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1) Pro forma including Manor Farm Scandi Standard Q4 2025 presentation (% change vs LY in parenthesis) Net Sales and EBIT margin Net sales 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 0 % 1 % 2 % 3 % 4 % 5 % 6 % 7 % 8 % 4.0 % 4.1 % 2016 (1) 4.2 % 4.3 % 2017 (1) 3.8 % 4.3 % 2018 4.4 % 2019 3.5 % 4.1 % 2.4 % 2022 3.5 % 2021 3.4 % 4.3 % 2023 3.9 %2.4 % 3.9 % 2024 4.3 % 2.1 % 4.3 % 2025 2.2 % 3.4 % Q4 24 4.5 % 4.5 % Q4 252020 7 544 8 207 3.4 % 9 891 9 940 10 101 12 119 13 014 13 024 14 083 3 170 3 441 8 707 7.2 % CAGR EBIT margin Adj. EBIT margin Net sales (MSEK) 77% 20% 4% Ready-to-cook (+9%) Ready-to-eat (+7%) Other (+3%) 27% 26%13% 22% 7% 4% Sweden (+10%) Denmark (+11%) Norway (-18%) Ireland (+11%) Finland (-6%) Lithuania (+2528%)
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MSEK Q4 2025 Q4 2024 Net sales 3,441 3,170 EBITDA 271 219 EBITDA margin % 7.9% 6.9% Non-comparable items - - Operating income (EBIT) 156 107 Operating margin (EBIT) % 4.5% 3.4% EBIT SEK/kg 2.03 1.55 Earnings per share 1.47 0.61 ROCE % 12.5% 11.8% Net cash flow (change in NIBD) 160 -239 Closing balance NIBD 2,032 1,935 Q4 2025: Strong growth in net sales and margin • 9% growth in net sales • Driven by substitution from other proteins • 46% increase in EBIT – margin up to 4.5% • Solid improvements in Ready-to-cook • Gradual Ready-to-eat margin recovery underway • Integration of acquired entities on track • Dividend proposal of SEK 3.30/share – Up 32% • Strong outlook for 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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Increasing substitution from other proteins Source: Rabobank • 3% volume CAGR in the Nordics and Ireland • >50% growth from 2010-2025 • Strong substitution drivers • Affordable • Healthy • Convenient & Versatile • Sustainable Source: Rabobank Poultry consumption Nordics & Ireland Consumption (Nordics & Ireland) 0 200 400 600 800 1,000 1,200 k tonnes Poultry Pork Beef 3.0% -0.3% -0.7% 0 200 400 600 800 1,000 k tonnes 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 3.0% 2010 2015 2020 2025E % CAGR
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Chicken is an affordable product • Price has always been important for consumers • Chicken affordable across segments • Fillets also competitively priced vs. average, 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 2025 Q4-24 Q4-25 2027 >3.00 • EBIT/kg good measurement of value creation • Positive momentum towards 2027 target • Q4 2025 EBIT/kg 2.03 SEK/kg (1.55) • 31% increase vs Q4 2024 • Q4 Seasonally weakest quarter • Another material step expected in 2026 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 2.00 0.19 0.32 1.62 -0.13 1.55 0.24 0.58 0.91 2.03 0.14 0.35 1.56 -0.11-0.07
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7 Q4 2025: Material progress in Ready-to-cook Ready-to-cook Ready-to-eat Other Total MSEK Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Net sales 2,604 2,399 716 644 121 127 3,441 3,170 EBIT 120 63 27 40 9 4 156 107 EBIT margin, % 4.6% 2.6% 3.7% 6.2% 7.8% 3.4% 4.5% 3.4% Non-comparable items1) - - - - - - - - Adj. EBIT1) 120 63 27 40 9 4 156 107 Adj. EBIT1) margin, % 4.6% 2.6% 3.7% 6.2% 7.8% 3.4% 4.5% 3.4% 1) Adjusted for non-comparable items, see note 5 in quarterly report. 2) Technical accounting adjustment in the quarter Net sales Q4 2025 (% change vs LY in parenthesis) Change in Adj. EBIT per segment 107 57 -13 5 156 Adj. EBIT Q4 2024 Ready-to-cook Ready-to-eat Other Adj. EBIT Q4 2025 0 20 40 60 80 100 120 140 160 180 200 220 27% 26%13% 22% 7% 4% Sweden (+10%) Denmark (+11%) Norway2 (-18%) Ireland (+11%) Finland (-6%) Lithuania (+2528%)
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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) Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 20.3 28.8 22.5 23.3 24.1 34.0 25.4 25.1 13.9 14.9 21.1 19.5 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 9.3 10.6 6.6 6.2 8.8 1.6 2.5 4.5 7.6 5.7 6.5 10.4 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 14.9 9.9 9.9 4.9 8.3 4.4 5.0 8.3 8.6 6.5 6.2 9.3 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 88.2 78.3 73.3 80.7 76.1 68.7 69.4 73.2 68.9 61.5 52.8 55.5 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1.50 1.50 1.50 1.49 1.50 1.48 1.49 1.49 1.50 1.49 1.48 1.48 2 4 6 2 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 0 0 0 0 0 0 0 0 Target
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9 Ready-to-cook – Another solid step forward • 9% increase in net sales • 11% increase in chicken processed (GW) • Positive volume and price/mix effects • EBIT 120 MSEK (63) • EBIT margin of 4.6% (2.6%) • 14 MSEK start-up costs in Lithuania in Q4 2024 • Broad improvement across markets and channels • Structured improvement programs yielding results 1) Injuries lead to absence at least the next day, per million hours worked MSEK Q4 2025 Q4 2024 2025 2024 Net sales 2,604 2,399 10,783 9,923 EBIT 120 63 487 368 EBIT margin, % 4.6% 2.6% 4.5% 3.7% Non-comparable items - - - - Adj. EBIT 120 63 487 368 Adj. EBIT margin, % 4.6% 2.6% 4.5% 3.7% Chicken processed (tonnes GW) 76,917 69,057 300,670 279,868 LTI per million hours worked1) 20.5 25.6 18.0 28.1
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Minor softening of feed prices • Feed ~1/3 of cost base level • Changes largely transferred to customers • End consumers benefitting from lower cost • Short production cycle in comparison to other protein enabling a more agile supply chain Feed price 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 Q1 26 Feed price 143 165 161 159 156 146 139 136 134 134 130 129 130 131 129 126 124 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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Increased export prices • Up 4% compared to Q4 2024 • Slight decrease compared to Q3 2025 • Expecting volatile pricing in 2026 • Efforts to improve our market performance • Long-term partnerships with prioritized customers • Optimized sales and operations planning • Integration benefits with Ready-to-eat • Reduced exposure to volatile spot markets Export price achievement - Development 105 98 104 95 96 97 98 101 106 105 100 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 101 Q2 Q3 Q4 96 Note: price development based on Q4 2025 volume mix, ix vs Q4 2022. Includes Lithuania sales as of Q1 2025 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 and broad organic growth 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 2,000 1,394 1,671 1,712 1,804 1,912 Q2 Q3 Q4 1,5151,575 1,581 1,818 1,861 1,964 +5.7% +5.9% +7.2% +8.2% 139 208 215 258 248 Q1 199 210 246 245 139 192 214 228 237 Q2 Q3 Q4 154 116 163 203 221 213 +16.5% +15.6% +12.3% +14.3% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 % CAGR 27% 19% 13% 28% 8% 5% Sweden (+10%) Denmark (+9%) Norway¹ (-24%) Ireland (+13%) Finland (-6%) Lithuania (+2533%) 73% 11% 9% 6% Retail (+6%) Export (+62%) Foodservice (+4%) Industry/Other¹ (-15%) 1) Technical accounting adjustment in the quarter
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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-end 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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14 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: 55 million Ireland Shercock
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15 Ready-to-eat – Gradual margin recovery underway • 11% growth in net sales • Driven by strong recovery in food service demand • Significant drop in EBIT vs. Q4 2024 • Delay in passing trough increased raw material cost • Gradual improvements expected during 2026 • Planned maintenance stop in Farre during Q1 • On track with sequential start-up in the Netherlands • Successful kebab processing in Factory A - Doubling capacity during 1H 2026 • Trial runs in Factory C planned mid 2026 1) Injuries lead to absence at least the next day, per million hours worked MSEK Q4 2025 Q4 2024 2025 2024 Net sales 716 644 2,785 2,601 EBIT 27 40 97 148 EBIT margin, % 3.7% 6.2% 3.5% 5.7% Non-comparable items - - - - Adj. EBIT 27 40 97 148 Adj. EBIT margin, % 3.7% 6.2% 3.5% 5.7% LTI per million hours worked 1) 12.8 22.1 13.7 21.2 40 6 60 -55 -15 -5 -4 27 EBIT Q4-24 Vol Price/Mix COGS OPEX D+A FX EBIT Q4-25 0 20 40 60 80 100 120
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16 Ready-to-eat – Strong recovery in Foodservice Retail Net sales development, MSEK Foodservice Net sales development, MSEK 340 502 474 312 312 Q1 537 419 297 328 348 501 299 284 340 Q2 Q3 Q4 380 265 421 470 263 257 -0.8% -2.1% -3.6% -0.6% (% change vs LY in parenthesis) Net sales per country Net sales per channel 2021 2022 2023 2024 2025 123 146 165 193 201 Q1 149 166 185 212 123 139 156 172 193 Q2 Q3 Q4 125114 135 149 172 195 +14.3% +13.1% +14.1% +11.9% 2021 2022 2023 2024 2025 % CAGR 27% 18% 48% 8% Retail (+12%) Export (-6%) Foodservice (+20%) Industry/Other (+4%) 26% 54% 17% Sweden (+7%) Denmark (+13%) Norway (+18%) 3% Finland (-7%)
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Ready-to-eat – Turning point from Q3 ‘25 • Strong organic growth last ten years • Set-back 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 from Q3 • Encouraging turn in European QSR demand • In process of passing through increased cost • Average EBIT margin ~6% last five years • 3.7% in Q4 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 2025 1,247 1,531 2,042 1,911 2,112 2,949 2,873 2,601 2,7855.3x 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 for breaded products • 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 120kt market growth expected by 2030 18 (1) Source Rabobank (product weight EU + UK) European Frozen Breaded Market(1) 401 411 424 445 466 488 509 523 320 326 331 335 340 344 347 350 0 50 100 150 200 250 300 350 400 450 500 550 2023 2024 2025 2026 2027 2028 2029 2030 Food service Retail Ktonnes
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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-up 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 product lines (48 kt annual capacity) • One of few with advanced formed product(2) capability • Tailored to meet criteria of the largest clients • Significant growth platform for Scandi Standard 19 (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 20 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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CFO Comments
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Q4 2025 P&L Increased Sales and EBIT • Net sales above LY driven by volume, mix, and price • EBIT 156 MSEK (107) • Improved efficiency and production processes • Finance costs lower than LY • Lower interest rates on variable financing elements • Higher NIBD due to acquisitions • Despite the expiration of favorable IR swaps • Lower effective tax rate driven by higher utilisation of tax-deductible interest expenses • Earnings per share is up 142% compared to LY • Feed efficiency at a stable, strong level MSEK Q4 2025 Q4 2024 Δ 2025 2024 Net sales 3,441 3,170 9% 14,083 13,024 EBITDA 273 219 24% 1,047 931 Depreciation -111 -106 4% -413 -388 Amortization -9 -9 2% -35 -37 Operating income EBIT 156 107 46% 603 509 Finance net -39 -45 -13% -150 -155 Income after finance net 117 62 88% 452 354 Income tax expenses -21 -22 -8% -86 -80 Income for the period 96 40 143% 367 275 Earnings per share, SEK 1.47 0.61 142% 5.61 4.20 Feed efficiency (kg feed/live weight) 1.48 1.49 0% 1.49 1.49 Lost time injuries per million hours worked (LTI) 19.5 25.1 -22% 17.4 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% Q4 2024 Q4 2025 2,504 11.0 % 2,644 13.9 % 0 2,000 4,000 6,000 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Average Capital Employed, MSEK ROCE% Q4 2024 Q4 2025 4,687 11.8% 5,004 12.5% Capital Employed and ROCE Equity and ROE Returns and Solidity • Improving ROCE in spite of effect of acquisition ramp-up • ROCE 12.5% (11.8%) • Return on equity 13.9% (11.0%) • Solid equity ratio despite acquisitions • 35.0% (35.9%)
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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 Q4 2025 Q4 2024 2025 2024 Opening balance NIBD 2,192 1,696 1,935 1,571 EBITDA 273 219 1,047 931 Change in working capital 64 27 31 -62 Net capital expenditure -132 -111 -783 -367 Other operating items -8 -8 -52 -59 Operating cash flow 197 127 243 443 Paid finance items, net -39 -45 -146 -157 Paid tax -8 -19 -80 -79 Dividend - - -163 -150 Business combinations -16 -267 -16 -453 Other items1) 27 -36 66 33 Other cash flow -37 -366 -340 -807 Change in NIBD 160 -239 -97 -364 Closing balance NIBD 2,032 1,935 2,032 1,935 Capex/Depreciations & Amortizations 110% 96% 100% 86% Paid financial expenses/NIBD -1.9% -2.3% -7.2% -8.1% Dividend per share - - 2.50 2.30 NIBD/Adj. EBITDA 1.9 2.1 1.9 2.1 • OCF was 197 MSEK in the quarter, driven by strong EBITDA, partly offset by CAPEX mainly in Sweden, Denmark, and the Netherlands • Paid tax lower than LY due to tax refund in Sweden this quarter • Favourable Fx effects mainly drive Other items • Currency impact on interest-bearing debt • Net cash flow was 160 MSEK in the quarter • Reported leverage landed at 1.9 • Reported leverage below internal aim of <2.5x
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Working capital remains stable and low • 2% increase in inventory vs YE • Returning to normalized level from historical lows in previous quarters • Receivables unfavorably impacted by stronger sales • Slight decrease in payables • Increased Other working capital items • Mainly accrued expenses related to personnel costs • Target level of Working capital/Sales (R12M) adjusted for financing is 6% • Q4-25 adjusted for financing elements below target at 3.7% -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 % Q3 2023 -197 -72 -0.6 % Q4 2023 Q2 2024 -108 -0.8 % 0.0 % Q3 2024 -135 -1.0 %-1.5 % Q4 2024 -160 -1.2 % -2 Q1 2025 -0.6 % Q1 2024 -105 -0.8 % Q3 2025 Q4 2025 -169 -1.2 % Q2 2025 Working capital (MSEK) Working capital / Sales Working Capital MSEK December 31, 2025 December 31, 2024 Inventory 980 959 Trade receivables 1,067 1,043 Trade payables -1,498 -1,532 Other working capital, net -719 -604 Working capital -169 -135 Working capital/sales -1.22% -1.04%
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Cash flow guidance • CAPEX 2025 amounts to 447 MSEK, excluding the acquisitions in the Netherlands, and Lithuania • Planning for 650 MSEK investments in 2026 • Increased chicken farming capacity in Lithuania • Debottlenecking and increased capabilities in RTC • Finalize the Netherlands for the start-up of Factory C • Expectations of increased working capital • Primarily driven by the Netherlands and Lithuania • 2025 paid financing costs of ~7% of NIBD • Includes costs linked to leasing, factoring, and vendor financing • Interest on bank debt ~4.3%(1) • Blended effective tax rate of about ~20% Capital expenditure (MSEK) Capex / Reported Depreciation & Amortization Dividend (SEK) Dividend Yield% 206 265 199 371 419 355 306 311 338 367 447 650 0 200 400 600 800 0.0 0.5 1.0 1.5 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Capex/Reported Depreciation & Amortization Capital expenditure (MSEK) 0 1 2 3 4 0.0 1.0 2.0 3.0 4.0 2015 2016 2017 2018 2019 0.0 2020 2021 0.0 2022 2023 2024 2025 2026E 1.3 1.8 1.4 1.8 2.0 1.3 1.2 2.3 2.5 3.3 Dividend yield Dividend Capital expenditure and Depreciation Dividend and Yield (1) Includes interest rate swaps
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Ensuring welfare - Cornerstone in license to operate Responsible animal welfare • Rearing mortality • Antibiotics use, foot pad scores and transport mortality • 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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30 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 Climate: A Forest: B AA C 24.4 49/100
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2023 2024 2025 Q4-24 Q4-25 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 2.00 0.19 0.32 1.62 -0.13 1.55 0.24 0.58 0.91 2.03 0.14 0.35 1.56 -0.11-0.07 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 • Strengthened organic growth trend • Another material step in margin journey • Performance in Ready-to-cook progressing well • Gradual recovery expected in Ready-to-eat • Preparing capacity for long term growth • Increasing dividend by 32% • Well positioned for further consolidation • Strong outlook for 2026
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Q&A 33
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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 Q4 2025 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 2,604 10,783 Adjusted EBITDA 621 622 424 406 115 139 182 161 597 180 181 193 153 707 181 193 257 209 841 Depreciations -210 -240 -266 -310 -71 -79 -75 -75 -299 -75 -74 -73 -84 -305 -79 -70 -90 -83 -323 Adjusted EBITA 411 382 158 97 44 60 107 86 297 105 107 120 69 402 102 123 167 126 519 Amortizations -50 -50 -50 -52 -13 -12 -10 -10 -45 -10 -9 -9 -9 -37 -9 -9 -8 -9 -35 Adjusted EBIT 362 333 110 47 31 48 97 77 253 96 98 111 63 368 93 115 159 120 487 Non-comparable items -7 -7 - - - - 8 - 8 - - - - - - - - - - EBIT* 354 326 110 47 31 48 105 77 261 96 98 111 63 368 93 115 159 120 487 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% 8.0% 7.8% 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% 4.8% 4.8% 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% 4.6% 4.5% 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% 4.6% 4.5% 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 Q4 2025 2025 Net sales 2,042 1,911 2,112 2,949 765 774 734 600 2,873 594 686 677 644 2,601 646 710 713 716 2,785 Adjusted EBITDA 139 141 187 260 58 74 47 36 215 39 52 59 56 206 46 34 36 47 163 Depreciations -52 -47 -49 -51 -14 -15 -15 -14 -57 -14 -14 -15 -16 -59 -16 -12 -19 -21 -66 Adjusted EBITA 87 94 138 209 45 59 32 22 158 25 38 44 40 148 31 23 17 27 97 Amortizations -2 - - - - - - - - - - - - - -0 0 0 0 0 Adjusted EBIT 85 95 138 209 45 59 32 22 158 25 38 44 40 148 31 23 17 27 97 Non-comparable items - - - - - - - - - - - - - - - - - - - EBIT* 85 95 138 209 45 59 32 22 158 25 38 44 40 148 31 23 17 27 97 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% 6.6% 5.9% 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% 3.7% 3.5% 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% 3.7% 3.5% 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% 3.7% 3.5%
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Other, 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 Q4 2025 2025 Net sales 381 411 377 496 146 142 143 134 564 125 118 129 127 499 130 128 137 121 516 Adjusted EBITDA 18 11 15 79 24 25 12 10 71 8 6 11 10 36 13 11 19 19 62 Depreciations -7 -4 -3 -3 -1 -1 -2 0 -3 -1 -1 -1 -1 -4 -1 -1 -1 -1 -4 Adjusted EBITA 11 7 13 76 24 24 11 10 68 7 5 10 9 32 12 10 18 18 58 Amortizations - - - - - - - - - - 0 0 0 1 - 0 -0 -0 0 Adjusted EBIT 11 7 13 76 24 24 11 10 68 7 5 10 9 32 12 10 18 18 58 Non-comparable items - - - - - - - - - - - - - - - - - - - EBIT* 11 7 13 76 24 24 11 10 68 7 5 10 9 32 12 10 18 18 58 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% 15.8% 12.0% 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% 15.1% 11.2% 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% 15.1% 11.2% 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% 15.1% 11.2% Group Cost, 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 Q4 2025 2025 Net sales - - - - - - - - - - - - - - - - - - - Adjusted EBITDA -24 -18 -37 -23 -2 -8 -2 -0 -12 -2 -9 -7 0 -19 -7 7 -16 -3 -19 Depreciations -2 -8 -11 -18 -5 -3 -5 -4 -16 -4 -5 -5 -5 -20 -5 -17 7 -6 -20 Adjusted EBITA -26 -26 -48 -41 -6 -11 -7 -4 -28 -6 -15 -12 -5 -38 -12 -9 -9 -9 -39 Amortizations - - - - - - -2 - -2 - - - - - - - - - - Adjusted EBIT -26 -26 -48 -41 -6 -11 -9 -4 -31 -6 -15 -12 -5 -38 -12 -9 -9 -9 -39 Non-comparable items - -52 9 - - - - - - - - - - - - - - - - EBIT* -26 -78 -39 -41 -6 -11 -9 -4 -31 -6 -15 -12 -5 -38 -12 -9 -9 -9 -39 Adjusted EBITDA margin, % - - - - - - - - - - - - - - - - - - - Adjusted EBITA margin, % - - - - - - - - - - - - - - - - - - - Adjusted EBIT margin, % - - - - - - - - - - - - - - - - - - - EBIT margin, % - - - - - - - - - - - - - - - - - - - TOTAL, 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 Q4 2025 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 3,441 14,083 Adjusted EBITDA 753 756 589 722 196 230 240 206 871 225 231 256 219 931 233 246 296 273 1,047 Depreciations -271 -299 -328 -382 -90 -97 -97 -93 -376 -94 -95 -94 -106 -388 -100 -99 -102 -111 -413 Adjusted EBITA 482 457 261 340 106 133 143 114 495 131 136 162 113 543 133 146 194 162 635 Amortizations -52 -50 -50 -52 -13 -12 -12 -10 -47 -10 -9 -9 -9 -37 -9 -9 -8 -9 -35 Adjusted EBIT 431 410 213 290 93 121 130 105 449 122 127 153 107 509 124 138 185 156 603 Non-comparable items -7 -59 9 - - - 8 - 8 - - - - - - - - - - EBIT* 424 351 222 290 93 121 139 105 457 122 127 153 107 509 124 138 185 156 603 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% 7.9% 7.4% 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% 4.7% 4.5% 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% 4.5% 4.3% 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% 4.5% 4.3%
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Ready-to-cook – Historic development • Historic track record of strong growth and stable margins • Period of significant margin contraction driven by; • Covid-19 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 46.8 1.35 1.18 0.39 0.18 0.97 1.31 2.00 0.00 0.50 1.00 1.50 2.00 2.50 0 10 20 30 40 50 2019 2020 2021 2022 2023 2024 2025 Net sales and EBIT/kg (GW) Net sales/kg EBIT/kg 261 275 283 256 270 280 301 0 50 100 150 200 250 300 350 2019 2020 2021 2022 2023 2024 2025 Chicken processed (ktonnes GW)
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Successful start-up of acquired low-cost RTC platform in Lithuania • 20-25 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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Lithuania + Breaded RTE Well positioned to gain market share • Low cost and high quality - End-to-end • Low feed, labour and slaughtering cost • Quality control of RTC value chain • Efficient logistics • State-of-the-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-overs 39
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Continued focus on inventory management • Inventory increased by 21 MSEK vs Q4 2024 • Returned to normalized level from historical lows in previous quarters • Continued Focus area • Leverage flexibility in bird intake to balance supply/demand • Enhance sales and operations planning • Active use of export channel to maintain inventory balance 888 855 803 885 1,040 1,086 994 893 936 946 875 904 959 910 831 865 980 18.7 14.7 17.6 18.5 16.6 16.6 16.7 15.2 15.9 16.7 15.6 15.9 0 5 10 15 20 0 300 600 900 1,200 1,500 1,800 Q4 2021 15.3 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 16.0 16.6 13.2 13.6 Inventory Value (MSEK) & Finished products volume (K tonne) Total inventory MSEK Finished products volume K tonne MSEK KTon Includes Lithuania as of Q4-2024
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Sustainability-linked financing • Highly competent bank group • 5-year tenor to Q3 2029 • Amount and flexibility to facilitate organic and strategic growth • 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 sustainability reporting • Extended reporting to rating agencies • Sustainability-linked loans 2030 Sustainability Goals • Addressing key, material topics • Breakdown on a country level with local targets 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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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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Useful links and conversions Commodity prices • Wheat CBOT • Soy CBOT • Maize CBOT • Rape seed ZMP Ross 308 chicken conversions • Live Weight to GW 0.72 • Live Weight to edible meat ~0.4
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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