Aak Ab · OMXSTO:AAK
Aak Ab — Q3 2026 Earnings Presentation
42 slides from Aak Ab's earnings presentation, Oct 23, 2026
Slide 1: Corporate Presentation Third quarter, 2026
Corporate Presentation Third quarter, 2026
Slide 2: Content
01 Company introduction 02 Strategy and aspiration Content 03 Latest financials 23/10/2026 2
Slide 3: Company introduction
Company introduction Strategy and aspiration Latest financials Company introduction Our business 23/10/2026 3
Slide 4: An integral part in many of the products we love to consume, every day
Company introduction Strategy and aspiration Latest financials An integral part in many of the products we love to consume, every day 07:00 07:30 11:00 14:00 A warm shower to wake up in For breakfast, you have a It’s lunchtime! Today, a tasty the morning, and you apply a delicious bowl of granola Th
Slide 5: Malmö 46 bn 4.7 bn
Company introduction Strategy and aspiration Latest financials Our vision is to be the first choice for plant-based oil solutions +150 ~4,000 Malmö 93% years of experience employees across is our global head office of our sourced palm oil is in the plant-based the world verified deforestation-free (
Slide 6: Everything we do is about Making Better Happen
Company introduction Strategy and aspiration Latest financials AAK in brief Everything we do is about Making Better Happen Industries we Europe co-develop with 44% Chocolate & Special Confectionery Nutrition & Fats Health Bakery Foodservice Production plants*: 19 Americas 39% 1% Other countries Dair
Slide 7: Fats are an essential part of our diets
Company introduction Strategy and aspiration Latest financials Fats are an essential part of our diets Dietary fats are essential to give your body energy and to support cell function*: • Necessary for the absorption of fat-soluble vitamins A, D, E, K1, and K2. • Integral components of cell membrane
Slide 8: Historic Oils and Fats production volume growth at 3% globally
Company introduction Strategy and aspiration Latest financials Historic Oils and Fats production volume growth at 3% globally Global processed oils* production by type, Million tons, 2012-24 Fats and oils market volume growth has stagnated in recent 3% p.a. CAGR 2018-24 years but jumped back to +2%
Slide 9: Growing market and demand in our specialty solutions
Company introduction Strategy and aspiration Latest financials Growing market and demand in our specialty solutions Food Ingredients Chocolate & Technical Offering solutions to the bakery, dairy, foodservice and special Confectionery Fats products & Feed nutrition industries, as well as Offering fun
Slide 10: A differentiated, midstream company in a global value chain
Company introduction Strategy and aspiration Latest financials A differentiated, midstream company in a global value chain Multi-oil Raw materials from Mills, crushers* farmers and plantations and refineries* Ingredient House Consumer goods Retailers Consumers companies (CPGs) * Crushing and refinin
Slide 11: A diversified mix of plant-based oils and fats
Company introduction Strategy and aspiration Latest financials A diversified mix of plant-based oils and fats - based on customer requirements Rapeseed/ Palm oil Palm kernel oil Shea kernels Canola oil Asia, Mexico, Asia, Mexico, Western Africa Northern and Central and and South Central Europe, Sout
Slide 12: Spotlight – if we were to replace palm oil with sunflower oil…
Company introduction Strategy and aspiration Latest financials Spotlight – if we were to replace palm oil with sunflower oil… … we would need 61 million additional hectares of land, equivalent to the size of Ukraine or 203 million football fields Oil yield and land use by crop type* Emissions by cal
Slide 13: What if…. Then….
Company introduction Strategy and aspiration Latest financials • 10% of the world's • Every other • Half of all paraffin What if…. beef production glass of milk candles in Europe was replaced with was oat drink? were made from plant-based renewable raw alternatives? materials? Then…. 452 million ton
Slide 14: Investing in our ∼4,000 people
Company introduction Strategy and aspiration Latest financials Growth and development Investing in our ∼4,000 people We offer the chance to make a real difference by being part of a team that is passionate about Making Better Happen . • We take responsibility for health and safety, and for creating
Slide 15: Strategy and aspiration
Company introduction Strategy and aspiration Latest financials Strategy and aspiration 23/10/2026 15
Slide 16: Raising the 2030 aspiration
Company introduction Strategy and aspiration Latest financials Raising the 2030 aspiration Aspiration Financial target Model assumptions** The first choice for plant-based oil A double-digit compounder Ensuring long-term value creation ingredients Value Grow operating profit by an average of 10 perc
Slide 17: Strong track record with underlying profitability improvement in times of volatility and uncertainty
Company introduction Strategy and aspiration Latest financials Strong track record with underlying profitability improvement in times of volatility and uncertainty Operating profit growth, excl. IAC +9% (avg. 2015-2021) 2,45 +21% (2022) +43% (2023) +19% (2024) +2% (2025) 0,87 572 507 21Q3 19Q3 21Q2
Slide 18: Strong development in “Invest” and “Optimize”
Company introduction Strategy and aspiration Latest financials Strong development in “Invest” and “Optimize”, driven by higher specialty mix, optimization and co-development in our core High EBIT growth Broad-based driven by CCF Invest in continued growth Optimize for value creation high EBIT growth
Slide 19: Alignment and optimization expected to continue delivering results
Quarterly highlights | Selected events | Business & financial update | Concluding remarks | Q&A Alignment and optimization expected to continue delivering results From Decentralized and Unaligned… …to Decentralized and increasingly Aligned Strategic initiatives Status update, Q2’26 Aligned Project p
Slide 20: Broad-based EBIT/kg improvement across our global production footprint
Company introduction Strategy and aspiration Latest financials Broad-based EBIT/kg improvement across our global production footprint however, variances still exist among our 19 production sites EBIT/KG 8 7 6 5 4 3 Updated 2030 Aspiration R12M Q3’24 2 2021 1 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1
Slide 21: Capital allocation to drive shareholder value creation
Company introduction Strategy and aspiration Latest financials Capital allocation to drive shareholder value creation - via sustainable and profitable long-term growth 1 Investing for growth 2 Acquisitions 3 Return to shareholders .1 Ordinary dividend: Primary means of returning capital, guided by a
Slide 22: Investing for growth
Company introduction Strategy and aspiration Latest financials 1. Investing for growth Historical CAPEX overview Future CAPEX priorities SEK million Net debt/ EBITDA 1,500 2.0 • Innovation, capacity expansions, efficiency 1,421 1,335 gains and capability 1,303 1,233 1,245 1,203 • CAPEX/EBITDA ~20-30
Slide 23: Criteria for selecting/deselecting M&A opportunities
Company introduction Strategy and aspiration Latest financials 2. Criteria for selecting/deselecting M&A opportunities Geographical expansion Capacity expansion Other • Stable regions • Potential for capacity and • Vertical integration back to the crude • Logistically strategic location capability u
Slide 24: We continue to be disciplined, resulting in attractive returns
Company introduction Strategy and aspiration Latest financials 3. We continue to be disciplined, resulting in attractive returns Aspire for operating cash flow after tax to average 60-70% of EBITDA Gradual ROCE improvement over time Cashflow CF% of (bnSEK) EBITDA ROCE (%) Capital employed 6 (mSEK) 5
Slide 25: 5 common innovation themes anchor our projects
Company introduction Strategy and aspiration Latest financials 5 common innovation themes anchor our projects; to deliver on the consumer demands shaping the future ingredients industry 68 Innovation projects in total across New Product Development, New Technology Development, exploratory science &
Slide 26: Our pipeline objectives: Improved consumer experiences, efficient customer manufacturing processes
Company introduction Strategy and aspiration Latest financials Our pipeline objectives: Improved consumer experiences, efficient customer manufacturing processes, new AAK product categories, and emerging technologies Input Active Projects in AAK Innovation Pipeline Innovation Ideas, Concepts, Theori
Slide 27: AAK closely monitors and selectively invests in emerging oils and fats technologies
Company introduction Strategy and aspiration Latest financials AAK closely monitors and selectively invests in emerging oils and fats technologies with the potential to drive large impact Venture investments and partnerships Plant- Fermented Power-to-X based oils microbial oils • Extracting edible o
Slide 28: Latest financials
Company introduction Strategy and aspiration Latest financials Latest financials 23/10/2026 28
Slide 29: Table of content
Table of content 1. Quarterly highlights 2. Selected events 3. Business & financial update 4. Concluding remarks 5. Q&A 29
Slide 30: Forward-looking statements
Forward-looking statements This presentation includes forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. This presentation contains several forward-looking statements inclu
Slide 31: Resilient volumes and strong cash flow, profitability below last year
Company introduction Strategy and aspiration Latest financials Resilient volumes and strong cash flow, profitability below last year Highlights Q3 2026 Key financials Q3 2026 • Q3 volumes were flat year on year, as growth in Chocolate & Confectionery Fats and Technical Products & Feed were offset Vo
Slide 32: Selected events
Company introduction Strategy and aspiration Latest financials Selected events New lipid excipients Dry-fractionation Top scorer on RSPO production facility technology set for Shared Responsibility in India commercial Scorecard deployment 32
Slide 33: Food Ingredients
Company introduction Strategy and aspiration Latest financials Food Ingredients Operating profit SEK million SEK million 800 4,000 Volume Net sales Operating profit Operating profit ‘000 MT SEK million per kilo SEK SEK million 600 3,000 -1% +4% -9% -10% 400 2,000 319 315 7,092 7,351 2.40 766 2.18 68
Slide 34: Chocolate & Confectionery Fats
Company introduction Strategy and aspiration Latest financials Chocolate & Confectionery Fats Operating profit SEK million SEK million 600 2,500 Volume Net sales Operating profit Operating profit ‘000 MT SEK million per kilo SEK SEK million 2,000 400 +1% +3% -5% 1,500 -6% 122 124 3,897 4,024 4.30 52
Slide 35: Technical Products & Feed
Company introduction Strategy and aspiration Latest financials Technical Products & Feed Operating profit SEK million SEK million 150 400 Volume Net sales Operating profit Operating profit ‘000 MT SEK million per kilo SEK SEK million 300 100 +1% +5% -32% -31% 200 69 70 535 0.67 46 509 50 100 0.45 32
Slide 36: Negative price, product- and regional mix in Food Ingredients main driver for the 8% EBIT decline
Company introduction Strategy and aspiration Latest financials Negative price, product- and regional mix in Food Ingredients main driver for the 8% EBIT decline Food Ingredients was the main EBIT drag EBIT (SEK million) 1,300 -8% (-106) 1,260 1,250 79 1,200 25 1,154 1,150 14 12 0 Q3’25 Food Ingredie
Slide 37: Operating profit and working capital delivered a strong cash flow in the third quarter
Company introduction Strategy and aspiration Latest financials Operating profit and working capital delivered a strong cash flow in the third quarter Cash flow Q3 2026 Comments 1.496 • Cash flow from operating activities was 1.372 143 146 positive in the third quarter generating 127 402 SEK 1,496 mi
Slide 38: Return on Capital Employed (ROCE) at 19.1% end of Q3
Company introduction Strategy and aspiration Latest financials Return on Capital Employed (ROCE) at 19.1% end of Q3 % ROCE end Q3 2026* 24 22 19.1% 20 18 19.1 16 14 EBIT R12M Capital 12 employed* 10 SEK 4,777 SEK 24,949 8 million 6 million 4 2 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 23 23 24 24 24
Slide 39: Continued strong balance sheet
Company introduction Strategy and aspiration Latest financials Continued strong balance sheet Net debt/EBITDA Net debt/EBITDA 1.00 0.56 0.50 0.00 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 23 23 24 24 24 24 25 25 25 25 26 26 26 * EBITDA calculated on rolling 12 months. 39
Slide 40: Resilient volumes and strong cash flow, profitability below last year
Company introduction Strategy and aspiration Latest financials Resilient volumes and strong cash flow, profitability below last year • Subdued market conditions and consumer sentiment continued in Q3 2026. Volumes remained resilient and in line with last year. • Strong operating cash flow. • Profita
Slide 41: Q&A
Q&A 41 41
Slide 42: Making Better Happen TM
Everything we do is about Making Better HappenTM 42 42