Slides
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Q3, 2026 INTERIM REPORT
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This presentation may contain forward-looking statements. Such statements are based on current expectations and are subject to risks and uncertainties that could negatively affect our business. Please refer to our 2025 annual report for a better understanding of these risks and uncertainties.
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MIDSONA - A EUROPEAN NATURAL & HEALTHY FOOD GROUP With a clear path to profitable and sustainable growth Our mission We provide healthy food for people and planet ● Vision to become a leading European leader within natural and healthy food ● Positioned in categories with structurally growing demand, driven by health and sustainability trends ● Combines strong local brands with a scalable European platform At a glance 3 606 MSEK net sales LTM Q3 2026 ~700 employees in 7 European countries 4.3% EBIT margin LTM Q3 2026 ~50 own brands
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Q3 2026: FINANCIAL HIGHLIGHTS Continued profit growth fueling strategy implementation towards targets • Net sales growth of 1.7% despite weak development in Division North o Risenta acquisition contributing to growth o Own consumer brands -0.2% organic growth mainly driven by decline in Division North o Continued sales decline in contract manufacturing as we optimize for profitability • Stable EBIT margin despite some headwinds o Strengthened gross margin, driven by improved mix, mitigating slightly negative net price/cost arbitrage o Negative impact from increased marketing investments for future growth and one-off credit loss in Nordics • Improved cash flows – closing the quarter with a strong balance sheet NET SALES SEK 910 m (SEK 895 m) -3.7%1 EBIT2 SEK 46 m (SEK 45 m) +1 m EBIT2 MARGIN 5.0% (5.0%) +0.0 p.p. GROSS MARGIN2 29.0% (28.7%) +0.3 p.p. NET DEBT / ADJ. EBITDA3 1.0x (1.6x) Improved 0,6x CASH FLOW4 SEK 57 m (SEK 48 m) +9 m 1) Sales growth adjusted for changes in exchange rate and divestments or acquisitions of business and/or brands 2) Before items affecting comparability (IAC) 3) EBITDA rolling 12-months, adjusted for proforma, transaction related costs and other IAC 4) Cash flow from operating activities
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YEAR TO DATE Q3 2026: FINANICIAL HIGHLIGHTS Strengthened profitability and own consumer brands growth • Sales decline in contract manufacturing mitigated by own consumer brands growth and Risenta acquisition o Own consumer brands growing organically at 0.7% o Contract manufacturing optimized for profitability with consequential sales decline • EBIT margin strengthened o Gross margin improvement driven mainly by mix o EBIT margin further improved through overhead efficiency, partly offset by increased marketing investments • Improved cash flows contributing to a strong balance sheet NET SALES SEK 2 673 m (SEK 2 697 m) -2.1%1 EBIT2 SEK 111 m (SEK 86 m) +25 m EBIT2 MARGIN 4.1% (3.2%) +0.9 p.p. GROSS MARGIN2 29.3% (28.5%) +0.8 p.p. NET DEBT / ADJ. EBITDA3 1.0x (1.6x) Improved 0,6x CASH FLOW4 SEK 113 m (SEK 88 m) +25 m 1) Sales growth adjusted for changes in exchange rate and divestments or acquisitions of business and/or brands 2) Before items affecting comparability (IAC) 3) EBITDA rolling 12-months, adjusted for proforma, transaction related costs and other IAC 4) Cash flow from operating activities
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Division Nordics Division North Division South DIVISION HIGHLIGHTS Q3 66% 23% 11% 2026 2025 vs LY Net Sales 607 576 +5% EBIT2 62 65 -6% 2026 2025 vs LY Net Sales 212 236 -10% EBIT2 2 8 -75% 2026 2025 vs LY Net Sales 99 89 +11% EBIT2 -1 -6 n/a ● Organic sales growth at -3,0%, with own organic consumer brands in continued healthy growth at +1.9%, while contract manufacturing contracts to drive margin improvement ● Gross margin down by 0.1 p.p., temporarily pressured by rising prices for transport and certain packaging materials yet to be recovered in price ● Slightly reduced EBIT margin impacted by lower gross margin, increased investments in marketing and one-off credit loss, partly mitigated by overhead cost savings ● A weak sales quarter with an organic change of -10,3%, driven by own consumer brands but own B2B brands transition also lost some momentum ● Gross margin showed a decline partly due to a negative segment mix and partly due to lower production efficiency impacted by decreased sales volumes. ● EBIT margin decline mainly related to lower fixed cost coverage from lower sales ● Organic sales increase of 10,2% largely driven by licensed brands as well as own brands in French grocery and new more profitable contract manufacturing business in France ● Own consumer brands came in flat at 0,0% organic growth fueled by continued strong growth in French grocery trade while some challenges within French HFS continued. ● Materially improved gross margin driven by continued efficiency improvements as well as favorable sales mix 1) Sales growth adjusted for changes in exchange rate and divestments or acquisitions of business and/or brands 2) Before items affecting comparability (IAC)
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PORTFOLIO HIGHLIGHTS Q3 Organic products Health Foods Consumer Health products 58% 28% 14% ● Total organic sales development at -2% ● Growth in own organic consumer brands – marketing and innovation initiatives in the organic portfolio paying off for several brands, with double -digit organic growth – however challenges, partly seasonal, for some larger brands, in particular in Division North ● Brand growth not sufficient to offset weaker development on contract manufacturing – partly impacted by fire in Spain but also optimization for profit ● Organic growth at -7% driven by continued conscious sales decline in contract manufacturing, as we optimize for profit ● Mixed picture own consumer brands, with good momentum and a clear result of investments behind larger brands, such as Friggs, while some brands face challenges ● Risenta contributing with structural growth of 4,5%. ● Organic sales growth at -3% ● Some key brands lagging behind on growth plans – requiring additional focus in terms of implementing strategic initiatives ● Conscious optimization for profit impacting certain brands’ sales negatively 1) Sales growth adjusted for changes in exchange rate and divestments or acquisitions of business and/or brands
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● A new range of supplements in the classic Friggs shape o Popular and rapidly growing supplement variants under the Friggs umbrella o In a unique chewable format for easy consumption on the go ● Launched into the mainstream channel under a brand that everybody can relate to o Bringing trendy products to a broader audience o Leveraging the unique Friggs brand position to gain penetration ● Positive market receipt o Customer buy in providing channel access for a broad launch o Positive initial consumer receipt and feedback FRIGGS BRINGING SUPPLEMENTS TO THE MASSES
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LTM Net Sales Gross Margin ● Disciplined omni channel execution ● Successfully leveraged clean eating interest and trends ● Agile and local innovation and marketing in close customer cooperation 2025 2026 LEVERAGING STRONG LOCAL POSITIONS & BRANDS Example: Helios, Norway – a local jewel
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MAKING PROGRESS TOWARDS TARGETS ORGANIC GROWTH (Own consumer brands) EBIT MARGIN (excl. IAC) NET DEBT / ADJ. EBITDA (incl. IFRS 16) Target: >8% Outcome Q3 ‘26 LTM : 4.3% Target: <2,5x Outcome Q3 ‘26: 1.0x Target: >5% Outcome Q3 ‘26 LTM : 2.0% -3,3% 2,0% -4,0% -3,0% -2,0% -1,0% 0,0% 1,0% 2,0% 3,0% 2023 2024 2025 2026 0,8% 4,3% 2023 2024 2025 2026 4,4 1,0 2023 2024 2025 2026 Operating cash flow Leverage
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SHORT TERM PRIORITIES Turn around development in Division North - with a focused revamp of own brand proposition Accelerate strategy implementation on Consumer Health portfolio – clarifying brand investment plans and securing strong execution Maintain momentum on own brand portfolio with positive development – continue marketing investments for growth on strong brands in Organic and Health Foods 1 2 3
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FINANCIAL REVIEW CFO NICLAS LUNDIN
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FINANCIAL SUMMARY Comments QTD • Net Sales +1,7% vs LY, whereof structural growth 4,5% and organic growth -3,7%. • GM% increased with 0.3 p.p., mainly from improved sales mix, (shift from less profitable contract manufacturing to more profitable own consumer brands). • EBIT +1m from improved gross margin and positive impact from last year’s cost reduction program, however partly offset by increased sales & marketing, as well as a larger bad debt provision. • Financial net improved by 7m, apart from FX in large driven by better financing conditions & lower debt. • Net result landed on 39m with +1m IAC •IAC related to net insurance compensation (+6) and fraud incident (-5) • Improved cash flow from operating activities, partly related to the P&L, partly related to working capital. • Net Debt / Adj EBITDA at continued good level. 1). Before items affecting comparability (when applicable) 2) EBITDA rolling 12-months, adjusted for proforma, transaction related costs and other IAC MSEK Q3 2026 Q3 2025 YTD 2026 YTD 2025 Net Sales 910 895 2 673 2 697 GM%1 29,0% 28,7% 29,3% 28,5% EBIT1 46 45 111 86 EBIT%1 5,0% 5,0% 4,1% 3,2% IAC 1 -45 53 -69 Net financing costs 2 -7 -9 -26 EBT 49 -7 155 -9 Net tax costs -10 -8 -22 -14 Net result 39 -15 133 -23 Cash Flow from operating activities 57 48 113 88 Net Debt / Adj EBITDA2 1,0 1,6 1,0 1,6 Net Debt 302 433 302 433
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895 40 8 -33 910 Q325 Structure FX Organic Q326 850 860 870 880 890 900 910 920 930 940 950 Q3 NET SALES 0.9% -11,2% -2,2% -15,7% -0,2% Contract manufacturing Licensed Brands Own Brand - B2B Own Brands - consumer % of NS 66% 5% 10% Organic growth2 by brand typeNet Sales change -3,7% 1) Impact from effect from divestments or acquisitions of business and/or brands 2) Sales growth adjusted for changes in exchange rate and divestments or acquisitions of business and/or brands 1 19% MSEK 2 +15 (+1,7%) 4,5%
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45 2 2 -7 2 2 46 Q325 Volume Gross Margin OPEX (SM&A) Other FX Q326 0 10 20 30 40 50 60 Q3 EBIT1 SEK million GM +0,3 p.p; Mainly driven by mix 1) Before items affecting comparability. 2) 2) FX-translation effect (converting entities P&L @ different x-rates) and FX revaluation effect on operating assets/liabilities. 32 45 46 114 122 158 0 20 40 60 80 100 120 140 160 180 0 5 10 15 20 25 30 35 40 45 50 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 QTD R12 EBIT1 change EBIT1 trend SEK million +1 (+/-0 p.p.) Organic growth -3,7%, structural growth +4,5% 2 higher S&M initiatives (-7), bad debt (-3), Other OPEX (+3) 5,0%5,0%
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49 11 14 -4 -19 -40 46 57 0 10 20 30 40 50 60 70 80 Q3 CASH FLOW FROM OPERATING ACTIVITIES 42 48 57 201 186 254 0 50 100 150 200 250 300 0 20 40 60 80 100 120 140 160 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 QTD R12 Net Working Capital -13 (-19) 1) Cash flow from operating activities 2) EBT includes IAC of 1,3 MSEK net, whereof +7 MSEK related to Business Interruption Insurance compensation received, and -5 MSEK relates to a sophisticated fraud incident, which has prompted further strengthening of the internal control environment, and it is expected that most of the loss will be covered by the Group’s insurance coverage. QTD Cash flow1 breakdown Cash flow1 trend SEK millionSEK million
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84 141 139 171 193 316 340 282 328 575 628 634 633 656 781 804 745 789 15% 18% 22% 0% 5% 10% 15% 20% 25% 0 100 200 300 400 500 600 700 800 900 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Cash Unutilized credit facilities Available Cash Available cash / Net Sales (R12) Available Cash 1 AVAILABLE CASH AND NET DEBT 1) Available Cash = Cash + available overdraft and unutilized contracted bank credit facilities 2) 2) EBITDA rolling 12-months, adjusted for proforma, transaction related costs and other IAC 389 320 290 337 311 184 159 216 169 525 451 407 447 433 299 264 317 301 1,9 1,6 1,0 0,0 0,5 1,0 1,5 2,0 2,5 0 100 200 300 400 500 600 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Debt IFRS16 Net Debt (IFRS16) Net Debt / EBITDA Net Debt and Net Debt / adj. EBITDA 2 SEK million 1 XSEK million 2
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Q&A