Interim report
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Third quarter 2026 Interim report
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2 AAK Financial highlights Q3 2026 Q1-Q3 2026 Q3 2026 Q3 2025 Δ % Q1-Q3 2026 Q1-Q3 2025 Δ % R12M 2026 Full year 2025 Volumes, ’000 MT 509 510 0 1,510 1,503 0 2,017 2,010 Net sales, SEK million 11,910 11,498 +4 34,496 34,541 0 45,976 46,021 Operating profit, SEK million 1,154 1,260 -8 3,535 3,433 +3 4,777 4,675 Operating profit excl. items affecting comparability, SEK million1) 1,154 1,260 -8 3,535 3,683 -4 4,777 4,925 Operating profit per kilo, SEK 2.27 2.47 -8 2.34 2.28 +2 2.37 2.33 Operating profit per kilo excl. items affecting comparability, SEK1) 2.27 2.47 -8 2.34 2.45 -4 2.37 2.45 Profit for the period, SEK million 839 911 -8 2,608 2,488 +5 3,556 3,436 Profit for the period excl. items affecting comparability, SEK million1) 839 911 -8 2,608 2,696 -3 3,556 3,644 Earnings per share before dilution, SEK 3.22 3.50 -8 9.98 9.57 +4 13.61 13.21 Earnings per share before dilution excl. items affecting comparability, SEK1) 3.22 3.50 -8 9.98 10.37 -4 13.61 14.01 Cash flow from operating activities, SEK million 1,496 542 - 3,972 574 - - 862 Return on Capital Employed (R12M), percent 19.3 20.6 -1.3 p.p. 19.3 20.6 -1.3 p.p. 19.3 20.0 Return on Capital Employed excl. items affecting comparability (R12M), percent 1) 19.1 21.6 -2.5 p.p. 19.1 21.6 -2.5 p.p. 19.1 20.9 1) Items affecting comparability relate to the launch of Fit-to-Win, a cost performance program, recognized in Q2 2025. • Volumes were in line with last year at 509 kMT (510). • Net sales increased by 4 percent, reaching SEK 11,910 million (11,498), including a positive currency translation effect of SEK 115 million. At fixed foreign exchange rates, net sales increased by 3 percent. • Operating profit decreased by 8 percent to SEK 1,154 million (1,260), including a positive currency translation effect of SEK 21 million. • Profit for the period totaled SEK 839 million (911). • Earnings per share equaled SEK 3.22 (3.50). • Cash flow from operating activities amounted to SEK 1,496 million (542). • Return on Capital Employed (ROCE), R12M, was 19.1 percent (20.9 percent on December 31, 2025), excluding items affecting comparability. • Volumes were in line with last year at 1,510 kMT (1,503). • Net sales amounted to SEK 34,496 million (34,541), including a negative currency translation effect of SEK 1,084 million. At fixed foreign exchange rates, net sales increased by 3 percent. • Operating profit increased by 3 percent. Excluding items affecting comparability, operating profit decreased by 4 percent, of which 3 percentage points related to a negative currency translation effect of SEK 100 million. At fixed foreign exchange rates, the decrease was 1 percent. • Profit for the period excluding items affecting comparability totaled SEK 2,608 million (2,696). • Earnings per share excluding items affecting comparability equaled SEK 9.98 (10.37). • Cash flow from operating activities amounted to SEK 3,972 million (574). 0 500 1,000 1,500 2,000 2,500 3,000 3,500 0 100 200 300 400 500 600 700 Rolling 12 months, '000 MT Quarter, '000 MT Volume Quarter Rolling 12 months 0 1,000 2,000 3,000 4,000 5,000 6,000 0 250 500 750 1,000 1,250 1,500 Rolling 12 months, SEK million Quarter, SEK million Operating profit excl. IAC Quarter Rolling 12 months
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3 Interim report | Q3 2026 Resilient volumes and strong cash flow – profitability below last year Market conditions and consumer sentiment remained subdued during the third quarter of 2026. Against this backdrop, volumes proved resilient and were in line with last year. In selected business areas and regions, volumes outperformed the underlying market. Operating cash flow was strong. Operating profit per kilo, while remaining at a high level, declined across all three business areas, resulting in an 8 percent decrease in operating profit. Business performance Volumes in the third quarter were in line with the corresponding quarter last year, reflecting continued challenging market conditions. Growth in Chocolate & Confectionery Fats and Technical Products & Feed offset slightly lower volumes in Food Ingredients. Geographically, growth in Asia, the Middle East & Africa offset lower volumes in the Americas and Europe. Operating profit per kilo amounted to SEK 2.27 in the third quarter, compared with SEK 2.47 in the corresponding period last year, representing a decrease of 8 percent. The decline reflected lower operating profit per kilo in all three business areas and a less favorable regional volume mix, partly offset by a slightly positive currency effect. Operating profit per kilo in Chocolate & Confectionery Fats remained at a high level, although it declined compared with a strong prior-year quarter. The decline reflected the continued normalization of previously favorable market conditions, which resulted in a more competitive pricing environment, against the backdrop of a prolonged decline in chocolate consumption. In Food Ingredients, operating profit per kilo decreased by 9 percent to SEK 2.18, mainly due to continued soft performance in Bakery, Dairy and Foodservice. Technical Products & Feed also reported a lower operating profit per kilo. Operating profit amounted to SEK 1,154 million in the third quarter, compared with SEK 1,260 million in the corresponding period last year, representing a decrease of 8 percent. With volumes unchanged year-on-year, the decline was attributable to the 8 percent decrease in operating profit per kilo. Operating cash flow amounted to SEK 1,496 million, driven by profitability and an improvement in working capital, demonstrating the cash-generative nature of the business model when working capital headwinds related to raw material prices are absent. 2030 Aspiration Our financial target remains unchanged: to deliver average annual operating profit growth of 10 percent over time. This target underpins our 2030 Aspiration, launched in 2022. While the third-quarter performance fell short of the progress we had aimed for, we remain committed to achieving operating profit per kilo of SEK 3+ and outgrowing the underlying market in terms of volume development by 2030. Concluding remarks Although the external environment is still subdued, the underlying potential of our business and internal optimization programs remains intact. We therefore remain prudently optimistic about the long term. Johan Westman, President and CEO
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4 AAK AAK Group, Q3 2026 Volumes Volumes were in line with last year at 509 kMT (510). Net sales Net sales reached SEK 11,910 million (11,498), an increase of 4 percent, including a positive currency translation effect of SEK 115 million. At fixed foreign exchange rates, net sales increased by 3 percent. Operating profit Operating profit totaled SEK 1,154 million (1,260), a decrease of 8 percent compared with the corresponding quarter in 2025. Currency translation had a positive effect of SEK 21 million. Operating profit per kilo totaled SEK 2.27 (2.47), a decrease of 8 percent compared with the corresponding quarter in 2025. Currency translation had a positive effect of SEK 0.04 per kilo. Net financial costs and tax costs Net financial costs totaled SEK 44 million (43). Net interest expenses were lower, driven by a strong cash flow, but offset by a negative impact from reporting in hyperinflationary economies (IAS 29). Reported tax costs corresponded to an average tax rate of 24 percent (25). Earnings per share Earnings per share equaled SEK 3.22 (3.50). Cash flow and investments Operating cash flow, including changes in working capital, amounted to SEK 1,496 million (542). Cash flow from working capital amounted to SEK 143 million (negative 673), primarily driven by lower inventory levels, partly offset by higher raw material prices, while accounts payable benefited from increased sourcing activity towards the end of the quarter. Cash flow from accounts receivable was negative, mainly driven by higher raw material prices and a sequential increase in volumes. Cash flow from investing activities represented an outflow of SEK 402 million (321). Capital expenditure is primarily related to maintenance investments, productivity improvements, and capacity expansions, including our Foodservice facility in Staffanstorp, Sweden, and expanded capabilities in Karlshamn, Sweden. Return on Capital Employed (ROCE) Calculated on a rolling 12-month basis, Return on Capital Employed (ROCE) was 19.3 percent (20.0 on December 31, 2025). Financial position The equity to assets ratio was 60 percent (61 percent on December 31, 2025). Net debt on September 30, 2026 totaled SEK 3,134 million (SEK 3,358 million on December 31, 2025). Net debt/EBITDA was 0.56 (0.60 as of December 31, 2025). On September 30, 2026, the Group had total credit facilities of SEK 14,352 million (10,316 as of December 31, 2025), of which SEK 13,079 million (9,091 as of December 31, 2025) was in committed credit facilities. Unused committed credit facilities on September 30, 2026 totaled SEK 8,521 million (4,792 as of December 31, 2025). Non-committed credit facilities totaled SEK 1,273 million (1,225 as of December 31, 2025), of which SEK 1,038 million (1,036 as of December 31, 2025) were unused.
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5 Interim report | Q3 2026 Selected events AAK starts construction of a new lipid excipients facility in India AAK has started construction of a new lipid excipients manufacturing facility in India aimed at the pharmaceutical industry. The investment strengthens AAK’s capabilities in one of the world’s most important pharmaceutical markets and supports future growth across the region and beyond. The facility will establish India as a pharmaceutical hub within AAK’s Health platform, complementing the company’s global strengths in Personal Care, Medical, and Lifestyle Nutrition. As one of the world’s largest producers of generic medicines, India plays a central role in global healthcare supply chains. Local production will bring AAK closer to customers in a market where quality and regulatory requirements are paramount. Located at AAK’s existing site in Khopoli, the facility is planned to become operational in late 2027. AAK’s patented dry-fractionation technology set for first commercial deployment AAK’s patented dry-fractionation technology is set for its first commercial deployment at the NURA Speciality oils & fats plant. The technology will produce specialty palm mid- fractions, a key ingredient in high-quality cocoa butter equivalents used in chocolate and confectionery applications. Complementing AAK’s existing fractionation capabilities, the technology enables a solvent-free production process and has the potential to reduce initial capital investment, operating costs, and CO₂e emissions, while maintaining the high quality standards required for specialty fats. NURA, announced in AAK’s 2025 third-quarter report, is a joint venture between AAK and Kuala Lumpur Kepong Berhad to establish a specialty palm fractions plant in Pasir Gudang, Malaysia. It will strengthen AAK’s upstream access to sustainable, high-purity feedstock for cocoa butter alternatives, broaden its supply base, and reinforce supply- chain resilience. AAK a top scorer on RSPO Shared Responsibility Scorecard AAK is among the top scorers on the Roundtable on Sustainable Palm Oil (RSPO) Shared Responsibility Scorecard, which measures how members contribute to responsible practices and support the production and consumption of Certified Sustainable Palm Oil. The result reflects AAK’s contribution to a more responsible and resilient palm oil sector across sourcing, supply chain activities, customer engagement, and operational improvements. The RSPO, of which AAK was a founding member, is a global, multi-stakeholder partnership working to make palm oil more sustainable.
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6 AAK Operating profit -10% Operating profit per kilo -9% Food Ingredients, Q3 2026 Q3 2026 Q3 2025 Δ % Q1-Q3 2026 Q1-Q3 2025 Δ % R12M 2026 Full year 2025 Volumes, ’000 MT 315 319 -1 934 925 +1 1,246 1,237 Net sales, SEK million 7,351 7,092 +4 21,288 21,133 +1 28,343 28,188 Operating profit, SEK million 687 766 -10 2,097 2,299 -9 2,832 3,034 Operating profit per kilo, SEK 2.18 2.40 -9 2.25 2.49 -10 2.27 2.45 Volumes Volumes in Food Ingredients declined by 1 percent compared with the corresponding quarter last year. The decline was primarily driven by lower volumes in Foodservice and Bakery. Geographically, volumes declined across all three regions, with Europe accounting for the largest share of the decrease. Bakery volumes declined compared with the corresponding quarter last year. Growth in Asia, the Middle East & Africa, mainly driven by Turkey, was more than offset by lower volumes in the Americas and Europe, reflecting continued competitive pressure and softer demand. Dairy volumes grew slightly following weak volume performance in the second quarter of this year. Growth was driven by Asia, the Middle East & Africa, particularly China, partly offset by lower volumes in Europe and the Americas, where the surplus of animal-based milk fat continued to have a negative impact on the demand for plant-based alternatives. Special Nutrition volumes declined compared with the corresponding quarter last year. The decline was driven by weakness in the Americas, particularly in the US, which more than offset the growth in Europe. Foodservice volumes declined compared with the corresponding quarter last year, primarily driven by weak performance in the UK. Net sales Net sales reached SEK 7,351 million (7,092), an increase of 4 percent, including a positive currency translation effect of SEK 90 million. At fixed foreign exchange rates, net sales increased by 2 percent. Operating profit Operating profit per kilo decreased by 9 percent to SEK 2.18 (2.40), including a slight currency tailwind. At fixed foreign exchange rates, operating profit per kilo decreased by 10 percent, 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 percent to SEK 687 million (766), mainly due to the lower operating profit per kilo. At fixed foreign exchange rates, operating profit decreased by 11 percent. 0 400 800 1,200 1,600 2,000 2,400 2,800 3,200 0 100 200 300 400 500 600 700 800 Rolling 12 months, SEK million Quarter, SEK million Food Ingredients - Operating profit Quarter Rolling 12 months 0.00 0.40 0.80 1.20 1.60 2.00 2.40 2.80 0.00 0.40 0.80 1.20 1.60 2.00 2.40 2.80 Rolling 12 months, SEK/kilo Quarter, SEK/kilo Food Ingredients - Operating profit per kilo Quarter Rolling 12 months
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7 Interim report | Q3 2026 Operating profit -5% Operating profit per kilo -6% Chocolate & Confectionery Fats, Q3 2026 Q3 2026 Q3 2025 Δ % Q1-Q3 2026 Q1-Q3 2025 Δ % R12M 2026 Full year 2025 Volumes, ’000 MT 124 122 +1 362 364 -1 481 483 Net sales, SEK million 4,024 3,897 +3 11,581 11,655 -1 15,443 15,517 Operating profit, SEK million 500 525 -5 1,522 1,498 +2 2,046 2,022 Operating profit per kilo, SEK 4.04 4.30 -6 4.21 4.12 +2 4.25 4.19 Volumes Volumes in Chocolate & Confectionery Fats grew by 1 percent. Regional performance was mixed, with volume growth in Asia, the Middle East & Africa, supported by expansion into new markets, while volumes declined slightly in the Americas and Europe. From a product-mix perspective, volumes were relatively stable, with a modest positive contribution from cocoa butter alternatives. Net sales Net sales for the business area reached SEK 4,024 million (3,897), a 3 percent increase, including a positive currency translation effect of SEK 25 million. At fixed foreign exchange rates, net sales increased by 3 percent. Operating profit Operating profit per kilo decreased by 6 percent 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 percent. While 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, against the backdrop of a prolonged decline in chocolate consumption. Operating profit amounted to SEK 500 million (525), a decrease of 5 percent compared with the same quarter last year, with a positive impact of SEK 13 million from currency translation. At fixed foreign exchange rates, operating profit decreased by 7 percent. 0 400 800 1,200 1,600 2,000 2,400 0 100 200 300 400 500 600 Rolling 12 months, SEK million Quarter, SEK million Chocolate & Confectionery Fats - Operating profit Quarter Rolling 12 months 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 Rolling 12 months, SEK/kilo Quarter, SEK/kilo Chocolate & Confectionery Fats - Operating profit per kilo Quarter Rolling 12 months
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8 AAK Operating profit -31% Operating profit per kilo -32% T echnical Products & Feed, Q3 2026 Q3 2026 Q3 2025 Δ % Q1-Q3 2026 Q1-Q3 2025 Δ % R12M 2026 Full year 2025 Volumes, ’000 MT 70 69 +1 214 214 0 290 290 Net sales, SEK million 535 509 +5 1,627 1,753 -7 2,190 2,316 Operating profit, SEK million 32 46 -31 110 123 -10 174 187 Operating profit per kilo, SEK 0.45 0.67 -32 0.52 0.57 -9 0.60 0.64 Volumes Volumes in Technical Products & Feed grew by 1 percent 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. Net sales Net sales for the business area reached SEK 535 million, an increase of 5 percent, compared with SEK 509 million in the third quarter of last year. Operating profit Operating profit per kilo decreased by 32 percent to 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 percent decline compared with last year. 0 60 120 180 240 300 360 0 20 40 60 80 100 120 Rolling 12 months, SEK million Quarter, SEK million Technical Products & Feed - Operating profit Quarter Rolling 12 months 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 Rolling 12 months, SEK/kilo Quarter, SEK/kilo Technical Products & Feed - Operating profit per kilo Quarter Rolling 12 months
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9 Interim report | Q3 2026 AAK Group, first nine months 2026 Volumes Volumes totaled 1,510 kMT (1,503), on par with last year. Net sales Net sales reached SEK 34,496 million (34,541), on par with last year, including a negative currency translation effect of SEK 1,084 million. At fixed foreign exchange rates, net sales increased by 3 percent. Operating profit Operating profit totaled SEK 3,535 million (3,433), an increase of 3 percent compared with the corresponding period of 2025. Excluding items affecting comparability, operating profit decreased by 4 percent. Currency translation had a negative effect of SEK 100 million, of which SEK 60 million was related to Food Ingredients and SEK 40 million to Chocolate & Confectionery Fats. Operating profit, excluding items affecting comparability and at fixed foreign exchange rates, decreased by 1 percent. Operating profit per kilo totaled SEK 2.34 (2.28), an increase of 2 percent. Excluding items affecting comparability, operating profit per kilo decreased by 4 percent. The currency translation impact was negative SEK 0.07 per kilo. At fixed foreign exchange rates, operating profit per kilo, excluding items affecting comparability, decreased by 2 percent. Profitability was mixed by business area. Chocolate & Confectionery Fats delivered growth in operating profit per kilo, up 2 percent to SEK 4.21, or 5 percent at fixed currency. Operating profit per kilo in Food Ingredients decreased by 10 percent to SEK 2.25, corresponding to a decline of 7 percent at fixed foreign exchange rates. The decrease was driven by price pressure and the second-quarter production-related challenges at the Karlshamn site. Items affecting comparability The second quarter of 2025 included a non-recurring cost of SEK 250 million related to the launch of the Fit-to-Win cost performance program. Net financial costs and tax costs Net financial costs totaled SEK 109 million (127). Net interest expense was lower, mainly due to lower net debt driven by a strong cash flow, partially offset by a negative impact from reporting in hyperinflationary economies (IAS 29). Reported tax costs corresponded to an average tax rate of 24 percent (25). Excluding items affecting comparability in 2025, the average tax rate was unchanged. Earnings per share Earnings per share equaled SEK 9.98 (9.57). Cash flow and investments Operating cash flow including changes in working capital amounted to SEK 3,972 million (574). Cash flow from working capital amounted to SEK 489 million (negative 2,227), primarily driven by reduced inventory levels. Accounts payable contributed positively, reflecting higher raw material prices. This was partly offset by a negative contribution from accounts receivable as a result of higher raw material prices and seasonality in volumes. Cash outflow from investing activities amounted to SEK 1,091 million (960). Capital expenditure is primarily related to maintenance investments, productivity improvements, and capacity increases, including our Foodservice facility in Staffanstorp, Sweden, and expanded capabilities in Karlshamn, Sweden. Employees The average number of employees for the past 12 months was 4,054 as of September 30, 2026 (4,073 as of December 31, 2025).
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10 AAK General information Related parties No significant related party transactions occurred during the quarter. Risks and uncertainty factors AAK’s operations are exposed to risks, threats, and external factors. Through a proactive approach to business intelligence, the company aims to anticipate changes in factors affecting operations. Plans and policies are continuously adjusted to counteract potential negative effects. Active risk management, such as hedging raw material prices and currencies, reduces the risks that the company faces. Efficient risk management is an ongoing process conducted within the framework of business control and forms part of the ongoing review and forward-looking assessment of operations. AAK expects its long-term risk exposure to remain broadly consistent with the risks inherent in its current operations. AAK’s Board of Directors and Executive Committee have, since the publication of the Annual Report 2025, reviewed the development of significant risks and uncertainties and can confirm that there have been no changes other than what has been commented on regarding market developments during 2026. For a more in-depth analysis of risks, please refer to AAK’s Annual Report. Accounting policies in 2026 This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, and applicable rules in the Swedish Annual Accounts Act. The accounting principles correspond to the principles applied in the preparation of the Annual Report 2025. Alternative Performance Measures (APMs) AAK presents APMs to reflect underlying business performance and enhance comparability from period to period. APMs should not be considered as substitutes for measures of performance in accordance with IFRS. Definitions of Alternative Performance Measures can be found at www.aak.com under the Investor tab. For a reconciliation of Alternative Performance Measures, see pages 19–20. Definitions For definitions, please see our Annual Report. Events after the reporting period No events to be reported. The Parent Company and Group Functions AAK AB (publ.) is the Parent Company of the AAK Group. Its functions are primarily activities related to the development and administration of the Group. The result for the Parent Company after financial items amounted to SEK 5,885 million (negative 206). The Parent Company's financial position changed primarily due to dividends received from subsidiaries, dividends paid, share repurchases and reduced financial liabilities. Interest- bearing liabilities minus cash and cash equivalents and interest-bearing assets totaled SEK 2,703 million (6,005 as of December 31, 2025). Investments in intangible and tangible assets amounted to SEK 21 million (31). No other material changes occurred during the period. The Parent Company’s balance sheet and income statement are shown on pages 21–22. The Parent Company has prepared its financial reports in accordance with Chapter 9 of the Swedish Annual Accounts Act, Interim Report and RFR 2 Accounting for legal entities. The accounting principles correspond to the principles applied in the preparation of the Annual Report 2025.
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11 Interim report | Q3 2026 Malmö, October 23, 2026 Johan Westman President and CEO For further information, please contact: Carl Ahlgren Head of IR, Communication & Brand Mobile: +46 70 681 07 34 E-mail: carl.ahlgren@aak.com AAK AB (publ.) is obliged to make this information public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication under the direction of the above contact person, at 8:30 CEST on October 23, 2026. Auditor’s review report AAK AB (publ.) Corp. ID. 556669-2850 Introduction We have reviewed the condensed interim report for AAK AB (publ.) as of September 30, 2026 and for the nine months period then ended, on pages 2–4 and 6–22. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company. Stockholm, October 23, 2026 Ernst & Young AB Henrik Jonzén Authorized Public Accountant
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12 AAK Condensed income statement SEK million Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Full year 2025 Net sales 11,910 11,498 34,496 34,541 46,021 Other operating income 55 65 217 207 332 Total operating income 11,965 11,563 34,713 34,748 46,353 Change in inventories of finished goods and work in progress 13 -10 -8 88 318 Raw materials and consumables -8,707 -8,238 -24,946 -24,904 -33,399 Goods for resale -207 -203 -570 -537 -821 Other external expenses -832 -716 -2,448 -2,533 -3,289 Cost for remuneration to employees -850 -839 -2,563 -2,700 -3,537 Depreciation, amortization and impairment losses -218 -251 -638 -671 -882 Other operating expenses -10 -46 -5 -58 -68 Total operating expenses -10,811 -10,303 -31,178 -31,315 -41,678 Operating profit (EBIT) 1,154 1,260 3,535 3,433 4,675 Financial income 42 19 105 67 85 Financial expense -86 -62 -214 -194 -256 Total financial net -44 -43 -109 -127 -171 Profit before tax 1,110 1,217 3,426 3,306 4,504 Income tax -271 -306 -818 -818 -1,068 Profit for the period 839 911 2,608 2,488 3,436 Attributable to non-controlling interests 2 2 6 5 7 Attributable to the Parent Company’s shareholders 837 909 2,602 2,483 3,429 Earnings per share before dilution, SEK 3.22 3.50 9.98 9.57 13.21 Earnings per share after dilution, SEK 3.21 3.49 9.97 9.53 13.16 Comprehensive income SEK million Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Full year 2025 Profit for the period 839 911 2,608 2,488 3,436 Other comprehensive income: Items that will not be reclassified to profit or loss Remeasurements of post-employment benefit obligations 36 34 36 34 38 36 34 36 34 38 Items that are or may subsequently be reclassified to profit or loss Translation differences 363 -181 1,355 -2,205 -2,545 363 -181 1,355 -2,205 -2,545 Total other comprehensive income for the period 399 -147 1,391 -2,171 -2,507 Total comprehensive income for the period 1,238 764 3,999 317 929 Attributable to non-controlling interests 1 3 5 7 9 Attributable to the Parent Company’s shareholders 1,237 761 3,994 310 920
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13 Interim report | Q3 2026 Condensed balance sheet SEK million 30.09.2026 30.09.2025 31.12.2025 Assets Goodwill 2,221 2,144 2,108 Intangible assets 317 300 297 Property, plant and equipment 8,966 7,863 7,877 Right-of-use assets 432 426 431 Shares in associated companies 53 8 6 Financial assets 129 91 97 Deferred tax assets 361 458 395 Total non-current assets 12,479 11,290 11,211 Inventory 11,362 11,283 11,752 Accounts receivable 6,944 6,411 5,834 Current receivables 2,851 2,708 2,259 Cash and cash equivalents 1,954 1,482 1,566 Total current assets 23,111 21,884 21,411 Total assets 35,590 33,174 32,622 Equity and liabilities Equity attributable to Parent’s shareholders 21,263 19,123 19,897 Non-controlling interests 76 69 71 Total equity 21,339 19,192 19,968 Liabilities to banks and credit institutions 2,408 362 390 Pension liabilities 30 34 30 Lease liabilities 363 356 351 Total interest-bearing non-current liabilities 2,801 752 771 Deferred tax liabilities 631 530 611 Other non-interest-bearing non-current liabilities 496 512 509 Total non-interest-bearing non-current liabilities 1,127 1,042 1,120 Total non-current liabilities 3,928 1,794 1,891 Liabilities to banks and credit institutions 2,375 4,075 4,088 Lease liabilities 102 102 109 Other interest-bearing current liabilities 11 10 9 Total interest-bearing current liabilities 2,488 4,187 4,206 Accounts payable 3,761 3,569 2,970 Other non-interest-bearing current liabilities 4,074 4,432 3,587 Total non-interest-bearing current liabilities 7,835 8,001 6,557 Total current liabilities 10,323 12,188 10,763 Total equity and liabilities 35,590 33,174 32,622
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14 AAK Condensed change in equity 2026 SEK million Equity attributable to the Parent's shareholders Non-controlling interests Total equity Opening balance January 1, 2026 19,897 71 19,968 Profit for the period 2,602 6 2,608 Other comprehensive income 1,392 -1 1,391 Total comprehensive income 3,994 5 3,999 New issue of shares 301 - 301 Subscription warrants 6 - 6 Long-term incentive program 3 - 3 Repurchase of shares -489 - -489 Dividend -2,449 - -2,449 Closing balance September 30, 2026 21,263 76 21,339 2025 SEK million Equity attributable to the Parent's shareholders Non-controlling interests Total equity Opening balance January 1, 2025 20,087 62 20,149 Profit for the period 2,483 5 2,488 Other comprehensive income -2,173 2 -2,171 Total comprehensive income 310 7 317 New issue of shares 14 - 14 Long-term incentive program 41 - 41 Obligation for delivery of shares to LTI-program -31 - -31 Dividend -1,298 - -1,298 Closing balance September 30, 2025 19,123 69 19,192
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15 Interim report | Q3 2026 Condensed cash flow statement SEK million Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Full year 2025 Operating activities Operating profit 1,154 1,260 3,535 3,433 4,675 Depreciation, amortization and impairment losses 218 251 638 671 882 Adjustment for other non-cash items 127 -4 -34 -303 -383 Interest paid and received 1 -11 -32 -55 -110 Tax paid -147 -281 -624 -945 -1,203 Cash flow before changes in working capital 1,353 1,215 3,483 2,801 3,861 Changes in inventory 268 -688 903 -449 -1,250 Changes in accounts receivable -359 -211 -720 -1,154 -661 Changes in accounts payable 92 -33 557 -153 -737 Changes in other working capital items 142 259 -251 -471 -351 Changes in working capital 143 -673 489 -2,227 -2,999 Cash flow from operating activities 1,496 542 3,972 574 862 Investing activities Acquisition of intangible assets and property, plant and equipment -403 -322 -1,092 -961 -1,303 Proceeds from sale of property, plant and equipment 1 1 1 1 8 Cash flow from investing activities -402 -321 -1,091 -960 -1,295 Financing activities Changes in loans -681 12 107 1,465 1,505 Amortization of lease liabilities -29 -32 -88 -104 -138 New issue of shares - 14 301 14 175 Subscription warrants 6 - 6 - - Repurchase of shares -311 - -489 - - Dividend paid - - -2,449 -1,298 -1,298 Cash flow from financing activities -1,015 -6 -2,612 77 244 Cash flow for the period 79 215 269 -309 -189 Cash and cash equivalents at start of period 1,843 1,283 1,566 1,911 1,911 Exchange rate difference for cash equivalents 32 -16 119 -120 -156 Cash and cash equivalents at end of period 1,954 1,482 1,954 1,482 1,566
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16 AAK Key ratios 1) Items affecting comparability relate to the launch of Fit-to-Win, a cost performance program, recognized in Q2 2025. 2) Earnings per share are calculated based on a weighted average number of outstanding shares. SEK million (unless otherwise stated) Q3 2026 Q3 2025 Δ % Q1-Q3 2026 Q1-Q3 2025 Δ % Full year 2025 Income statement Volumes, ’000 MT 509 510 0 1,510 1,503 0 2,010 Net sales 11,910 11,498 +4 34,496 34,541 0 46,021 Operating profit 1,154 1,260 -8 3,535 3,433 +3 4,675 Operating profit excl. items affecting comparability1) 1,154 1,260 -8 3,535 3,683 -4 4,925 Profit for the period 839 911 -8 2,608 2,488 +5 3,436 Profit for the period excl. items affecting comparability1) 839 911 -8 2,608 2,696 -3 3,644 Financial position Total assets 35,590 33,174 +7 35,590 33,174 +7 32,622 Equity 21,339 19,192 +11 21,339 19,192 +11 19,968 Net working capital 13,150 12,342 +7 13,150 12,342 +7 13,236 Net debt 3,134 3,398 -8 3,134 3,398 -8 3,358 Cash flow Cash flow from operating activities 1,496 542 - 3,972 574 - 862 Cash flow from investing activities -402 -321 - -1,091 -960 - -1,295 Share data Number of shares, thousand 259,708 259,629 0 259,708 259,629 0 260,451 Earnings per share before dilution, SEK2) 3.22 3.50 -8 9.98 9.57 +4 13.21 Earnings per share before dilution excl. items affecting comparability, SEK 1) 2) 3.22 3.50 -8 9.98 10.37 -4 14.01 Equity per share, SEK 81.87 73.65 +11 81.87 73.65 +11 76.39 Share price at end of period, SEK 184.60 244.60 -25 184.60 244.60 -25 263.80 Other key ratios Volume growth, percent 0 -7 - 0 -8 - -8 Operating profit per kilo, SEK 2.27 2.47 -8 2.34 2.28 +2 2.33 Operating profit per kilo excl. items affecting comparability, SEK1) 2.27 2.47 -8 2.34 2.45 -4 2.45 Return on Capital Employed (R12 months), percent 19.3 20.6 -1.3 p.p. 19.3 20.6 -1.3 p.p. 20.0 Return on Capital Employed excl. items affecting comparability (R12 months), percent1) 19.1 21.6 -2.5 p.p. 19.1 21.6 -2.5 p.p. 20.9 Net debt / EBITDA, multiple 0.56 0.61 -8 0.56 0.61 -8 0.60
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17 Interim report | Q3 2026 Quarterly data by business area Operating profit SEK million 2025 Q1 Q2 Q3 Q4 Full year 2026 Q1 Q2 Q3 Food Ingredients 769 764 766 735 3,034 752 658 687 Chocolate & Confectionery Fats 523 450 525 524 2,022 532 491 500 Technical Products & Feed 52 25 46 64 187 54 24 32 Group Functions -83 -327 -77 -81 -568 -53 -77 -65 Operating profit AAK Group 1,261 912 1,260 1,242 4,675 1,285 1,095 1,154 Financial net -45 -39 -43 -44 -171 -30 -35 -44 Profit before tax 1,216 873 1,217 1,198 4,504 1,255 1,061 1,110 Operating profit excluding items affecting comparability SEK million 2025 Q1 Q2 Q3 Q4 Full year 2026 Q1 Q2 Q3 Food Ingredients 769 764 766 735 3,034 752 658 687 Chocolate & Confectionery Fats 523 450 525 524 2,022 532 491 500 Technical Products & Feed 52 25 46 64 187 54 24 32 Group Functions -83 -77 -77 -81 -318 -53 -77 -65 Operating profit AAK Group 1,261 1,162 1,260 1,242 4,925 1,285 1,095 1,154 Financial net -45 -39 -43 -44 -171 -30 -35 -44 Profit before tax 1,216 1,123 1,217 1,198 4,754 1,255 1,061 1,110 Net sales by market 2026 SEK million FI Q3 2026 CCF Q3 2026 TPF Q3 2026 Total Q3 2026 FI Q1-Q3 2026 CCF Q1-Q3 2026 TPF Q1-Q3 2026 Total Q1-Q3 2026 Europe 2,621 1,316 527 4,464 7,870 3,812 1,605 13,287 North & South America 3,459 1,821 2 5,282 9,840 5,339 7 15,186 Asia 1,191 765 6 1,962 3,304 2,173 15 5,492 Other countries 80 122 0 202 274 257 0 531 Net sales 7,351 4,024 535 11,910 21,288 11,581 1,627 34,496 2025 SEK million FI Q3 2025 CCF Q3 2025 TPF Q3 2025 Total Q3 2025 FI Q1-Q3 2025 CCF Q1-Q3 2025 TPF Q1-Q3 2025 Total Q1-Q3 2025 Europe 2,101 1,357 505 3,963 6,380 4,046 1,744 12,170 North & South America 3,813 1,751 0 5,564 11,255 5,259 1 16,515 Asia 1,084 721 4 1,809 3,172 2,113 8 5,293 Other countries 94 68 0 162 326 237 0 563 Net sales 7,092 3,897 509 11,498 21,133 11,655 1,753 34,541
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18 AAK Financial instruments SEK million 30.09.2026 31.12.2025 Hierarchy level Assets at fair value through profit and loss Derivative instruments, currency contracts 276 234 2 Derivative instruments, raw material, sales and purchase contracts 797 792 2 Investment in unlisted shares 19 7 3 Investment in unlisted funds 69 59 3 Assets at amortized cost Financial non-current assets 7 7 - Accounts receivable 6,944 5,834 - Cash and cash equivalents 1,954 1,566 - Total financial assets 10,066 8,499 Liabilities at fair value through profit and loss Derivative instruments, currency contracts 326 246 2 Derivative instruments, raw material, sales and purchase contracts 518 688 2 Liabilities at amortized cost Liabilities to banks and credit institutions 4,783 4,478 - Lease liabilities 465 460 - Accounts payable 3,761 2,970 - Other interest-bearing liabilities 11 9 - Total financial liabilities 9,864 8,851 For information on the valuation techniques used by the Group in measuring the fair value of financial instruments, see note 3 in the Annual Report 2025.
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19 Interim report | Q3 2026 Alternative Performance Measures (APMs) Organic volume growth Percent Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Full year 2025 Food Ingredients Organic volume growth -1 0 +1 -3 -2 Acquisitions / divestments - -8 - -8 -8 Volume growth -1 -8 +1 -11 -10 Chocolate & Confectionery Fats Organic volume growth +1 -8 -1 -6 -6 Volume growth +1 -8 -1 -6 -6 Technical Products & Feed Organic volume growth +1 -1 0 +4 +1 Volume growth +1 -1 0 +4 +1 AAK Group Organic volume growth 0 -2 0 -3 -3 Acquisitions / divestments - -5 - -5 -5 Volume growth 0 -7 0 -8 -8 EBITDA SEK million Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Full year 2025 Operating profit (EBIT) 1,154 1,260 3,535 3,433 4,675 Depreciation, amortization and impairment losses 218 251 638 671 882 EBITDA 1,372 1,511 4,173 4,104 5,557 Return on Capital Employed (ROCE) excluding items affecting comparability SEK million R12M 30.09.2026 R12M 31.12.2025 Total assets 34,260 32,968 Cash and cash equivalents -1,688 -1,493 Financial assets -114 -68 Accounts payable -3,460 -3,508 Other non-interest-bearing liabilities -4,049 -4,386 Capital employed 24,949 23,513 Operating profit 4,777 4,925 Return on Capital Employed excl. items affecting comparability (ROCE), percent 19.1 20.9
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20 AAK Net working capital SEK million 30.09.2026 31.12.2025 Inventory 11,362 11,752 Accounts receivable 6,944 5,834 Other current receivables, non-interest-bearing 2,679 2,207 Accounts payable -3,761 -2,970 Other current liabilities, non-interest-bearing -4,074 -3,587 Net working capital 13,150 13,236 Net debt SEK million 30.09.2026 31.12.2025 Non-current interest-bearing receivables 29 0 Current interest-bearing receivables 172 53 Cash and cash equivalents 1,954 1,566 Pension liabilities -30 -30 Lease liabilities -465 -460 Non-current liabilities to banks and credit institutions -2,408 -390 Current liabilities to banks and credit institutions -2,375 -4,088 Other interest-bearing liabilities -11 -9 Net debt -3,134 -3,358 Net debt / EBITDA SEK million 30.09.2026 31.12.2025 Net debt 3,134 3,358 EBITDA (rolling 12 months) 5,626 5,557 Net debt / EBITDA, multiple 0.56 0.60 Equity to assets ratio SEK million 30.09.2026 31.12.2025 Equity attributable to Parent’s shareholders 21,263 19,897 Non-controlling interests 76 71 Total equity 21,339 19,968 Total assets 35,590 32,622 Equity to assets ratio, percent 59.9 61.2
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21 Interim report | Q3 2026 Income statement – Parent Company SEK million Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Full year 2025 Net sales 162 122 481 370 540 Total operating income 162 122 481 370 540 Other external expenses -119 -76 -325 -287 -410 Cost for remuneration to employees -30 -47 -136 -152 -225 Depreciation, amortization and impairment losses -3 -3 -10 -9 -13 Total operating expenses -152 -126 -471 -448 -648 Operating profit (EBIT) 10 -4 10 -78 -108 Group contribution - - - - 108 Dividend - - 5,964 1 1 Interest income and similar items 0 0 0 0 0 Interest expense and similar items -18 -44 -89 -129 -169 Total financial net -18 -44 5,875 -128 -60 Profit before tax -8 -48 5,885 -206 -168 Income tax -9 10 -21 42 -47 Profit for the period -17 -38 5,864 -164 -215
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22 AAK Condensed balance sheet – Parent Company SEK million 30.09.2026 31.12.2025 Assets Intangible assets 108 87 Property, plant and equipment 3 2 Right-of-use assets 15 19 Financial assets 9,911 9,911 Total non-current assets 10,037 10,019 Current receivables 242 314 Cash and cash equivalents 0 0 Total current assets 242 314 Total assets 10,279 10,333 Equity and liabilities Share capital 436 434 Statutory reserve 5 5 Restricted equity 441 439 Retained profit 1,030 3,881 Profit for the period 5,864 -215 Unrestricted equity 6,894 3,666 Total equity 7,335 4,105 Lease liabilities 9 11 Other non-current liabilities 31 32 Total non-current liabilities 40 43 Liabilities to banks and credit institutions - 531 Lease liabilities 6 6 Accounts payable 32 14 Other current liabilities 2,866 5,634 Total current liabilities 2,904 6,185 Total equity and liabilities 10,279 10,333
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23 Interim report | Q3 2026 Price trends in raw materials Additional information 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 USD/ton Rapeseed oil and palm oil Rapeseed oil Palm oil For information regarding cocoa and cocoa butter, please visit www.icco.org Conference call AAK will host a conference call for investors and analysts on October 23, 2026, at 10 a.m. CEST. The presentation can be followed via teleconference or webcast. Please visit www.aak.com for details. The annual and quarterly reports are published on www.aak.com. Financial calendar February 5, 2027: Q4 and year-end report for 2026 April 28, 2027: Q1 and three-month report for 2027 July 20, 2027: Q2 and six-month report for 2027 October 26, 2027: Q3 and nine-month report for 2027 February 4, 2028: Q4 and year-end report for 2027 Forward-looking statements This report contains forward-looking statements. Such statements are subject to risks and uncertainties since various factors, many of which are beyond the control of AAK AB (publ.), may cause actual developments and results to differ materially from the expectations expressed in this report. Governing text The Swedish text shall be governing for all purposes and prevail in the event of any discrepancy between the versions. Investor Relations contact Carl Ahlgren Head of IR, Communication & Brand Mobile: +46 70 681 07 34 E-mail: carl.ahlgren@aak.com 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000USD/ton Cocoa butter
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24 AAK We specialize in plant-based oils that are the value-adding ingredients in the products people love to consume. We make these products better tasting, healthier, and more sustainable. At the heart of AAK’s offering is Customer Co-Development, combining our desire to understand what better means for each customer with the unique flexibility of our production assets and deep knowledge across products and industries. 4,000 employees support our close collaboration with customers through 25 regional sales offices, 17 dedicated innovation centers and 19 production facilities. Listed on Nasdaq Stockholm and with our headquarters in Malmö, Sweden, AAK has been Making Better Happen™ for more than 150 years. Created by nature. Powered by science. Enjoyed by people. Explore more at www.aak.com Or contact us at info@aak.com