, texture and nutritional values. Company introduction Strategy and aspiration Latest financials
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Our vision is to be the first choice for plant-based oil solutions 23/10/2026 5 ~4,000 employees across the world +150 years of experience in the plant-based oils and fats industry Malmö is our global head office 46 bn net sales SEK 4.7 bn operating profit SEK +10% average annual EBIT growth (2015-2025) 2,010 volumes 93% of our sourced palm oil is verified deforestation-free (VDF) *full year 2025* ‘000 tons Updated as per April 2026, all data full-year 2025. Company introduction Strategy and aspiration Latest financials
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AAK in brief Everything we do is about Making Better Happen 23/10/2026 6 39% Americas 44% Europe 16% AMEA Other countries 25 AAK share of group volumes, 2025 Production plants* Sales offices Innovation centers Sourcing operations 1% Industries we co-develop with Chocolate & Confectionery Fats Dairy Foodservice Bakery Technical Products Personal Care Plant-based & New food solutions Feed Special Nutrition & Health 17 19 Production plants*: Sales offices: Innovation centers: Company introduction Strategy and aspiration Latest financials Updated as per February 2026, all data full-year 2025. * Excluding Hillside, divested 2024-12-31
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Dietary fats are essential to give your body energy and to support cell function*: • Necessary for the absorption of fat-soluble vitamins A, D, E, K1, and K2. • Integral components of cell membranes, contributing to their structure and function. • Involved in the production of hormones that regulate various bodily functions. • Important for maintaining cognitive function as the brain is largely composed of fat. • Contributes to eating pleasure by providing taste, smell, and affecting mouthfeel. Fats are an essential part of our diets 23/10/2026 7 Fats Proteins Carbohydrates Adults should get 20-40% of their daily food intake from fats** 20-40% 10-20% 45-60% 0% 100% Share of daily food intake * Source: Heart.org; Harvard Health ** Source: Nordic Nutrition Recommendations Company introduction Strategy and aspiration Latest financials
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Historic Oils and Fats production volume growth at 3% globally 23/10/2026 8 Company introduction Strategy and aspiration Latest financials * Includes oils for food and non-food (inc. biofuels and oleochemicals) Source: Source: Oil World (July 2025), Faostat, S&P Global/IHS Markit Fats and oils market volume growth has stagnated in recent years but jumped back to +2% growth in 2024 vs 2023. Growth primarily driven by commodity markets, with more modest to negative volume growth in speciality segments such as Chocolate and Infant nutrition, as can be seen in retail data. Vegetable oils used in Biofuels expected to continue increase and be one of the main drivers for growth. 2012 13 14 15 16 17 18 19 20 21 22 23 2024 187 191 200 206 208 225 236 239 240 243 247 256 261 3% p.a. 2% p.a. Global processed oils* production by type, Million tons, 2012-24 CAGR 2018-24 0,2% 0,9% 0,6% 3,5% 3,6% 2,2% 0,9% Other veg oils Animal fats Palm Kernel Sunflower Rapeseed Soybean Palm
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Growing market and demand in our specialty solutions 23/10/2026 9 Chocolate & Confectionery Fats Offering functional cocoa butter equivalents, cocoa butter alternatives, and speciality fats for confectionery applications. Technical products & Feed Make use of side streams and replace fossil-based alternatives for various applications, including plant- based candle waxes, animal feed, and fats and proteins. Food Ingredients Offering solutions to the bakery, dairy, foodservice and special nutrition industries, as well as the market for plant-based foods and new food solutions. 62% Share of volumes Share of sales Share of operating profit 61% 58% 24% Share of volumes Share of sales Share of operating profit 34% 39% 14% Share of volumes Share of sales Share of operating profit 5% 4% Company introduction Strategy and aspiration Latest financials Updated as per February 2026, all data full-year 2025. Sources IHS Global, Oil World, Euromonitor
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A differentiated, midstream company in a global value chain 23/10/2026 10 Raw materials from farmers and plantations Mills, crushers* and refineries* Consumer goods companies (CPGs) Retailers Consumers Multi-oil Ingredient House * Crushing and refining performed by AAK for selected raw materials. Company introduction Strategy and aspiration Latest financials
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A diversified mix of plant-based oils and fats - based on customer requirements 23/10/2026 11 Rapeseed/ Canola oil Northern and Central Europe, Canada, United States, Australia and China 13% Palm oil Asia, Mexico, Central and South America 49% 12% Palm kernel oil Asia, Mexico, and South America 5% Shea kernels Western Africa Coconut oil The Philippines, India, and Mexico 7% Soybean oil United States, South America, and Asia 5% Sunflower oil United States, Europe and Argentina 3% Other oils Corn, Avocado, Mango, Grape, Sesame, Sal, Grape and more 6% Company introduction Strategy and aspiration Latest financials Updated as per April 2025, all data full-year 2024.
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Spotlight – if we were to replace palm oilwith sunflower oil… … we would need 61 million additional hectares of land, equivalent to the size of Ukraine or 203 million football fields 23/10/2026 12 ∼ 65 % of the total agricultural land is dedicated to livestock production. By volume, about ∼35% of global vegetable oil production is palm. Palm is one of the most versatile oil seeds, around 31% of its consumption is industrial, not edible. Palm oil crops account for less than 10% of the arable land allocated to oilseed crops. Oil yield and land use by crop type* 0 5 10 15 20 25 30 35 40 CO₂ eq. /1,000 kcal Palm Olive Rapeseed Sunflower Beef 0,8 0,6 0,4 0,4 36,4 Emissions by calories** (CO₂ eq. / 1,000 kcal) Company introduction Strategy and aspiration Latest financials 0.3 0.44 0.7 0.7 4 2.4 10.5 10.6 17.7 26.3 0 5 10 15 20 25 30 Land use (m2 year per liter) Yield (tons per hectare) Palm Palm * Source: Edible Oils and Fats Collaboration, 2021 ** Source: Our World In Data, 2022 Palm Sunflower Rapeseed Soy Olive
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23/10/2026 13 • 10% of the world's beef production was replaced with plant-based alternatives? • Every other glass of milk was oat drink? • Half of all paraffin candles in Europe were made from renewable raw materials? 452 million tons of CO₂ would be saved - 12 times Sweden’s annual emissions 1 billion tons of CO₂ would be saved - over 1/3 of the EU's annual emission Source: FAO (2025) *Ritchie, H., OWID (2020) *Ritchie, H. & Roser, M., OWID (2020) Source: *CSO (2024) *Ritchie, H., OWID (2022) *Ritchie, H., Rosado, P. & Roser, M., OWID (2019) *Ritchie, H. & Roser, M., OWID (2020) 244 thousand tons of CO2 would be saved - the yearly emissions of over 53,000 cars Source: *EPA (2023) *Lindvall & Lorentzon, Nordic Swan Ecolabel (2023) *Nordic Ecolabelling (2025) What if…. Then…. Company introduction Strategy and aspiration Latest financials
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Growth and development Investing in our ∼4,000 people 23/10/2026 14 We offer the chance to make a real difference by being part of a team that is passionate about Making Better Happen . • We take responsibility for health and safety, and for creating a workplace where equality,diversity and inclusivity are priorities. • Our leaders strive to be role models for our BetterLeadership principles, and they are committed to unleash the full potential of everymember of the AAK family. • Together, we are guided in our decisions and actions byour Better Behaviors and by the highest ethical standards. • We share a sense of ownership and pride for the positive impact our company makes. <8% attrition rate Market leader in employee satisfaction Maintain zero accidents culture Inclusion rate index* of 95% Our people objectives Company introduction Strategy and aspiration Latest financials * Percentage score on the company's inclusion index, as measured by the Great Place to Work survey
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Strategy and aspiration 1523/10/2026 Company introduction Strategy and aspiration Latest financials
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Raising the 2030 aspiration Value Aspiring to achieve profitability of SEK 3+ per kilo, through strategic investments in our specialty journey Growth Aspiring to achieve volume growth that outpaces the growth rate of the underlying market* Impact Aspiring to be increasingly recognized for our positive impact by stakeholders Aspiration Financial target The first choice for plant-based oil ingredients Grow operating profit by an average of 10 percent per year over time A double-digit compounder 16 ** Model assumptions should not be construed as financial targets or guidance. Rather, they represent indicative metrics based on long-term averages, assuming stable market conditions and the absence of extraordinary events or disruptions. Model assumptions** Operating cash flow after tax average 60-70% of EBITDA, and before tax to average 80-90% of EBITDA CAPEX/EBITDA: ~20-30% Income tax: ~25% ROCE: Gradual improvement over time Net debt/EBITDA: Potential for <3x to support transformational acquisitions and investments Dividend policy: 30-50% of net profit Ensuring long-term value creation Company introduction Strategy and aspiration Latest financials 16* Global processed oils, Oil World (July 2023), Faostat, S&P Global/IHS Markit * Excluding acquisitions and divestments 23/10/2026
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572 507 0,87 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 2,45 25Q4 Strong track record with underlying profitability improvement in times of volatility and uncertainty +9% (avg. 2015-2021) +21% (2022) +43% (2023) +19% (2024) +2% (2025) Operating profit growth, excl. IAC 23/10/2026 17 EBIT/Kg Volume Palm Oil Company introduction Strategy and aspiration Latest financials Source: Conceptual illustration of external factors impacting the business
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Dairy Natural Emulsifiers Bakery Invest in continued growth Bet for the future Plant-based and New food solutions Special Nutrition and Health Chocolate & Confectionery Fats Foodservice Fish Feed Feed Optimize for value creation Maintain and cultivate Personal Care Technical Products 21 22 23 24 High EBIT growth driven by CCF Broad-based high EBIT growth Slight EBIT growth despite market slowdown Roughly flat EBIT growth Strong development in “Invest” and “Optimize”, driven by higher specialty mix, optimization and co-development in our core 23/10/2026 18 Company introduction Strategy and aspiration Latest financials Updated as per February 2026, all data full-year 2025. 25 21 22 23 24 25 21 22 23 24 2521 22 23 24 25
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- 2021 Strategic initiatives …to Decentralized and increasingly AlignedFrom Decentralized and Unaligned… Alignment and optimization expected to continue delivering results DecentralizedCentralized The first choice for specialty plant-based oils 2030 2026 Beyond 2030 Aligned Unaligned Quarterly highlights | Selected events | Business & financial update | Concluding remarks | Q&A Status update, Q2’26 Production process optimization Portfolio & price management Procurement excellence Cash generation & working capital Cost performance Project phase concluded, significant contribution to 2021–2025 profitability improvement; current focus on sustaining results through implemented tools and processes. Final Deep Dive completed; focus now on scaling across AAK to reduce inefficiencies and improve productivity, quality and profitability. Procurement program advancing, with category strategies, governance and systems improvements strengthening maturity, efficiency and contribution into the next strategy window. Project phase completed; focus now on embedding working capital efficiency into operating procedures to support stronger cash conversion over cycles. Fit-to-Win has not yet reached its targeted SEK 300 million in annualized savings and therefore requires renewed focus. Building a systematic and scalable commercial and innovation platform, strengthening price and contract management, go-to-market capabilities, customer experience, knowledge sharing, product lifecycle management and innovation governance to support faster execution and progress towards our 2030 Aspiration. Commercial & innovation excellence
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-1 0 1 2 3 4 5 6 7 8 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2021 site EBIT/KG AAK’s 19 production sites (incl. Hillside) R12M Q3’24 2021 2024 site EBIT/KG positive development 2024 site EBIT/KG negative development Broad-based EBIT/kg improvement across our global production footprint however, variances still exist among our 19 production sites Updated 2030 Aspiration EBIT/KG 23/10/2026 20 Company introduction Strategy and aspiration Latest financials Updated as per CMD 2024, all figures are updated per Q3 2024.
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Investing for growth A solid balance sheet with the potential for <3x Net debt/EBITDA to support continued acquisitions M&A 1 Capacity expansion Geographic expansion Technology & capabilities Adjacent product portfolios Ordinary dividend: Primary means of returning capital, guided by a dividend policy of 30–50 percent of net profit and with the ambition to grow sustainably over time. Share buybacks: Disciplined, multi-year tool executed with flexibility, subject to maintaining leverage within the 1.0–1.5x Net Debt/EBITDA target range and may be paused or cancelled in connection with announced M&A activity, significant raw-material price or working-capital volatility, or other strategic cash requirements. Extraordinary dividends: May be proposed when balance-sheet capacity allows. Acquisitions2 Return to shareholders3 Innovation Capacity Efficiency Capital allocation to drive shareholder value creation - via sustainable and profitable long-term growth Capability 21 . 1 . 2 . 3 Company introduction Strategy and aspiration Latest financials
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Historical CAPEX overview Future CAPEX priorities 1,245 1,303 300 600 900 1,200 1,500 0 0.0 0.5 1.0 1.5 2.0 SEK million Net debt/ EBITDA 2015 2016 2017 2019 2020 2021 2022 2023 1,016 1,421 810 723 1,335 1,150 650 1,233 1,203 20242018 CAPEX Acquisitions Net debt/EBITDA • Innovation, capacity expansions, efficiency gains and capability • CAPEX/EBITDA ~20-30% • Potential for Net debt/EBITDA <3x to support continued growth and investments Investing for growth1. 23/10/2026 22 Company introduction Strategy and aspiration Latest financials 2025
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Opportunities should be focused on high-value products (accretive EBIT/Kg) and connected with fats and oils M&A • Vertical integration back to the crude oil stage, excluding plantation and crushing. • Opportunity should overlap with “Invest in continued growth” and/or “Bet for the future”. • Direct-to-consumer targets excluded • Stable regions • Logistically strategic location • Local demand confirmed Geographical expansion • Potential for capacity and capability upgrades • Focused on the value adding step of the value-chain Capacity expansion Adjacent product portfolio Other • Plant-based oils • Fermentation • Cultivated cellular oils • Power-to-X Technology & capabilities 2. Criteria for selecting/deselecting M&A opportunities 23/10/2026 23 Company introduction Strategy and aspiration Latest financials
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Potential for Net debt/EBITDA <3x to support continued growth and investmentsHistoric annual dividend growth of above 10 percent Gradual ROCE improvement over timeAspire for operating cash flow after tax to average 60-70% of EBITDA 0 5 10 15 20 25 0 5,000 10,000 15,000 20,000 25,000 Capital employed (mSEK)ROCE (%) 15,7% 2015 15,8% 2016 15,6% 2017 15,8% 2018 14,9% 2019 14,2% 2020 15,6% 2021 14,5% 2022 19,1% 2023 2024 ROCE Capital employed 94 58 48 43 55 69 17 -50 0 50 100 150 0,86 41 16 -2 0 2 4 6 2015 2016 2017 2018 2019 2020 2021 -2 2022 106 2023 2024 1,7 1,2 1,1 1,1 1,6 2,0 0,5 -0,1 5,3 CF% of EBITDA (right axis) Cash flow from operating activities (left axis) 0 10 20 30 40 50 0 1 2 3 4 5 6 5.50* Div./share (SEK) Payout ratio (%) 2015 2016 2017 2018 2019 2020 2021 2022 2023 1.29 1.46 1.63 1.85 2.10 2.30 2.50 2.75 3.70 Dividends per share Payout ratio 0 1.000 2.000 3.000 4.000 5.000 6.000 0,0 0,5 1,0 1,5 2,0 2015 1,26 2016 1,17 2017 1,06 2018 1,10 2019 1,19 2020 2021 1,71 2022 0,49 2023 2024 2025 2.083 1,13 2.666 2.667 3.117 3.472 2.620 5.707 2.425 1.696 3.358 3.817 Net debt/EBITDA Net debt 3. We continue to be disciplined, resulting in attractive returns 2,4 41 22,4% 23/10/2026 24 2024 5.00 Company introduction Strategy and aspiration Latest financials Net debt/ EBITDANet debt 0,29 1,25 Cashflow (bnSEK) CF% of EBITDA 2025 2025 20,0% 0,60 2025 * Proposed dividend for 2025. Subject to approval by the AGM.
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68 Innovation projects in total across New Product Development, New Technology Development, exploratory science & technology, PhD projects, peer partnerships and consortia 5 common innovation themes anchor our projects; to deliver on the consumer demands shaping the future ingredients industry Responsible sourcing Responsible processing Responsible innovation Food waste reduction Efficiencies on processing, resource and logistics Functional ingredient blends Life-stage nutrition Nutrient enriched Functional health Skin health Purity & safety Taste & Aroma Mouthfeel & Texture Visual appeal Skin feel Company introduction Strategy and aspiration Latest financials Enzyme technology Precision Fermentation Green Processing & Upcycling Renewables Better livelihoods 23/10/2026 25Updated as per CMD 2024.
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Theme Application Planet Medical Nutrition Experience PB Dairy Future/Tech Personal Care Future/Tech New Tech Future/Tech New Tech Health Lifestyle Nutrition Performance CCF Future/Tech CCF & PBF Performance CCF Health Medical Nutrition Performance CCF Performance CCF Performance CCF Performance CCF Health Lifestyle Nutrition Experience PB Dairy Experience PB Meat 17 15 14 12 11 10 9 16 13 Discover Design Develop Deliver Stages 7 5 1 6 2 8 12 10 13 14 15 17 4 11 3 16 9 Our pipeline objectives: Improved consumer experiences, efficient customer manufacturing processes, new AAK product categories, and emergingtechnologies 8 7 6 5 4 3 2 1 Input Innovation Ideas, Concepts, Theories, Assumptions Output New revenues or cost savings Better Planet Better Performance Better Health Better Experience Better Future Active Projects in AAK Innovation Pipeline (project examples) 23/10/2026 26 Company introduction Strategy and aspiration Latest financials Updated as per CMD 2024.
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Technologies can enable new value and a faster shift to a more sustainable oils and fats industry • Extracting edible oils from new plant sources • Creatingsolutions to improve taste, texture & nutritional profile of food Plant- based oils • Microalgae, yeast- and bacteria-based fermentation – potentially more functional and healthier, cost and scale challenges at present Fermented microbial oils • Using carbon dioxide, water and energy to produce organic material. Can mimic oils & fats requires further R&D and investment Power-to-X AAK closely monitors and selectively invests in emerging oils and fats technologies with the potential to drive large impact 23/10/2026 27 Company introduction Strategy and aspiration Latest financials Venture investments and partnerships
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Latest financials 2823/10/2026 Company introduction Strategy and aspiration Latest financials
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Table of content Quarterly highlights1. Selected events2. Business & financial update 3. Concluding remarks4. Q&A5. 29
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This presentation includes forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. This presentation contains several forward-looking statements including statements about future events, future financial performances, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. AAK has based these forward-looking statements on its views with respect to future events and financial performance. Actual financial performance of the entities described herein could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and AAK does not undertake any duty to update the forward- looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations. Forward-looking statements 30
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• Q3 volumes were flat year on year, as growth in Chocolate & Confectionery Fats and Technical Products & Feed were offset by lower volumes in Food Ingredients, particularly in Foodservice and Bakery. Regional growth in Asia, the Middle East & Africa offset lower volumes in the Americas and Europe. • Operating profit per kilo declined by 8% to SEK 2.27, reflecting lower operating profit per kilo across all three business areas, including a less favorable regional volume mix. • Operating profit decreased by 8%. • Strong operational cash flow at SEK 1,496 million. • Net debt/EBITDA at 0.56. • ROCE at 19.1%. • Financial target and 2030 Aspiration remain unchanged: average annual operating profit growth of around 10% over time, outgrowing the market in volumes, and achieving operating profit per kilo of SEK 3+ by 2030. Resilient volumes and strong cash flow, profitability below last year 31 Highlights Q3 2026 Key financials Q3 2026 1 Fixed FX 2 Rolling 12 months ROCE 19.1%2 Net debt/EBITDA 0.56 Operating cash flow SEK 1,496 million Operating profit per kilo SEK 2.27 (-8% YoY, -10% YoY1) Volume 509 kMT (0% YoY) Operating profit SEK 1,154 million (-8% YoY, -10% YoY1) Company introduction Strategy and aspiration Latest financials
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32 New lipid excipients production facility in India Dry-fractionation technology set for commercial deployment Selected events Top scorer on RSPO Shared Responsibility Scorecard Company introduction Strategy and aspiration Latest financials
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Food Ingredients 33 Business area development • Food Ingredients volumes declined by 1%, mainly due to lower volumes in Foodservice and Bakery, with declines across all regions, most notably in Europe and the Americas. • Operating profit per kilo decreased by 9% to SEK 2.18 (2.40), including a slight currency tailwind. At fixed foreign exchange rates, operating profit per kilo decreased by 10%, mainly due to lower profitability in Bakery and Dairy, reflecting a more competitive pricing environment, as well as continued soft performance in Foodservice. • Operating profit decreased by 10% to SEK 687 million (766), mainly due to the lower operating profit per kilo, while currency effects had a slight positive effect. At fixed foreign exchange rates, operating profit decreased by 11%. 319 315 Q3’25 Q3’26 -1% Q3’25 Q3’26 7,092 7,351 +4% Q3’25 Q3’26 2.40 2.18 -9% 766 687 Q3’25 Q3’26 -10% 0 200 400 600 800 0 1,000 2,000 3,000 4,000 SEK million SEK million Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0.00 0.50 1.00 1.50 2.00 2.50 3.00 SEK/KG Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Rolling 12 months Quarter Operating profit Operating profit per kilo Volume ‘000 MT Net sales SEK million Operating profit per kilo SEK Operating profit SEK million Including divested operations, Hillside. Including divested operations, Hillside. Rolling 12 months (right) Quarter (left) Company introduction Strategy and aspiration Latest financials
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Chocolate & Confectionery Fats 34 Business area development • Chocolate & Confectionery Fats volumes grew by 1%, driven by growth in Asia, the Middle East & Africa and a modest positive contribution from cocoa butter alternatives, partly offset by slight declines in the Americas and Europe. • Operating profit per kilo decreased by 6% to SEK 4.04 (4.30), with a positive currency effect of SEK 0.10 per kilo. At fixed foreign exchange rates, operating profit per kilo decreased by 8%. While the profitability remained at a high absolute level, it declined compared with a strong comparative quarter last year, as the normalization of previously favorable market conditions resulted in a more competitive pricing environment. • Operating profit declined by 5% to SEK 500 million, including a positive currency translation impact of SEK 13 million. 122 124 Q3’25 Q3’26 +1% Q3’25 Q3’26 3,897 4,024 +3% Q3’25 Q3’26 4.30 4.04 -6% 525 500 Q3’25 Q3’26 -5% 0 200 400 600 0 500 1,000 1,500 2,000 2,500 SEK million SEK million Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Rolling 12 months (right) Quarter (left) 0.00 1.00 2.00 3.00 4.00 5.00 SEK/KG Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Rolling 12 months Quarter Operating profit Operating profit per kilo Volume ‘000 MT Net sales SEK million Operating profit per kilo SEK Operating profit SEK million Company introduction Strategy and aspiration Latest financials
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35 Technical Products & Feed 69 70 Q3’25 Q3’26 +1% 509 535 Q3’25 Q3’26 +5% Q3’25 Q3’26 0.67 0.45 -32% 46 32 Q3’25 Q3’26 -31% 0 100 200 300 400 0 50 100 150 SEK million SEK million Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Rolling 12 months (right) Quarter (left) 0.00 0.50 1.00 1.50 SEK/KG Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Rolling 12 months Quarter Business area development Operating profit Operating profit per kilo Volume ‘000 MT Net sales SEK million Operating profit per kilo SEK Operating profit SEK million • Volumes in Technical Products & Feed grew by 1% compared with the corresponding period in 2025. Performance was mixed, with Technical Products growing in the third quarter of the year, while Feed declined slightly • Operating profit per kilo decreased by 32%, reaching SEK 0.45 (0.67) in the quarter due to weak performance in the candles business. • Operating profit totaled SEK 32 million (46), a 31% decline compared with last year. Company introduction Strategy and aspiration Latest financials
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36 79 25 14 121,150 1,200 1,250 1,300 0 EBIT (SEK million) Q3’25 Food Ingredients Chocolate & Confectionery Fats Q3’26Group FunctionsTechnical Products & Feed 1,260 1,154 -8% (-106) Food Ingredients was the main EBIT drag Negative price, product- and regional mix in Food Ingredients main driver for the 8% EBIT decline Company introduction Strategy and aspiration Latest financials
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• Cash flow from operating activities was positive in the third quarter generating SEK 1,496 million. • Cash flow from inventory is positive driven by lower inventory levels, primarily of seasonal inventory. • Accounts receivables cash flow is negative following higher sales volumes in the quarter. • Impact from accounts payables is positive driven timing of raw material sourcing. Operating profit and working capital delivered a strong cash flow in the third quarter 37 Cash flow Q3 2026 Comments 143 146 127 402 EBITDA, incl. IAC Changes in working capital Paid interest and taxes Other non- cash items Cash flow from operating activities CAPEX FCF 1.372 1.496 1.094 142 92 268 -359 Working Capital Inventory AR AP Other 143 Company introduction Strategy and aspiration Latest financials
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Return on Capital Employed (ROCE) at 19.1% end of Q3 38 EBIT R12M SEK 4,777 million ROCE end Q3 2026* 19.1% Capital employed* SEK 24,949 million * ROCE: Return on Capital Employed calculated on rolling 12 months, and excl IAC. 0 2 4 6 8 10 12 14 16 18 20 22 24 % Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 19.1 ROCE R12M Company introduction Strategy and aspiration Latest financials
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Continued strong balance sheet 39 Net debt/EBITDA 0.00 0.50 1.00 Net debt/EBITDA Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0.56 * EBITDA calculated on rolling 12 months. Company introduction Strategy and aspiration Latest financials
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40 Resilient volumes and strong cash flow, profitability below last year • Subdued market conditions and consumer sentiment continued in Q3 2026. Volumes remained resilient and in line with last year. • Strong operating cash flow. • Profitability lower across all three business areas, with operating profit down 8%. • Financial target and 2030 Aspiration remain unchanged: average annual operating profit growth of around 10% over time, outgrowing the market in volumes, and achieving operating profit per kilo of SEK 3+ by 2030. Company introduction Strategy and aspiration Latest financials
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41 Q&A 41
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Everything we do is about Making Better HappenTM 42 42