Slides
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1) Pro forma including Manor Farm Scandi Standard Q3 2025 presentation (% change vs LY in parenthesis) Net Sales and EBIT margin Net sales 2 000 4 000 6 000 8 000 10 000 12 000 14 000 0 % 1 % 2 % 3 % 4 % 5 % 6 % 7 % 8 % 0 2018 4.3 % 4.4 % 2019 3.5 % 4.1 % 2020 2.2 % 2.1 % 2021 2.4 % 4.0 % 2.4 % 2022 3.5 % 4.1 % 3.4 % 2016 (1) 2023 3.9 %4.2 % 3.9 % 2024 4.0 %4.3 % 4.0 % 2017 (1) R12M 3.8 % 4.6 % Q3 24 5.0 % 5.0 % Q3 25 4.3 %7 544 8 207 4.6 % 9 891 9 940 10 101 12 119 13 014 13 024 13 812 3 343 3 723 8 707 7.1 % CAGR EBIT margin Adj. EBIT margin Net sales (MSEK) 77% 19% 4% Ready-to-cook (+13%) Ready-to-eat (+5%) Other (+6%) 26% 24%17% 22% 7% 4% Sweden (+8%) Denmark (+6%) Norway (+7%) Ireland (+13%) Finland (-10%) Lithuania
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MSEK Q3 2025 Q3 2024 Net sales 3,723 3,343 EBITDA 296 256 EBITDA margin % 8.0% 7.7% Non-comparable items - - Operating income (EBIT) 185 153 Operating margin (EBIT) % 5.0% 4.6% EBIT SEK/kg 2.36 2.15 Earnings per share 1.83 1.44 ROCE % 11.8% 11.7% Net cash flow (change in NIBD) 97 100 Closing balance NIBD 2,192 1,696 Q3 2025: Solid growth and improved performance • 11% growth in net sales • Highest EBIT ever – Up 21% • Strong improvement across Ready-to-cook • Lithuania already contributing with solid EBIT/kg • Inflection point for Ready-to-eat in the quarter • Start-up of first product line in the Netherlands • Preparing main product lines for start-up during H1 2026 Note: ROCE trailing twelve months
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Growth and value drivers Growth & value Responsible, safe and nutritious Convenient, versatile and tasteful Affordable because it’s sustainable
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Strong consumer trend in favour of chicken products Source: Rabobank • Strong poultry growth in the Nordics and I reland • 44% poultry growth from 2010-2023 • 13% poultry growth expected from 2023 to 2030 • ~1.7% annual growth • Chicken benefitting from consumers s witching over from other proteins Source: Rabobank Poultry consumption Nordics & Ireland Consumption (Nordics & Ireland) 0 200 400 600 800 1,000 1,200 k tonnes Poultry Pork Beef 677 687 714 738 773 798 779 830 828 855 964 0 200 400 600 800 1,000 k tonnes 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2030E +13% CAGR 1.7% 2011 2015 2019 2023
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Chicken is an affordable product • Price has always been important for c onsumers • Chicken affordable across segments • Fillets also competitively priced vs. aver age- and low-end cuts of other proteins Note: Data from Q2 2025. Observed in-market prices across markets. Definitions in appendix 0 100 200 300 400 500 Low end cut Average cut High end cut SEK per kg Relative pricing to consumer Chicken Pork Beef Salmon 63% 54% 89% 38% 26% 31% 48% 0% 20% 40% 60% 80% 100% Low end cut Average cut High end cut Index in pricing to other proteins % to salmon % to beef % to pork
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Increasing the value of our protein 2023 2024 R12M Q3-24 Q3-25 2027 >3.00 • EBIT/kg good measurement of value creation • Positive momentum towards 2027 target • Q3 2025 EBIT/kg 2.36 SEK/kg (2.15) • 10% increase vs Q3 2024 • Expecting to make a material step in 2025 and onwards Ingredients RTE RTC Corp Target EBIT SEK/kg (GW) 1.69 0.25 0.59 0.97 -0.11 1.82 0.11 0.53 1.31 -0.14 1.89 0.17 0.38 1.47 -0.12 2.15 0.23 0.62 1.56 -0.17 2.36 0.14 0.22 2.02 -0.11
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7 Q3 2025: 21% increase in EBIT Ready-to-cook Ready-to-eat Other Total MSEK Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Net sales 2,873 2,536 713 677 137 129 3,723 3,343 EBIT 159 111 17 44 9 -2 185 153 EBIT margin, % 5.5% 4.4% 2.4% 6.6% 6.7% -1.7% 5.0% 4.6% Non-comparable items1) - - - - - - - - Adj. EBIT1) 159 111 17 44 9 -2 185 153 Adj. EBIT1) margin, % 5.5% 4.4% 2.4% 6.6% 6.7% -1.7% 5.0% 4.6% 1) Adjusted for non-c omparable items, see note 5 in quarterly report. Net sales Q3 2025 (% change vs LY in parenthesis) Change in Adj. EBIT per segment 153 48 -27 11 185 Adj. EBIT Q3 2024 Ready-to-cook Ready-to-eat Other Adj. EBIT Q3 2025 0 20 40 60 80 100 120 140 160 180 200 220 26% 24%17% 22% 7% 4% Sweden (+8%) Denmark (+6%) Norway (+7%) Ireland (+13%) Finland (-10%) Lithuania
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Sustainability scorecard N.b. The reported carbon emissions figures have been adjusted through 2021 in accordance with Scandi Standard's recalculation policy due to a change in magnitude exceeding five per cent. LTI per million hours worked Animal welfare indicator (Foot Pad Score)Use of antibiotics (% of flocks treated) CO2 emissions (g CO2e/kg product) Critical complaintsFeed efficiency (kg feed/live weight) Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 24.8 20.3 28.8 22.5 23.3 24.1 34.0 25.4 25.1 13.9 15.1 20.5 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 9.9 9.3 10.6 6.6 6.2 8.8 1.6 2.5 4.6 7.6 5.7 6.1 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 8.4 8.4 8.5 11.4 14.9 9.9 9.9 4.9 4.3 5.0 6.4 5.8 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 81.5 88.2 78.3 73.3 80.7 76.1 68.7 69.4 73.2 75.0 68.2 58.4 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1.51 1.50 1.50 1.50 1.49 1.50 1.48 1.49 1.49 1.50 1.50 1.48 1 2 1 6 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 0 0 0 0 0 0 0 0 Target
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9 Ready-to-cook – Continuing to climb the value ladder • 13% increase in net sales • 10% increase in chicken processed (GW) • Positive volume and price/mix effects • Q3 seasonally strongest quarter • EBIT 159 MSEK (111) • EBIT margin of 5.5% (4.4%) • Lithuania already contributing with strong EBIT/kg • Integration of best practices ongoing 1) Injuries lead to absence at least the next day, per million hours worked MSEK Q3 2025 Q3 2024 R12M 2024 Net sales 2,873 2,536 10,578 9,923 EBIT 159 111 430 368 EBIT margin, % 5.5% 4.4% 4.1% 3.7% Non-comparable items - - - - Adj. EBIT 159 111 430 368 Adj. EBIT margin, % 5.5% 4.4% 4.1% 3.7% Chicken processed (GW) 78,612 71,468 292,810 279,868 LTI per million hours worked1) 21.5 26.7 19.0 28.1
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Stable feed price • Feed ~1/3 of cost base • Changes largely transferred to customers • End consumers benefitting from lower cost • Short production cycle in comparison to other p rotein enabling a more agile supply chain Feed cost development (Index vs avg 2020) FC Q1 22 Q2 22 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 Feed price 143 165 161 159 156 146 139 136 134 134 130 129 130 131 129 126 Wheat Soy Maize 54% (40-63%) 22% (11-27%) 10% (0-10%) Grain by-products 3% (0-4%) Rape seed 3% Minerals, vitamins, premix, enzymes 3% Amino acid 1% Fats 4% (4-4%) Feed composition and inclusion ranges
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Realised export prices reach historical highs • Up 6% compared to Q3 2024 • Expecting continued high price levels • Efforts to improve our market performance • Long-t erm partnerships with prioritized customers • Optimized sales and operations planning • Enhanced flexibility between export and Ready-to- e at • Reduced exposure to volatile spot markets Export price achievement - Development 104 98 104 96 99 100 101 104 101 107 100 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 103 Note: price development based on Q2 2025 volume mix, ix vs Q4 2022. Does not include sales from Lithuania 2022 2023 2024 2025
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12 (% change vs LY in parenthesis) Net sales per country Net sales per channel Ready-to-cook – Strong organic growth fueled by Lithuania Retail Net sales development, (MSEK) Foodservice Net sales development, (MSEK) 1,562 1,668 1,922 1,915 1,965 Q1 1,759 1,887 1,915 1,394 1,671 1,712 1,804 2,000 Q2 Q3 Q4 1,5151,575 1,581 1,818 1,861 1,964 +5.7% +5.9% +7.2% +9.0% 139 208 215 258 248 Q1 199 210 246 139 192 214 228245 Q2 Q3 Q4 154 116 163 203 221 213 +16.5% +15.6% +12.3% +18.0% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 % CAGR 25% 17% 17% 27% 9% 5% Sweden (+7%) Denmark (+6%) Norway (+8%) Ireland (+13%) Finland (-6%) Lithuania 70% 11% 9% 10% Retail (+4%) Export (+85%) Foodservice (0%) Industry/Other (+51%)
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Leading positions in five domestic markets • Strong consumer preference for domestic produce • Each country highly consolidated • Large hurdle for new entrants • Requirement for domestic footprint • Long term relationships with poultry farmers • Increasing limitation for animal farming consents • Certain low-e nd segments less sensitive to provenance MANOR FARM IRELAND DANPO DENMARK DEN STOLTE HANE NORWAY KRONFÅGEL SWEDEN Market position 1 1 3 2 1 NAAPURIN MAALAISKANA FINLAND Note: Estimate based on retail sales per market
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Successful start-up of acquired low-cost RTC platform in Lithuania • 20-2 5 kt (GW) state of the art processing plant (1) • Best in class cost position • Fully integrated business model (2) • Allow control of cost, welfare and food safety • Recent acquisition of farms accelerating process (3) • Planning to build additional farm capacity from 2026 • Well positioned to service high quality products to • Segments of existing market less sensitive to provenance • Ready to eat plants and export clients • Targeting medium term EBIT/kg well above 3 SEK Notes: (1) Capacity one shift, technical capacity ~50kt (GW) (2) Original deal included 6-8kt (GW) p.a. poultry farm capacity and land suitable to build parent and poultry houses required for 50kt (GW) annual harvest (3) In February 2025, Scandi Standard agreed to acquire six additional poultry farms. Through the acquisitions, Scandi Standard will have the ability be self-sufficient in producing up to 25kt (GW) p.a. on one shift in Lithuania from 2H 2025
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15 Ready- to -cook Chickens per year: 50 million Sweden Valla Our online marketing and search optimization services were designed. Title Two Our online marketing and search optimization services were designed. Title Three Our online marketing and search optimization services were designed. Title Four Our online marketing and search optimization services were designed. Title Five Title Six Main Ready-to-cook Plants Chickens per year: 20 million Norway Jæren Chickens per year: 10 million Finland Lieto Chickens per year: 11 million Lithuania Joniškis Chickens per year: 45 million Denmark Aars Chickens per year: 50 million Ireland Shercock
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16 Ready-to-eat – Bottomed out in the quarter • Strong growth • 15% growth in retail sales • Inflection point for Foodservice after weak period • EBIT suffered from increased input costs • Lead time in passing them through to customers • Sequential improvements expected coming quarters • Successful start-u p of plant in the Netherlands • Kebab processing line s tarted in Q3 • Limited start-u p costs • Start-u p of main product lines expected during 1H 2026 1) Injuries lead to absence at least the next day, per million hours worked MSEK Q3 2025 Q3 2024 R12M 2024 Net sales 713 677 2,713 2,601 EBIT 17 44 110 148 EBIT margin, % 2.4% 4.4% 4.1% 5.7% Non-comparable items - - - - Adj. EBIT 17 44 110 148 Adj. EBIT margin, % 2.4% 4.4% 4.1% 5.7% LTI per million hours worked 1) 13.6 17.9 14.9 21.2 44 7 8 -36 -1 -4 -1 17 EBIT Q3-24 Vol Price/Mix COGS OPEX D+A FX EBIT Q3-25 0 10 20 30 40 50 60 70 80
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17 Ready-to-eat – Inflection point for Foodservice Retail Net sales development, MSEK Foodservice Net sales development, MSEK 340 502 474 312 312 Q1 537 419 297 348 501 299 284328 Q2 Q3 Q4 380 265 421 470 263 257 -0.8% -2.1% -3.6% -6.5% (% change vs LY in parenthesis) Net sales per country Net sales per channel 2021 2022 2023 2024 2025 123 146 165 193 201 Q1 149 166 185 123 139 156 172 212 Q2 Q3 Q4 125114 135 149 172 195 +14.3% +13.1% +14.1% +11.8% 2021 2022 2023 2024 2025 % CAGR 30% 17% 46% 7% Retail (+15%) Export (-8%) Foodservice (+11%) Industry/Other (-19%) 29% 51% 18% Sweden (+15%) Denmark (+5%) Norway (+2%) 2% Finland (-41%)
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Ready-to-eat – Turning point in Q3 • Strong o rganic growth last ten years (1) • Set-b ack in 2023 -1H 2025 • General drop in European QSR demand post Covid • Loss of large continental European QSR contract • Strong increase in raw material prices during 2025 • Inflection point in Q3 • Encouraging turn in European QSR demand • In process of passing through increased cost • Average EBIT margin ~6% last five years • 2.4% in Q3 2025 Ready-to-eat Net Sales (MSEK) 489 902 0 500 1,000 1,500 2,000 2,500 3,000 3,500 MSEK 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 R12M 1,247 1,531 2,042 1,911 2,112 2,949 2,873 2,601 2,7135.3x 18% CAGR Note: RTE comprise breaded products (nuggets etc) for the European market (3/4) and processing of convenience products for Sweden, Norway, and Finland (1/4)
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Healthy market growth expected in European breaded market • Market players divided into tiers • European players • Regional players • Local players • Scandi Standard has been a large regional player • 36kt product weight in 2024 • About 5% European market share • Production platform not competitive in the top tier • About 60kt market growth expected by 2029 19 (1) Source Rabobank (product weight EU + UK) 400 400 410 420 430 440 450 310 312 314 316 318 319 321 - 50 100 150 200 250 300 350 400 450 500 2023 2024 2025 2026 2027 2028 2029 Ktonnes European Frozen Breaded Market(1) Food service Retail European Frozen Breaded Market(1)
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Acquisition takes Scandi Standard breaded activities to the top tier • Oosterwolde plant acquired Q1 2025 in idle state • Fire in Factory B under previous ownership (1) • Start-u p of Factory A in Q3 after refurbishment • Increased capacity for popular Kebab products • Factory C being prepared for 1H 2026 start-up • Two of Europe’s largest and most efficient breaded p roduct lines (48 kt annual capacity) • One o f few with advanced f ormed product(2) capability • Tailored to meet criteria of the largest clients • Significant growth platform for Scandi Standard 20 (1) Factory B (demolished) suffered fire December 2023, also impacting parts of Factory C (mainly intake area) (2) Part of whole muscles applied for breaded products such as burgers
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HonkajokiStokke Main Processing Plants Ready-to-eat 21 Denmark Farre Netherlands Oosterwolde Norway Stokke Finland Honkajoki Annual Capacity: 1 ktAnnual Capacity: 50 ktAnnual Capacity: 50 kt Annual Capacity: 5 kt
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Lithuania + Breaded RTE Well positioned to gain market share • Low cost an d high quality - End-to-end • Low feed, labour and slaughtering cost • Quality control of RTC value chain • Efficient logistics • State-of-t he -art breaded capability • Scalable platform • Lithuania slaughter capacity highly flexible • Land purchased for expansion of farming capacity • Oosterwolde able to take on large orders • Farre flexibility to take on “tailored” contracts • Very competitive combined offering to clients • Typically, long lead time in supplier switch-o vers 22
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CFO Comments
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Q3 2025 P&L Increased Sales and EBIT • Net sales above LY driven by volume, mix, and p rice • EBIT 185 MSEK (153) • Improved efficiency and production processes • Finance costs on par with LY • Higher NIBD due to acquisitions • Despite the expiration of favorable IR swaps • Effective tax rate in line with last year • Earnings per share is up 27% compared to LY • Feed efficiency at a stable, strong level MSEK Q3 2025 Q3 2024 Δ R12M 2024 Net sales 3,723 3,343 11% 13,812 13,024 EBITDA 296 256 16% 994 931 Depreciation -102 -94 9% -408 -388 Amortization -8 -9 -6% -35 -37 Operating income EBIT 185 153 21% 554 509 Finance net -39 -39 -1% -156 -155 Income after finance net 147 115 28% 398 354 Income tax expenses -27 -21 30% -88 -80 Income for the period 120 94 28% 310 275 Earnings per share, SEK 1.83 1.44 27% 4,74 4.20 Feed efficiency (kg feed/live weight) 1.48 1.49 -1% 1.49 1.49 Lost time injuries per million hours worked (LTI) 20.5 25.4 -19% 18.5 27.1
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Note: ROCE and ROE trailing twelve months 0 1,000 2,000 3,000 0.0 % 2.0 % 4.0 % 6.0 % 8.0 % 10.0 % 12.0 % 14.0 % Average Equity, MSEK ROE% 2,486 12.1 % Q3 2024 Q3 2025 12.0 % 2,579 0 2,000 4,000 6,000 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Average Capital Employed, MSEK ROCE% 4,351 11.7% Q3 2024 Q3 2025 11.8% 4,709 Capital Employed and ROCE Equity and ROE Returns and Solidity • Improving ROCE in spite of effect of ac quisition ramp-up • ROCE 11.8% (11.7%) • Return on equity 12.0% (12.1%) • Solid equity ratio despite acquisitions • 33.8% (36.3%)
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Cash flow 1) Other items mainly consist of effects from changes in foreign exchange rates and net change of leasing assets MSEK Q3 2025 Q3 2024 R12M 2024 Opening balance NIBD 2,288 1, 796 1,696 1,571 EBITDA 296 256 994 931 Change in working capital 22 39 -6 -62 Net capital expenditure -113 -66 -761 -367 Other operating items -16 -13 -53 -59 Operating cash flow 189 216 174 443 Paid finance items, net -37 -46 -152 -157 Paid tax -5 -18 -91 -79 Dividend -82 -75 -163 -150 Business combinations 0 - -267 -453 Other items1) 32 24 3 33 Other cash flow -92 -116 -670 -807 Change in NIBD 97 100 -496 -364 Closing balance NIBD 2,192 1,696 2,192 1,935 Capex/Depreciations 137% 89% 229% 120% Paid financial expenses/NIBD -1.7% -2.7% -6.9% -8.1% Dividend per share 1.25 1.15 2.50 2.30 NIBD/Adj. EBITDA 2.2 1.8 2.2 2.1 • OCF was 189 MSEK in the quarter, driven by strong E BITDA, partly offset by CAPEX mainly in Sweden and the Netherlands • Paid tax lower than LY due to timing of payment in I reland of 1.4 MEUR linked to 2023 • Second dividend instalment paid in September (82 MS EK) • Favourable Fx effects mainly drive Other items • Currency impact on interest-b earing debt • Net cash flow was 97 MSEK in the quarter • Reported leverage landed at 2.2 • Reported leverage below internal aim of <2.5x
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Working capital remains stable and low • 10% de crease in inventory vs YE • 4% reduction vs Q3-24 • Receivables unf avorably impacted by stronger sales • Slight increase in p ayables • Increased Ot her working capital items • Mainly timing of holiday pay provisions • Target level of Working capital/Sales (R12M) adj usted for financing is 6% • Q3-2 5 adjusted for financing elements below target at 4.5% -59 -84 -200 -150 -100 -50 0 50 100 150 200 -2.0 % -1.5 % -1.0 % -0.5 % 0.0 % 0.5 % 1.0 % 1.5 % 2.0 % -0.5 % Q2 2022 -180 -1.6 % Q3 2022 23 0.2 % Q4 2022 118 0.9 % Q1 2023 6 0.0 % Q2 2023 -100 -0.8 % -1.5 % Q1 2024 -72 -0.6 % Q4 2023 Q2 2024 -108 -0.8 % -2 Q3 2023 -135 -1.0 % 0.0 % Q4 2024 -160 -1.2 % -197 Q1 2025 -0.6 % Q2 2025 -105 -0.8 % Q3 2025 Q3 2024 Working capital (MSEK) Working capital / Sales Working Capital MSEK September 30, 2025 September 30, 2024 December 31, 2024 Inventory 865 904 959 Trade receivables 1 258 1,151 1,043 Trade payables -1 526 -1,563 -1,532 Other working capital, net -701 -600 -604 Working capital -105 -108 -135 Working capital/sales -0.76% -0.84% -1.04%
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Cash flow guidance • Significant 2025 investments • Capital expenditures 450 MSEK • Reduced from 550 MSEK linked to deferring some investments ove r year-end in the Netherlands • General de-b ottlenecking and efficiency investments • Roll-o ut of BPE system • Acquisitions (in addition to capital expenditures) • Netherlands plant (paid in Q1) • Lithuanian farms (18 MEUR paid in Q2) • Expectations of increased working capital • Ramp-u p of Lines 3 and 4 in the Netherlands • Blended effective tax rate of about ~20% Capital expenditure (MSEK) Capex/Depreciation Dividend (SEK) Dividend Yield% 206 265 199 371 419 355 306 311 338 367 450 0 200 400 600 800 0.0 0.5 1.0 1.5 2.0 2.5 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Capex/Depreciation Capital expenditure (MSEK) 0 1 2 3 4 0.0 0.5 1.0 1.5 2.0 2.5 2015 2016 2017 2018 2019 0.0 2020 2021 0.0 2022 2023 2024 2025 1.3 1.8 1.4 1.8 2.0 1.3 1.2 2.3 2.5 Dividend yield Dividend Capital expenditure and Depreciation Dividend and Yield
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Ensuring welfare - Cornerstone in license to operate Responsible animal welfare • Rearing mortality • Antibiotics use, foot pad scores and transport mort ality • Primary data from growers Safety for consumer and employees • Salmonella and campylobacter • Residual bone fragments and critical complaints • Employee injuries, satisfaction & motivation • Inclusion culture Nutritious • Fat level and profile • Salt level and clean label policy compliance Welfare Safe Safety for consumers and employees Nutritious Health and wellbeing of our consumers Responsible Safety, health and wellbeing of our animals
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Ramp up our efficiency – end-to-end Build a winning culture together Strategic pillars to achieve our goals
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Our 2027 targets We want to be the leading provider of high- quality and sustainable chicken, setting the industry standard for excellence in animal welfare, environmental responsibility, and customer satisfaction. With this comes higher earnings – and our right to grow. Objectives and investment priorities >15 ROCE % >6 % EBIT <1% Antibiotics use 42%(1) CO2e emissions LTIFR <15 Employee satisfaction >75 5-7% Organic Net sales growth p.a. (1) Amended from 50% following adoption of FLAG ( Forest Land and Agriculture) guidance from Science Based Target Initiative
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32 Structured approach receiving recognition Value chain focus (Scope 1-3) farm to fork with focus on data quality, target setting and reduction initiatives. Sustainability focus areas Improving governance structure and processes related to e.g., management of impacts, risks and opportunities. This is done through established frameworks such as TCFD Increased transparency transparent communication to all stakeholders, e.g., investors, customers, consumers. Examples include carbon footprint calculations, climate labelling, investor ratings ESG ratings Focused work with transparency has led to significant improvements in investor ESG ratings. Rating framework Latest rating A AA C 37/374 in packaged foods 18/64
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2023 2024 R12M Q3-24 Q3-25 2027 >3.00 Ingredients RTE RTC Corp Target EBIT SEK/kg (GW) 1.69 0.25 0.59 0.97 -0.11 1.82 0.11 0.53 1.31 -0.14 1.89 0.17 0.38 1.47 -0.12 2.15 0.23 0.62 1.56 -0.17 2.36 0.14 0.22 2.02 -0.11 Climb the value ladder • Balance supply to domestic fillet demand • Value creation through increased consumer convenience • Differentiation and branding opportunities • Utilise further part of potential in Ingredients Large efficiency potential in the value chain • Optimised utilisation of advantageous sustainability metrics • Organizational performance, scalable platform structure and collaboration • Production standardisation and automation • Supply chain standardisation and digitalisation • Increased collaboration in the value chain Clear roadmap to > 3 SEK EBIT/kg
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Summary and outlook • Another step on the value ladder • Record EBIT in seasonally highest quarter • Solid substitution towards chicken products • Convenient, versatile and tasteful • Affordable because it’s sustainable • Responsible, safe and nutritious • Developing a top-t ier European RTE platform • High-q uality, low -cost meat input from Lithuania • State of the art processing capabilities • Expecting material progress in Q4 and 2026
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Q&A 35
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Appendix
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Segment information by quarter * Includes income from associated companies Ready-to-cook, MSEK 2019 2020 2021 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Net sales 7,467 7,619 7,611 8,674 2,373 2,495 2,431 2,278 9,577 2,441 2,546 2,536 2,399 9,923 2,600 2,706 2,873 Adjusted EBITDA 621 622 424 406 115 139 182 161 597 180 181 193 153 707 181 193 257 Depreciations -210 -240 -266 -310 -71 -79 -75 -75 -299 -75 -74 -73 -84 -305 -79 -70 -90 Adjusted EBITA 411 382 158 97 44 60 107 86 297 105 107 120 69 402 102 123 167 Amortizations -50 -50 -50 -52 -13 -12 -10 -10 -45 -10 -9 -9 -9 -37 -9 -9 -8 Adjusted EBIT 362 333 110 47 31 48 97 77 253 96 98 111 63 368 93 115 159 Non-comparable items -7 -7 - - - - 8 - 8 - - - - - - - - EBIT* 354 326 110 47 31 48 105 77 261 96 98 111 63 368 93 115 159 Adjusted EBITDA margin, % 8.3% 8.2% 5.6% 4.7% 4.8% 5.6% 7.5% 7.1% 6.2% 7.4% 7.1% 7.6% 6.4% 7.1% 7.0% 7.1% 8.9% Adjusted EBITA margin, % 5.5% 5.0% 2.1% 1.1% 1.9% 2.4% 4.4% 3.8% 3.1% 4.3% 4.2% 4.7% 2.9% 4.1% 3.9% 4.6% 5.8% Adjusted EBIT margin, % 4.8% 4.4% 1.4% 0.5% 1.3% 1.9% 4.0% 3.4% 2.6% 3.9% 3.8% 4.4% 2.6% 3.7% 3.6% 4.2% 5.5% EBIT margin, % 4.7% 4.3% 1.4% 0.5% 1.3% 1.9% 4.3% 3.4% 2.7% 3.9% 3.8% 4.4% 2.6% 3.7% 3.6% 4.2% 5.5% Ready-to-eat, MSEK 2019 2020 2021 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Net sales 2,042 1,911 2,112 2,949 765 774 734 600 2,873 594 686 677 644 2,601 646 710 713 Adjusted EBITDA 139 141 187 260 58 74 47 36 215 39 52 59 56 206 46 34 36 Depreciations -52 -47 -49 -51 -14 -15 -15 -14 -57 -14 -14 -15 -16 -59 -16 -12 -19 Adjusted EBITA 87 94 138 209 45 59 32 22 158 25 38 44 40 148 31 23 17 Amortizations -2 - - - - - - - - - - - - - -0 0 0 Adjusted EBIT 85 95 138 209 45 59 32 22 158 25 38 44 40 148 31 23 17 Non-comparable items - - - - - - - - - - - - - - - - - EBIT* 85 95 138 209 45 59 32 22 158 25 38 44 40 148 31 23 17 Adjusted EBITDA margin, % 6.8% 7.4% 8.8% 8.8% 7.6% 9.5% 6.4% 6.0% 7.5% 6.6% 7.6% 8.7% 8.7% 7.9% 7.2% 4.8% 5.1% Adjusted EBITA margin, % 4.2% 4.9% 6.5% 7.1% 5.9% 7.7% 4.3% 3.7% 5.5% 4.2% 5.6% 6.6% 6.2% 5.7% 4.7% 3.2% 2.4% Adjusted EBIT margin, % 4.2% 5.0% 6.6% 7.1% 5.9% 7.7% 4.3% 3.7% 5.5% 4.2% 5.6% 6.6% 6.2% 5.7% 4.7% 3.2% 2.4% EBIT margin, % 4.2% 5.0% 6.6% 7.1% 5.9% 7.7% 4.3% 3.7% 5.5% 4.2% 5.6% 6.6% 6.2% 5.7% 4.7% 3.2% 2.4%
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Other, MSEK 2019 2 020 2021 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Net sales 381 411 377 496 146 142 143 134 564 125 118 129 127 499 130 128 137 Adjusted EBITDA 18 11 15 79 24 25 12 10 71 8 6 11 10 36 13 11 19 Depreciations -7 -4 -3 -3 -1 -1 -2 0 -3 -1 -1 -1 -1 -4 -1 -1 -1 Adjusted EBITA 11 7 13 76 24 24 11 10 68 7 5 10 9 32 12 10 18 Amortizations - - - - - - - - - - 0 0 0 1 - 0 -0 Adjusted EBIT 11 7 13 76 24 24 11 10 68 7 5 10 9 32 12 10 18 Non-comparable items - - - - - - - - - - - - - - - - - EBIT* 11 7 13 76 24 24 11 10 68 7 5 10 9 32 12 10 18 Adjusted EBITDA margin, % 4.6% 2. 6% 4.0% 15.9% 16.7% 17.8% 8.6% 7.3% 12.7% 6.4% 5.2% 8.7% 8.2% 7.2% 9.9% 8.3% 14.0% Adjusted EBITA margin, % 2.9% 1. 7% 3.3% 15.3% 16.2% 17.1% 7.4% 7.3% 12.1% 5.7% 4.4% 7.9% 7.3% 6.3% 9.2% 7.5% 13.2% Adjusted EBIT margin, % 2.9% 1. 7% 3.4% 15.3% 16.2% 17.1% 7.5% 7.3% 12.1% 5.8% 4.5% 8.0% 7.4% 6.4% 9.2% 7.5% 13.2% EBIT margin, % 2.9% 1. 7% -0.1% 15.3% 16.2% 17.1% 7.5% 7.3% 12.1% 5.8% 4.5% 8.0% 7.4% 6.4% 9.2% 7.5% 13.2% Group Cost, MSEK 2019 2 020 2021 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Net sales - - - - - - - - - - - - - - - - - Adjusted EBITDA -24 -1 8 -37 -23 -2 -8 -2 -0 -12 -2 -9 -7 0 -19 -7 7 -16 Depreciations -2 -8 -1 1 -18 -5 -3 -5 -4 -16 -4 -5 -5 -5 -20 -5 -17 7 Adjusted EBITA -26 -2 6 -48 -41 -6 -11 -7 -4 -28 -6 -15 -12 -5 -38 -12 -9 -9 Amortizations - - - - - - -2 - -2 - - - - - - - - Adjusted EBIT -26 -2 6 -48 -41 -6 -11 -9 -4 -31 -6 -15 -12 -5 -38 -12 -9 -9 Non-comparable items - -5 2 9 - - - - - - - - - - - - - - EBIT* -26 -7 8 -39 -41 -6 -11 -9 -4 -31 -6 -15 -12 -5 -38 -12 -9 -9 Adjusted EBITDA margin, % - - - - - - - - - - - - - - - - - Adjusted EBITA margin, % - - - - - - - - - - - - - - - - - Adjusted EBIT margin, % - - - - - - - - - - - - - - - - - EBIT margin, % - - - - - - - - - - - - - - - - - TOTAL, MSEK 2019 2 020 2021 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Net sales 9,891 9, 940 10,101 12,119 3,284 3,411 3,308 3,011 13,014 3,160 3,350 3,343 3,170 13,024 3,376 3,543 3,723 Adjusted EBITDA 753 756 589 722 196 230 240 206 871 225 231 256 219 931 233 246 296 Depreciations -271 - 299 -328 -382 -90 -97 -97 -93 -376 -94 -95 -94 -106 -388 -100 -99 -102 Adjusted EBITA 482 457 261 340 106 133 143 114 495 131 136 162 113 543 133 146 194 Amortizations -52 -5 0 -50 -52 -13 -12 -12 -10 -47 -10 -9 -9 -9 -37 -9 -9 -8 Adjusted EBIT 431 410 213 290 93 121 130 105 449 122 127 153 107 509 124 138 185 Non-comparable items -7 -5 9 9 - - - 8 - 8 - - - - - - - - EBIT* 424 351 222 290 93 121 139 105 457 122 127 153 107 509 124 138 185 Adjusted EBITDA margin, % 7.6% 7. 6% 5.8% 6.0% 6.0% 6.7% 7.2% 6.9% 6.7% 7.1% 6.9% 7.7% 6.9% 7.1% 6.9% 6.9% 8.0% Adjusted EBITA margin, % 4.9% 4. 6% 2.6% 2.8% 3.2% 3.9% 4.3% 3.8% 3.8% 4.2% 4.1% 4.9% 3.6% 4.2% 3.9% 4.1% 5.2% Adjusted EBIT margin, % 4.4% 4. 1% 2.1% 2.4% 2.8% 3.5% 3.9% 3.5% 3.4% 3.9% 3.8% 4.6% 3.4% 3.9% 3.7% 3.9% 5.0% EBIT margin, % 4.3% 3. 5% 2.2% 2.4% 2.8% 3.5% 4.2% 3.5% 3.5% 3.9% 3.8% 4.6% 3.4% 3.9% 3.7% 3.9% 5.0%
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Ready-to-cook – Historic development • Historic track record of strong growth and stable m argins • Period of significant margin contraction driven b y; • Covid-1 9 disruptions • Unsuccessful differentiation strategy in Denmark • Unprecedented cost inflation • Forceful actions secured successful turnaround • Clear roadmap to significant EBIT/kg increase 28.6 27.7 26.9 33.9 35.5 35.5 36.1 1.35 1.18 0.39 0.18 0.97 1.31 1.47 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 0 5 10 15 20 25 30 35 40 2019 2020 2021 2022 2023 2024 R12M Net sales and EBIT/kg (GW) Net sales/kg EBIT/kg 261 275 283 256 270 280 293 0 50 100 150 200 250 300 350 2019 2020 2021 2022 2023 2024 R12M Chicken processed (ktonnes GW)
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Continued focus on inventory management • Inventory decreased by 39 M SEK vs Q3 2024 despite the inclusion of Lithuania • Driven by volume • Continued Focus area • Leverage flexibility in bird intake to balance s upply/demand • Enhance sales and operations planning • Active use of export channel to maintain i nventory balance 888 855 803 885 994 893 936 946 875 904 959 910 831 865 0 300 600 900 1,200 1,500 1,800 0 5,000 10,000 15,000 20,000 Q4 2021 15,312 Q1 2022 14,680 Q2 2022 15,971 Q3 2022 17,631 Q4 2022 18,516 Q1 2023 16,625 Q2 2023 16,616 Q3 2023 16,578 Q4 2023 16,683 Q1 2024 15,156 Q2 2024 15,850 Q3 2024 18,668 Q4 2024 15,562 Q1 2025 13,221 16,659 1,040 1,086 Q3 2025 13,555 Q2 2025 Inventory Value (MSEK) & Finished products volume (tonne) Total inventory MSEK Finished products volume tonne MSEK Ton Includes Lithuania as of Q4-2024
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Sustainability-linked financing • Highly competent bank group • 5-y ear tenor to Q3 2029 • Amount and flexibility to facilitate organic and strategic g rowth • Amount ~3.2bn SEK • Accordion option of up to 1.5bn SEK • Main covenants • NIBD/EBITDA < 4.0x (1) • Interest cover > 3.5x • Strengthened link to ambitious sustainability targets 41 Note: (1) Flexibility for temporary upward adjustment in connection with acquisitions, stepdown to 3.0x from fourth anniversary
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2030 Sustainability Goals – the foundation for a future-proof company Integrated sustainability is a cornerstone of Scandi Standard’s strategy • Annual targets linked to incentive programs • Comprehensive and transparent s ustainability reporting • Extended reporting to rating agencies • Sustainability-l inked loans 2030 Sustainability Goals • Addressing key, material topics • Breakdown on a country level with local t argets and action plans • Integrated into daily business Goal Key Performance Indicators Target 2030 Providing local, healthy, safe and affordable protein • Critical complaints and recalls • Quality & Food Safety Survey • Clean label policy compliance • Salt reduction • 0 • Response rate >90%, scoring >75% • 100% • Local targets Preserving and developing our animal welfare practices • Antibiotics • Foot pad score • Transport mortality • Rearing mortality • Growers to provide primary data on animal welfare • <1% • <5 • <0.13% • <3.5% • 100% Producing chicken with a lower climate impact – from farm to fork • Reduce absolute Scope 1 & 2 emissions • Reduce absolute Scope 3 emissions • Soy reduction • Growers to provide primary data on environment • -42% (Energy & industry) -30.3% (FLAG) • -42% (Energy & industry) -30.3% (FLAG) • -50% • 100% Using less plastic in a better way when designing our packaging • Recyclable packaging • Packaging from recycled or non-fossil • Plastics volume reduction • 100% • 50% • 20% Maximizing use of resources and minimizing waste • Recycling • Food loss and waste in production • Water • 40% • <1% • Local targets Keeping our employees engaged, safe, and healthy • Satisfaction & Motivation • Inclusive Culture • Lost Time Injury Frequency Rate • >75 • >90 • <15
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Useful links and conversions Commodity prices • Wheat C BOT • Soy C BOT • Maize C BOT • Rape seed ZM P Ross 308 chicken conversions • Live Weight to GW 0.72 • Live Weight to edible meat ~0.4
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Chicken feed composition and substitutes Standard feed % Low-range High-range Main substitutes Main origin Wheat 54% 40% 63% Maize, oats Local, EU Soy 22% 11% 27% Peas, beans, high protein vegetable products South America Maize 10% 0% 10% Wheat, oats EU Fats 4% 4% 4% N.a. Local, EU Grain bi-products 3% 0% 4% Peas, beans, high protein vegetable products Local, EU Rape seed 3% 3% 3% Peas, beans, high protein vegetable products Local Minerals/vitamins /premix/enzymes 3% 3% 3% N.a. EU Amino acids 1% 1% 1% Partly high protein vegetable products EU, Asia Total 100%
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Price segments Meat High end cut Average cut Low end cut Chicken Breast fillet Drumstick Chicken legs & wings Thigh fillet Minced (chicken) Pork Pork tenderloin Pork spare ribs Pork chops Pork loin Minced (pork) Beef Filet mignon Beef Round & Chuck Stew pieces Entrecote Beef Sirloin Minced (Beef)
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This presentation contains various forward-looking statements that reflect management’s current views with respect to future events and financial and operational performance. The words “believe,” “expect,” “anticipate,” “intend,” “may,” “plan,” “estimate,” “should,” “could,” “aim,” “target,” “might,” or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some cases beyond the Company’s control and may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements. These risks include but are not limited to the Company’s ability to operate profitably, maintain its competitive position, to promote and improve its reputation and the awareness of the brands in its portfolio, to successfully operate its growth strategy and the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks. The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of the Company, or any of its principal shareholders or subsidiary undertakings or any of such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Forward looking statements