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Scandi Standard Q3 2026 presentation (% change vs LY in parenthesis) Net Sales and Adj. EBIT margin Net Sales 10,101 12,119 13,014 13,024 14,083 14,855 3,723 4,038 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 % 2.1 % 2021 2.4 % 2022 3.4 % 2023 3.9 % 2024 4.3 % 2025 4.9 % R12M 5.0 % Q3 25 5.4 % Q3 26 8.7 % CAGR Adj. EBIT margin Net sales (MSEK) 75% 22% 3% Ready-to-cook (+5%) Ready-to-eat (+25%) Other (-5%) 26% 27%16% 21% 7% 3% Sweden (+9%) Denmark (+20%) Norway (+5%) Ireland (+3%) Finland (+6%) Lithuania (-16%)
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MSEK Q3 2026 Q3 2025 Net sales 4,038 3,723 Adj. EBITDA 340 296 Adj. EBITDA margin % 8.4% 8.0% Non-comparable items (1) -15 - Adj. Operating income (EBIT) 220 185 Adj. Operating margin (EBIT) % 5.4% 5.0% Adj. EBIT/kg SEK 2.72 2.36 Adj. Earnings per share 2.19 1.83 Adj. ROCE % (2) 13.1% 11.8% Net cash flow (change in NIBD) -458 -96 Closing balance NIBD 2,063 2,192 Q3 2026: Strong progress towards financial targets • 8% growth in net sales – Strong demand • Q3 is the seasonally strongest quarter • 18% increase in adj. EBIT – Margin 5.4% • Climbing the value ladder • Strong underlying improvement in Ready-to-eat • Improvement programme continuing with full force • SEK ~1.4bn Ready-to-eat acquisition – Glenhaven Foods • Strengthening European position within breaded products • Focus on Irish and UK retail clients • Partly financed by oversubscribed ~400 MSEK capital increase Notes: (1) Glenhaven transaction costs (2) ROCE trailing twelve months
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Acquisition of Glenhaven Foods in Ireland Note: (1) Based on 2025, including effect of 5% capital increase and incremental financing cost • New Ready-to-eat markets for Scandi Standard • Complementing strong retail position in Ireland • Bridgehead into the UK retail market • Diversified client portfolio • Market opportunity for other RTE entities • Strong management team • Track record of growth and profitability • Well invested and large capacity headroom • EV/EBIT ~8.2x - More than 10% EPS accretion (1) • Improved balance between RTC and RTE Scandi Standard – EBIT development Scandi Standard – 2025 EBIT breakdown 57% 11% 20% 7% -5% RTC RTE RTE Glenhaven Other Group Note: 2025 EBIT of Glenhaven Foods included for illustrative purposes. Consolidated from 9 October 2026
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Growth drivers for Scandi Standard 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 R12M Q3-25 Q3-26 2027 YE >3.00• Adj. EBIT/kg good measurement of value creation • Positive momentum towards 2027 target • Q3 2026 Adj. EBIT/kg 2.72 SEK (2.36) • 15% increase vs Q3 2025 • Q3 seasonally strongest quarter Ingredients RTE RTC Group Costs Target ADJ. EBIT/kg, SEK (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 2.34 0.23 0.43 1.93 2.36 0.12 0.22 2.02 -0.11-0.14 2.72 0.68 2.10 -0.15 0.09 Note: Excluding effect of Glenhaven Foods acquisition
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8 Q3 2026: Broad contribution to sales and margin growth Ready-to-cook Ready-to-eat Other Total MSEK Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Net sales 3,015 2,873 893 713 130 137 4,038 3,723 EBIT 170 159 55 17 -20 9 205 185 EBIT margin, % 5.6% 5.5% 6.2% 2.4% -15.4% 6.7% 5.1% 5.0% Non-comparable items1) - - - - -15 - -15 - Adj. EBIT1) 170 159 55 17 -5 9 220 185 Adj. EBIT1) margin, % 5.6% 5.5% 6.2% 2.4% -3.9% 6.7% 5.4% 5.0% 1) Adjusted for non-comparable items, see note 5 in quarterly report. Net sales Q3 2026 (% change vs LY in parenthesis) Change in Adj. EBIT per segment 185 11 38 -14 220 Adj. EBIT Q3 2025 Ready-to-cook Ready-to-eat Other Adj. EBIT Q3 2026 0 50 100 150 200 250 26% 27%16% 21% 7% 3% Sweden (+9%) Denmark (+20%) Norway (+5%) Ireland (+3%) Finland (+6%) Lithuania (-16%)
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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. Starting in 2025, the CO2 figures include fugitive emissions and emissions from company vehicles 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 – conventional (kg feed/live weight) 20.3 28.8 22.5 23.3 34.0 25.4 25.1 15.1 15.5 24.4 22.4 20.5 24.6 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 24.1 19.5 9.3 10.6 6.6 6.2 8.8 1.6 2.5 4.5 7.6 5.7 6.5 10.4 16.1 6.9 6.5 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 14.9 9.9 9.9 4.9 4.4 5.0 9.0 6.7 6.5 10.0 9.8 5.6 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 8.3 8.3 7.1 1.50 1.50 1.50 1.49 1.50 1.48 1.49 1.49 1.50 1.49 1.48 1.48 1.49 1.48 1.48 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 2 4 6 2 3 2 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 Q1 26 Q2 26 Q3 26 0 0 0 0 0 0 0 0 88.2 78.3 73.3 80.7 76.1 73.2 87.8 80.1 91.6 77.3 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 68.7 69.4 74.4 79.3 73.2 Target
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10 Ready-to-cook – Strong demand and improved profitability • 5% increase in net sales • Strong demand across geographies and channels • 3% increase in chicken processed (GW) • 7% increase in EBIT to 170 MSEK (159) • EBIT margin of 5.6% (5.5%) • Well prepared to tackle increased feed prices • Organisation on high alert • Regular price adjustments with retailers to adjust for changes in input costs • Hedging of input costs for internal feed production 1) Injuries lead to absence at least the next day, per million hours worked 2) DOC = Day-old chickens 3) Sold volume MSEK Q3 2026 Q3 2025 R12M 2025 Net sales 3,015 2,873 11,249 10,783 EBIT 170 159 597 487 EBIT margin, % 5.6% 5.5% 5.3% 4.5% Non-comparable items - - - - Adj. EBIT 170 159 597 487 Adj. EBIT margin, % 5.6% 5.5% 5.3% 4.5% Chicken processed (thousand tonnes GW) 80.8 78.6 308.6 300.7 LTI per million hours worked1) 23.2 25.3 22.4 19.4 159 6 83 - 77 - 2 1 0 170 EBIT Q3-25 Vol³⁾ Price/Mix COGS OPEX D+A FX EBIT Q3-26 0 50 100 150 200 250 300
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Rising feed prices Ukraine war, fertilizer supply and El Niño causing uncertainty 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 acids 1% Fats 4% (4-4%) Feed composition and inclusion ranges Feed price development (Index vs Q4-2022) 100 98 92 87 86 84 84 82 81 82 82 81 79 79 81 84 85 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4E Comments: (1) Approximation of feed prices within the quarter that Scandi Standard and affiliated growers are charged; based on a mix of spot prices and existing agreements (2) Feed ~1/3 of cost base level (3) Changes largely transferred to customers (4) End consumers benefitting from lower cost (5) Short production cycle in comparison to other protein enabling a more agile supply chain 2022 2023 2024 2025 2026
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Strong performance in export markets • Fairly stable price achievement during 2026 despite reduced chicken commodity prices • Increased supply of poultry in Poland putting downward pressure on prices • Possible mitigation through current EU import restrictions on Brazilian chicken • Aim to further de-commoditize export sales • Long-term partnerships with prioritized customers • Optimized sales and operations planning • Integration benefits with Ready-to-eat Export price achievement - Development 100 105 98 104 95 97 98 99 102 97 101 106 105 97 101 99 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Note: price development based on latest closed quarter volume mix, ix vs Q4 2022. Includes Lithuania sales as of Q1 2025 2022 2023 2024 2025 2026
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13 (% change vs LY in parenthesis) Net sales per country Net sales per channel Ready-to-cook – Strong demand in Retail channel Retail Net sales development, (MSEK) Foodservice Net sales development, (MSEK) Q2 Q3 Q4 2,053 1,759 1,887 1,915 2,0001,964 2,178 1,671 1,712 1,804 1,912 1,965 1,915 1,922 1,668 2,108 1,861 Q1 1,818 1,581 +7.5% +5.3% +5.5% +8.9% +4.6% 208 215 258 248 246 Q1 210 246 245 254 192 214 228 237 Q2 Q3 Q4 199 163 203 221 213 228 +8.8% +4.3% +6.3% +7.3% 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 % CAGR 26% 19% 16% 26% 8% Sweden (+8%) Denmark (+15%) Norway (0%) Ireland (+4%) Finland (+2%) 4% Lithuania (-16%) 72% 11% 8% 9% Retail (+9%) Export (-3%) Foodservice (+4%) Industry/Other (-12%)
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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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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: 55 million Ireland Shercock
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16 Ready-to-eat – Further improvement, positive seasonal impact • 25% growth in net sales • Driven by demand in both food service and retail • EBIT margin 6.2% (2.4%) • Successful price increases • New product launches with accretive margin • Improved capacity planning driving higher margin volume • Summer commercial initiatives exceeded expectations in Foodservice • Program to take advantage of strong skill sets from Glenhaven • Cost-efficient start-up of Factory C in the Netherlands during Q4 1) Injuries lead to absence at least the next day, per million hours worked 2) Sold volume MSEK Q3 2026 Q3 2025 R12M 2025 Net sales 893 713 3,109 2,785 EBIT 55 17 133 97 EBIT margin, % 6.2% 2.4% 4.3% 3.5% Non-comparable items - - - - Adj. EBIT 55 17 133 97 Adj. EBIT margin, % 6.2% 2.4% 4.3% 3.5% LTI per million hours worked 1) 32.5 18.1 18.0 13.6 17 8 42 - 12 - 2 0 1 55 EBIT Q3-25 Vol²⁾ Price/Mix COGS OPEX D+A FX EBIT Q3-26 0 10 20 30 40 50 60 70 80
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17 Ready-to-eat – Strong demand in Foodservice and Retail Retail Net sales development, MSEK Foodservice Net sales development, MSEK 474 312 Q1 363 537 419 297 328 501 299 284 340 427 Q2 Q3 Q4 312 421 470 263 257 305 502 -7.7% +18.7% -7.8% +16.3% -5.6% +30.0% -12.1% (% change vs LY in parenthesis) Net sales per country Net sales per channel 2022 2023 2024 2025 2026 165 193 Q1 247 149 166 185 212 139 156 172 193 252 Q2 Q3 Q4 201 135 149 172 195 230 146 +14.2% +17.9% +14.0% +22.9% +14.0% +18.8% +11.6% 2022 2023 2024 2025 2026 % CAGR 28% 20% 48% Retail (+19%) Export (+41%) Foodservice (+30%) Industry/Other (-18%) 4% 26% 53% 18% Sweden (+14%) Denmark (+31%) Norway (+25%) 3% Finland (+57%)
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Ready-to-eat – R12 above the historic peak • 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 ‘25 • Encouraging turn in European QSR demand • In process of passing through increased cost • Average EBIT margin ~6% last five years Ready-to-eat Net Sales (MSEK) 489 902 1,247 1,531 2,042 1,911 2,112 2,949 2,873 2,601 2,785 3,109 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 R12M 6.4x 19% CAGR
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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 100kt market growth expected by 2030 19 (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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Acquisitions 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 Q3-25 after refurbishment • Increased capacity for popular Kebab products • Trials currently carried out in Factory C • Two of Europe’s largest and most efficient breaded product lines (50 kt annual capacity) • One of few with advanced formed product(2) capability • Tailored to meet criteria of the largest clients • Oosterwolde and Glenhaven Foods represent significant growth platforms 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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21 Plants focused on the European frozen, breaded market Denmark Farre 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 Processing Plants Norway Stokke Finland Honkajoki Netherlands Oosterwolde Ireland Glenhaven Plants focused on convenience products in Norway, Sweden and Finland
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CFO Comments
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Continued growth and margin expansion • Net sales show a solid growth trajectory • +7% in constant currency • Adj. EBIT +18% to 220 MSEK • Margin 5.4% (5.0%); RTE led growth • Items affecting comparability: 15 MSEK • Glenhaven transaction costs • Finance net fairly stable at 38 MSEK • Higher interest offset by FX • Effective tax rate 22% • Unrecognized tax losses and country mix • Adj. EPS +20% to SEK 2.19 MSEK Q3 2026 Q3 2025 Δ R12 2025 Net sales 4,038 3,723 8% 14,855 14,083 Adj. EBITDA 340 296 15% 1,181 1,047 Depreciation -112 -102 10% -428 -413 Amortization -8 -8 -1% -34 -35 Adj. Operating income EBIT 220 185 18% 722 603 Non-comparable items -15 - - -15 - Operating income EBIT 205 185 10% 707 603 Finance net -38 -39 -2% -138 -150 Income after finance net 167 147 14% 569 452 Income tax expenses -36 -27 35% -123 -86 Income for the period 131 120 9% 445 367 Adj. Earnings per share, SEK 2.19 1.83 20% 7.01 5.61 Feed efficiency, conventional (kg feed/live weight) 1.48 1.48 0% 1.48 1.49 Lost time injuries per (LTI) per million hours worked 24.6 24.4 1% 21.8 18.7
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Note: Adj. ROCE and ROE trailing twelve months 2,579 3,025 12.0 % 14.7 % 0.0 % 5.0 % 10.0 % 15.0 % 0 1,000 2,000 3,000 4,000 Average Equity, MSEK ROE% Q3 2025 Q3 2026 4,709 5,569 11.8% 13.1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 0 2,000 4,000 6,000 Average Capital Employed, MSEK Adj. ROCE% Q3 2025 Q3 2026 Capital Employed and Adj. ROCE Equity and ROE Returns and Equity ratio • Returns improved despite higher capital employed • Strong integration and value realization • Adj. ROCE 13.1% (11.8%) • ROE increased to 14.7% (12.0%) • Rights issue added 398 MSEK to equity • Equity ratio strengthened to 37.3% (33.8%) • Consolidation of Glenhaven Foods will reduce the equity ratio in Q4
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Cash flow 1) Other items mainly consist of redemption of loans at acquisitions, net change of leasing assets effects, repurchase of shares and changes in foreign exchange rates. MSEK Q3 2026 Q3 2025 YTD 2025 Opening balance NIBD 2,521 2,288 2,032 1,935 EBITDA 326 296 893 1,047 Change in working capital 66 22 -145 31 Net capital expenditure -170 -113 -549 -783 Other operating items -3 -16 -33 -52 Operating cash flow 218 189 166 243 Paid finance items, net -29 -37 -96 -146 Paid tax -13 -5 -67 -80 Dividend -108 -82 -216 -163 Business combinations -8 - -97 -16 New share issue 398 - 398 Other items1) 1 32 -120 66 Other cash flow 240 -92 -197 -340 Change in NIBD 458 97 -31 -97 Closing balance NIBD 2,063 2,192 2,063 2,032 Capex/Depreciations & Amortizations 141% 102% 160% 175% Paid financial expenses/NIBD -1.4% -1.7% -4.7% -7.2% Dividend per share 1.65 1.25 3.30 2.50 NIBD/Adj. EBITDA 1.7 2.2 1.7 1.9 • NIBD reduced by 458 MSEK • 398 MSEK rights issue proceeds • Operating cash flow: 218 MSEK (189) • Working capital contribution: 66 MSEK • Higher payables partly offset by increased inventory and receivables • Continued focus on inventory management • Net capex: 170 MSEK • Hatchery in Lithuania to materially improve standards • Final investments before start-up of Factory C in the Netherlands • Dividend: 108 MSEK in Q3 (1.65 SEK per share) • FY 2026: 216 MSEK / 3.30 SEK per share • Leverage reduced to 1.7x • Below the <2.5x target • Will increase in Q4 from the Glenhaven Foods acquisition
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Increased working capital vs last year • Inventory +20% versus year-end • +35% year on year, including acquisitions • Receivables growth below sales growth • Strong cash collection maintained • Payables +8% year on year • Timing and acquired operations • Decrease in Other working capital items • Mainly VAT and other accrued expenses • Adjusted working capital at 5.4% of sales • Below the 6% target -84 -2.0 % -1.5 % -1.0 % -0.5 % 0.0 % 0.5 % 1.0 % 1.5 % 2.0 % -200 -150 -100 -50 0 50 100 150 200 0.0 % -100 -0.8 % Q3 2023 -197 -1.5 % Q4 2023 -2 0.0 % Q1 2024 -72 -0.6 % Q2 2024 -108 -0.8 % Q3 2024 -135 Q2 2023 118 Q4 2024 -160 -1.2 % 0.9 % Q1 2025 -0.6 % Q2 2025 -105 -0.8 % Q3 2025 -169 -1.2 % Q1 2023 -127 -0.9 % Q1 2026 -37 -0.3 % -1.0 % Q2 2026 -41 -0.3 % Q3 2026 6 Q4 2025 Working capital (MSEK) Working capital / Sales Working Capital MSEK September 30, 2026 September 30, 2025 December 31, 2025 Inventory 1,172 865 980 Trade receivables 1,317 1,258 1,067 Trade payables -1,643 -1,526 -1,498 Other working capital, net -887 -701 -719 Working capital -41 -105 -169 Working capital/Net sales R12 -0.27% -0.76% -1.22%
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Cash flow guidance • 2026 capex is expected to be approximately 680 MSEK • YTD 2026 549 MSEK, including Valla 143 MSEK • 2H 2026 projects • Increased chicken farming capacity in Lithuania • Debottlenecking and increased capabilities • Finalize the Netherlands for the start-up of Factory C • Working capital expected to increase in Q4 • Glenhaven inclusion and Factory C ramp-up • Financing cost: approximately 7% of NIBD • Bank debt: approximately 4%, including swaps • Includes costs linked to leasing, factoring, and vendor financing • Tax rate approximately 20% Capital expenditure (MSEK) Capex / Reported Depreciation & Amortization Dividend (SEK) Dividend Yield% 206 265 199 371 419 355 306 311 338 367 447 680 0.0 0.5 1.0 1.5 0 200 400 600 800 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025(2) 2026E Capex/Reported Depreciation & Amortization Capital expenditure (MSEK) 1.3 1.8 1.4 1.8 2.0 1.3 1.2 2.3 2.5 3.3 0 1 2 3 4 0 1 2 3 4 2015 2016 2017 2018 2019 0.0 2020 2021 0.0 2022 2023 2024 2025 2026E Dividend yield Dividend Capital expenditure and Depreciation Dividend and Yield (1) Includes interest rate swaps (2) Excludes the acquisition values in the Netherlands and Lithuania Dividend yield = Annual value of dividend/Average annual stock price; 2026E = YTD 2026 average stock price/annual dividend of 3.30 SEK
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New attractive financing in place • New five-year sustainability-linked financing • Committed facilities increased to 450 MEUR • 100 MEUR term loan and 350 MEUR RCF • 150 MEUR accordion option • Improved commercial terms • Key covenants • NIBD/EBITDA <4.0x (1) • Interest cover >3.5x 28 Notes: (1) Flexibility for temporary upward adjustment in connection with acquisitions, stepdown to 3.0x from fourth anniversary
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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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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 Climate: A Forest: B AA C 24.4 49/100
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2023 2024 2025 R12M Q3-25 Q3-26 2027 YE >3.00 Ingredients RTE RTC Group Costs Target ADJ. EBIT/kg, SEK (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 2.34 0.23 0.43 1.93 2.36 0.12 0.22 2.02 -0.11-0.14 2.72 0.68 2.10 -0.15 0.09 Clear roadmap to > 3 SEK EBIT/kg 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
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Summary and outlook • Strong growth and margin improvement • Strengthened demand trend • Ready-to-cook – Climbing the value ladder • Ready-to-eat – Margin recovering • Prepared to tackle volatility in input costs • Focus on developing the European RTE platform • Main building blocks in place • Capacity in place to double throughput • Well positioned to reach EBIT/kg target • 3 SEK in 2027
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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 2023 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Q1 2026 Q2 2026 Q3 2026 Net sales 7,467 7,619 7,611 8,674 9,577 9,923 2,600 2,706 2,873 2,604 10,783 2,850 2,781 3,015 Adjusted EBITDA 621 622 424 406 597 707 181 193 257 209 841 237 247 267 Depreciations -210 -240 -266 -310 -299 -305 -79 -70 -90 -83 -323 -78 -83 -88 Adjusted EBITA 411 382 158 97 297 402 102 123 167 126 519 159 165 178 Amortizations -50 -50 -50 -52 -45 -37 -9 -9 -8 -9 -35 -8 -8 -9 Adjusted EBIT 362 333 110 47 253 368 93 115 159 120 487 151 156 170 Non-comparable items -7 -7 - - 8 - - - - - - - - - EBIT* 354 326 110 47 261 368 93 115 159 120 487 151 156 170 Adjusted EBITDA margin, % 8.3% 8.2% 5.6% 4.7% 6.2% 7.1% 7.0% 7.1% 8.9% 8.0% 7.8% 8.3% 8.9% 8.8% Adjusted EBITA margin, % 5.5% 5.0% 2.1% 1.1% 3.1% 4.1% 3.9% 4.6% 5.8% 4.8% 4.8% 5.6% 5.9% 5.9% Adjusted EBIT margin, % 4.8% 4.4% 1.4% 0.5% 2.6% 3.7% 3.6% 4.2% 5.5% 4.6% 4.5% 5.3% 5.6% 5.6% EBIT margin, % 4.7% 4.3% 1.4% 0.5% 2.7% 3.7% 3.6% 4.2% 5.5% 4.6% 4.5% 5.3% 5.6% 5.6% Ready-to-eat, MSEK 2019 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Q1 2026 Q2 2026 Q3 2026 Net sales 2,042 1,911 2,112 2,949 2,873 2,601 646 710 713 716 2,785 708 792 893 Adjusted EBITDA 139 141 187 260 215 206 46 34 36 47 163 34 50 73 Depreciations -52 -47 -49 -51 -57 -59 -16 -12 -19 -21 -66 -15 -18 -18 Adjusted EBITA 87 94 138 209 158 148 31 23 17 27 97 19 32 55 Amortizations -2 - - - - - -0 -0 0 0 0 0 - 0 Adjusted EBIT 85 95 138 209 158 148 31 23 17 27 97 19 32 55 Non-comparable items - - - - - - - - - - - - - - EBIT* 85 95 138 209 158 148 31 23 17 27 97 19 32 55 Adjusted EBITDA margin, % 6.8% 7.4% 8.8% 8.8% 7.5% 7.9% 7.2% 4.8% 5.1% 6.6% 5.9% 4.8% 6.4% 8.2% Adjusted EBITA margin, % 4.2% 4.9% 6.5% 7.1% 5.5% 5.7% 4.7% 3.2% 2.4% 3.7% 3.5% 2.7% 4.1% 6.1% Adjusted EBIT margin, % 4.2% 5.0% 6.6% 7.1% 5.5% 5.7% 4.7% 3.2% 2.4% 3.7% 3.5% 2.7% 4.1% 6.2% EBIT margin, % 4.2% 5.0% 6.6% 7.1% 5.5% 5.7% 4.7% 3.2% 2.4% 3.7% 3.5% 2.7% 4.1% 6.2%
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Other, MSEK 2019 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Q1 2026 Q2 2026 Q3 2026 Net sales 381 411 377 496 564 499 130 128 137 121 516 127 118 130 Adjusted EBITDA 18 11 15 79 71 36 13 11 19 19 62 9 4 8 Depreciations -7 -4 -3 -3 -3 -4 -1 -1 -1 -1 -4 -1 -1 -1 Adjusted EBITA 11 7 13 76 68 32 12 10 18 18 58 9 3 8 Amortizations - - - - - 1 - 0 -0 -0 0 - - - Adjusted EBIT 11 7 13 76 68 32 12 10 18 18 58 9 3 8 Non-comparable items - - - - - - - - - - - - - - EBIT* 11 7 13 76 68 32 12 10 18 18 58 9 3 8 Adjusted EBITDA margin, % 4.6% 2.6% 4.0% 15.9% 12.7% 7.2% 9.9% 8.3% 14.0% 15.8% 12.0% 7.4% 3.3% 6.5% Adjusted EBITA margin, % 2.9% 1.7% 3.3% 15.3% 12.1% 6.3% 9.2% 7.5% 13.2% 15.1% 11.2% 6.7% 2.5% 5.8% Adjusted EBIT margin, % 2.9% 1.7% 3.4% 15.3% 12.1% 6.4% 9.2% 7.5% 13.2% 15.1% 11.2% 6.7% 2.5% 5.8% EBIT margin, % 2.9% 1.7% -0.1% 15.3% 12.1% 6.4% 9.2% 7.5% 13.2% 15.1% 11.2% 6.7% 2.5% 5.8% Group Cost, MSEK 2019 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Q1 2026 Q2 2026 Q3 2026 Net sales - - - - - - - - - - - - - - Adjusted EBITDA -24 -18 -37 -23 -12 -19 -7 7 -16 -3 -19 -7 -7 -8 Depreciations -2 -8 -11 -18 -16 -20 -5 -17 7 -6 -20 -5 -5 -5 Adjusted EBITA -26 -26 -48 -41 -28 -38 -12 -9 -9 -9 -39 -12 -12 -13 Amortizations - - - - -2 - - - - - - - - - Adjusted EBIT -26 -26 -48 -41 -31 -38 -12 -9 -9 -9 -39 -12 -12 -13 Non-comparable items - -52 9 - - - - - - - - - - -15 EBIT* -26 -78 -39 -41 -31 -38 -12 -9 -9 -9 -39 -12 -12 -28 Adjusted EBITDA margin, % - - - - - - - - - - - - - - Adjusted EBITA margin, % - - - - - - - - - - - - - - Adjusted EBIT margin, % - - - - - - - - - - - - - - EBIT margin, % - - - - - - - - - - - - - -
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TOTAL, MSEK 2019 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Q1 2026 Q2 2026 Q3 2026 Net sales 9,891 9,940 10,101 12,119 13,014 13,024 3,376 3,543 3,723 3,441 14,083 3,684 3,691 4,038 Adjusted EBITDA 753 756 589 722 871 931 233.1 245.6 296.3 272.6 1,047.5 273 295 340 Depreciations -271 -299 -328 -382 -376 -388 -100 -99 -102 -111 -413 -99 -107 -112 Adjusted EBITA 482 457 261 340 495 543 133 146 194 162 635 175 188 228 Amortizations -52 -50 -50 -52 -47 -37 -9 -9 -8 -9 -35 -8 -8 -8 Adjusted EBIT 431 410 213 290 449 509 124 138 185 156 603 167 179 220 Non-comparable items -7 -59 9 - 8 - - - - - - - - -15 EBIT* 424 351 222 290 457 509 124 138 185 156 603 167 179 205 Adjusted EBITDA margin, % 7.6% 7.6% 5.8% 6.0% 6.7% 7.1% 6.9% 6.9% 8.0% 7.9% 7.4% 7.4% 8.0% 8.4% Adjusted EBITA margin, % 4.9% 4.6% 2.6% 2.8% 3.8% 4.2% 3.9% 4.1% 5.2% 4.7% 4.5% 4.7% 5.1% 5.6% Adjusted EBIT margin, % 4.4% 4.1% 2.1% 2.40% 3.40% 3.9% 3.7% 3.9% 5.0% 4.5% 4.3% 4.5% 4.9% 5.4% EBIT margin, % 4.3% 3.5% 2.20% 2.4% 3.5% 3.9% 3.7% 3.9% 5.0% 4.5% 4.3% 4.5% 4.9% 5.1% * Includes income from associated companies Live Weight Tonnes 362,996 382,257 393,369 355,072 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Grill weight Tonnes** 261,357 275,225 283,226 255,652 269,780 279,868 71,775 73,366 78,612 76,917 300,670 75,044 75,856 80,795 Adjusted EBIT / Kg Grill weight 1.65 1.49 0.75 1.14 1.66 1.82 1.73 1.88 2.36 2.03 2.00 2.22 2.37 2.72 ** Historic data converted using ratio of 0.72
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Commodity prices – Birds in Poland • Live bird prices in Poland indication of • Movement in commodity meat prices • Raw material cost movements • Strong increase in raw material prices during 2025 • Driven by temporary shortage in bird supply • Bird flu in Poland and Brazil Bird commodity prices (MinRol) Source: MinRol (https://zsrir.minrol.gov.pl/data) 11.2 12.3 13.6 13.5 13.9 15.9 16.1 15.0 13.3 13.3 13.8 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 0 5 10 15 20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1.00 1.08 1.15 1.18 1.23 1.38 1.41 1.30 1.19 1.22 1.20 EUR/kg SEK/kg 2024 2025 2026
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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 35.9 36.5 1.35 1.18 0.97 1.31 2.00 2.29 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 0 5 10 15 20 25 30 35 40 2019 2020 2021 0.18 2022 2023 2024 2025 R12 0.39 EBIT/kg RTC Net sales/kg RTC Net sales/kg and EBIT/kg 261 275 283 256 270 280 301 309 0 50 100 150 200 250 300 350 2019 2020 2021 2022 2023 2024 2025 R12Chicken 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 43
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Finished Goods Inventory increases with growth in underlying business • Finished Goods Inventory increased by 280 MSEK vs Q3 2025 • Strong underlying sales growth • Product mix with expanded assortment/customers • DIO of approximately one month (25 days) • 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 691 574 497 548 553 453 498 541 495 378 391 538 463 570 671 18.5 16.6 16.6 16.6 16.7 15.2 15.9 16.7 16.0 14.0 14.5 17.2 14.9 21.9 24.8 22.8 22.6 23.6 21.9 19.5 18.4 22.9 21.4 22.5 24.9 0 300 600 900 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 20.6 Finished Goods Inventory Value (MSEK) & Finished products volume (K tonne) Finished Goods Inventory MSEK Finished products volume K tonne DIO Includes Lithuania as of Q4-2024, and the Netherlands as of Q3-2025DIO excludes crates & pallets, machinery spare parts, and supplies
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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