Scandi Standard Ab · OMXSTO:SCST
Scandi Standard Ab — Q3 2025 Earnings Presentation
46 slides from Scandi Standard Ab's earnings presentation, Oct 23, 2025
Slide 1: Scandi Standard Q3 2025 presentation
Scandi Standard Q3 2025 presentation Net Sales and EBIT margin Net sales EBIT margin 4% Ready-to-cook (+13%) Adj. EBIT margin 19% Ready-to-eat (+5%) Net sales (MSEK) Other (+6%) 13 812 14 000 13 014 13 024 8% 7.1 % CAGR 12 119 12 000 7% 9 891 9 940 10 101 77% 6% 10 000 5.0 % 8 207 8 707 4.4 % 4.6 %
Slide 2: Q3 2025: Solid growth and improved performance
Q3 2025: Solid growth and improved performance Q3 Q3 • 11% growth in net sales MSEK 2025 2024 Net sales 3,723 3,343 • Highest EBIT ever – Up 21% EBITDA 296 256 EBITDA margin % 8.0% 7.7% • Strong improvement across Ready-to-cook Non-comparable items - - Operating income (EBIT) 185 153 • Lithuania alr
Slide 3: Growth and value drivers
Growth and value drivers Responsible, Convenient, safe and versatile nutritious and tasteful Growth & value Affordable because it’s sustainable
Slide 4: Strong consumer trend in favour of chicken products
Strong consumer trend in favour of chicken products Poultry consumption Nordics & Ireland +13% CAGR 1.7% k tonnes 1,000 964 830 828 855 773 798 779 • Strong poultry growth in the Nordics and 800 677 687 714 738 Ireland 600 400 • 44% poultry growth from 2010-2023 200 0 • 13% poultry growth expected f
Slide 5: Chicken is an affordable product
Chicken is an affordable Relative pricing to consumer product 500 400 SEK per kg 300 200 • Price has always been important for consumers 100 0 • Chicken affordable across segments Low end cut Average cut High end cut • Fillets also competitively priced vs. Chicken Pork Beef Salmon average- and low-e
Slide 6: Increasing the value of our protein
Increasing the value of our protein EBIT SEK/kg (GW) Ingredients RTC Target RTE Corp >3.00 • EBIT/kg good measurement of value creation 2.36 • Positive momentum towards 2027 target 2.15 0.23 1.89 0.14 0.22 1.82 1.69 0.11 0.17 0.62 0.25 • Q3 2025 EBIT/kg 2.36 SEK/kg (2.15) 0.53 0.38 • 10% increase vs
Slide 7: Q3 2025: 21% increase in EBIT
Q3 2025: 21% increase in EBIT Change in Adj. EBIT Net sales Q3 2025 per segment (% change vs LY in parenthesis) 220 48 200 11 185 4% Sweden (+8%) 180 7% 160 153 -27 Denmark (+6%) 26% 140 Norway (+7%) 120 22% Ireland (+13%) 100 80 Finland (-10%) 60 40 Lithuania 20 24% 17% 0 Adj. EBIT Q3 2024 Ready-to
Slide 8: Sustainability scorecard
Sustainability scorecard LTI per million hours worked Use of antibiotics (% of flocks treated) Animal welfare indicator (Foot Pad Score) 34.0 10.6 14.9 9.9 28.8 9.3 8.8 24.8 25.4 25.1 11.4 24.1 7.6 22.5 23.3 6.6 6.2 9.9 9.9 20.3 20.5 5.7 6.1 8.4 8.4 8.5 13.9 15.1 4.6 6.4 5.8 4.9 5.0 4.3 2.5 1.6 Q4 Q
Slide 9: Ready-to-cook – Continuing to climb the value ladder
Ready-to-cook – Continuing to climb the value ladder • 13% increase in net sales MSEK Q3 2025 Q3 2024 R12M 2024 • 10% increase in chicken processed (GW) Net sales 2,873 2,536 10,578 9,923 EBIT 159 111 430 368 • Positive volume and price/mix effects EBIT margin, % 5.5% 4.4% 4.1% 3.7% Non-comparable i
Slide 10: Stable feed price
Feed cost development (Index vs avg 2020) FC Stable feed price 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 143 165 161 159 156 146 139 136 134 134 130 129 130 131 129 126 price • Feed ~1/3 of cost base Feed composition and inclusion ranges • C
Slide 11: Realised export prices reach historical highs
Realised export prices reach historical highs Export price achievement - Development 107 • Up 6% compared to Q3 2024 104 104 104 103 101 101 100 100 99 • Expecting continued high price levels 98 96 • Efforts to improve our market performance • Long-term partnerships with prioritized customers • Opti
Slide 12: Ready-to-cook – Strong organic growth fueled by Lithuania
Ready-to-cook – Strong organic growth fueled by Lithuania Retail Net sales development, (MSEK) Net sales per country Lithuania +5.9% +7.2% Finland (-6%) 5% Sweden (+7%) +5.7% 9% 1,915 1,915 +9.0% 25% 1,861 1,964 1,965 1,887 2,000 1,922 1,818 1,759 1,712 1,804 2021 1,668 1,671 1,575 1,581 1,562 2022
Slide 13: Leading positions in five domestic markets
Leading positions in five domestic markets • Strong consumer preference for domestic produce Market position • Each country highly consolidated 3 1 NAAPURIN • Large hurdle for new entrants MAALAISKANA 1 FINLAND DEN STOLTE • Requirement for domestic footprint HANE NORWAY KRONFÅGEL • Long term relatio
Slide 14: Successful start-up of acquired low-cost RTC platform in Lithuania
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) • Plann
Slide 15: Main Ready-to-cook Plants
Main Ready-to-cook Plants Ready-to-cook Title Five Title Six Sweden Norway Finland Valla Title Two Jæren Title Three Lieto Our online marketing and search Our online marketing and search optimization services were designed. optimization services were designed. Chickens per year: 50 million Chickens
Slide 16: Ready-to-eat – Bottomed out in the quarter
Ready-to-eat – Bottomed out in the quarter • Strong growth MSEK Q3 2025 Q3 2024 R12M 2024 Net sales 713 677 2,713 2,601 • 15% growth in retail sales EBIT 17 44 110 148 • Inflection point for Foodservice after weak period EBIT margin, % 2.4% 4.4% 4.1% 5.7% Non-comparable items - - - - • EBIT suffered
Slide 17: Ready-to-eat – Inflection point for Foodservice
Ready-to-eat – Inflection point for Foodservice Retail Net sales development, MSEK Net sales per country Finland (-41%) Norway (+2%) 2% +13.1% +14.1% Sweden (+15%) +14.3% 212 +11.8% 18% 29% 195 193 201 185 2021 172 165 166 172 149 149 156 2022 146 139 135 2023 123 125 123 114 2024 2025 51% Denmark (
Slide 18: Ready-to-eat – Turning point in Q3
Ready-to-eat – Turning point in Q3 Ready-to-eat Net Sales (MSEK) • Strong organic growth last ten years(1) • Set-back in 2023-1H 2025 MSEK 3,500 • General drop in European QSR demand post Covid 3,000 2,949 2,873 5.3x • Loss of large continental European QSR contract 18% CAGR 2,601 2,713 2,500 • Stro
Slide 19: Healthy market growth expected in European breaded market
Healthy market growth expected in European breaded market EuropeanFrozen European Frozen Breaded BreadedMarket Market (1) (1) 500 • Market players divided into tiers 450 440 450 400 430 • European players 400 400 410 420 350 • Regional players 300 319 321 310 312 314 316 318 Ktonnes • Local players
Slide 20: Acquisition takes Scandi Standard breaded activities to the top tier
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
Slide 21: Main Processing Plants
Main Processing Plants Ready-to-eat Denmark Netherlands Norway Finland Farre Oosterwolde Stokke Honkajoki Stokke Honkajoki Annual Capacity: 50 kt Annual Capacity: 50 kt Annual Capacity: 5 kt Annual Capacity: 1 kt 21
Slide 22: Lithuania + Breaded RTE: Well positioned to gain market share
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 fl
Slide 23: CFO Comments
CFO Comments
Slide 24: Q3 2025 P&L: Increased Sales and EBIT
Q3 2025 P&L MSEK Q3 Q3 Δ R12M 2024 Increased Sales and EBIT 2025 2024 Net sales 3,723 3,343 11% 13,812 13,024 EBITDA 296 256 16% 994 931 Depreciation -102 -94 9% -408 -388 • Net sales above LY driven by volume, mix, and Amortization -8 -9 -6% -35 -37 price Operating income EBIT 185 153 21% 554 509 F
Slide 25: Returns and Solidity
Capital Employed and ROCE Returns and Solidity Average Capital Employed, MSEK ROCE% 6,000 12.0% 11.7% 11.8% 10.0% 4,000 8.0% • Improving ROCE in spite of effect of 6.0% 4,709 acquisition ramp-up 2,000 4,351 4.0% • ROCE 11.8% (11.7%) 2.0% 0 0.0% Q3 2024 Q3 2025 • Return on equity 12.0% (12.1%) Equity
Slide 26: Cash flow
MSEK Q3 2025 Q3 2024 R12M 2024 Opening balance NIBD 2,288 1, 796 1,696 1,571 Cash flow 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 • OCF was 189 MSEK in the quarter, driven by strong Operating cash flo
Slide 27: Working capital remains stable and low
September September December Working capital remains MSEK Inventory 30, 2025 865 30, 2024 904 31, 2024 959 stable and low Trade receivables Trade payables 1 258 -1 526 1,151 -1,563 1,043 -1,532 Other working capital, net -701 -600 -604 Working capital -105 -108 -135 • 10% decrease in inventory vs YE
Slide 28: Cash flow guidance
Capital expenditure and Depreciation Cash flow guidance Capital expenditure (MSEK) Capex/Depreciation • Significant 2025 investments 800 2.5 600 2.0 • Capital expenditures 450 MSEK 400 1.5 • Reduced from 550 MSEK linked to deferring some investments 1.0 200 419 450 over year-end in the Netherlands 2
Slide 29: Ensuring welfare - Cornerstone in license to operate
Ensuring welfare - Cornerstone in license to operate Responsible Nutritious Safety, health Health and wellbeing Responsible animal welfare and wellbeing of of our consumers our animals • Rearing mortality • Antibiotics use, foot pad scores and transport mortality Welfare • Primary data from growers
Slide 30: Strategic pillars to achieve our goals
Strategic pillars to achieve our goals Ramp up Build a winning our efficiency culture together – end-to-end
Slide 31: Our 2027 targets
Objectives and investment priorities Our 2027 targets 5-7% Organic Net >6 >15 We want to be the leading provider of high- sales ROCE % growth p.a. % EBIT quality and sustainable chicken, setting the industry standard for excellence in animal welfare, environmental responsibility, and customer satisf
Slide 32: Structured approach receiving recognition
Structured approach receiving recognition Sustainability focus areas ESG ratings Focused work with transparency has Value chain focus (Scope 1-3) led to significant improvements in farm to fork with focus on data quality, target investor ESG ratings. setting and reduction initiatives. Rating framewo
Slide 33: Clear roadmap to >3 SEK EBIT/kg
Clear roadmap to > 3 SEK EBIT/kg EBIT SEK/kg (GW) Ingredients RTC Target Climb the value ladder RTE Corp >3.00 • Balance supply to domestic fillet demand • Value creation through increased consumer 2.36 convenience 2.15 0.23 • Differentiation and branding opportunities 1.89 0.14 0.22 1.82 1.69 0.11
Slide 34: Summary and outlook
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-tier European RTE platform
Slide 35: Scandi Standard
‘S Scandi Standard
Slide 36: Appendix
Appendix
Slide 37: Segment information by quarter
Segment information by quarter 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
Slide 38: Other, MSEK
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 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 -
Slide 39: Ready-to-cook – Historic development
Ready-to-cook – Net sales and EBIT/kg (GW) Historic development 40 35.5 35.5 36.1 1.60 33.9 35 1.40 28.6 27.7 1.47 30 1.35 26.9 1.20 1.31 25 1.18 1.00 20 0.97 0.80 15 0.60 • Historic track record of strong growth and stable 10 5 0.39 0.40 0.20 margins 0 0.18 0.00 2019 2020 2021 2022 2023 2024 R12M N
Slide 40: Continued focus on inventory management
Continued focus on inventory management • Inventory decreased by 39 MSEK vs Q3 2024 Inventory Value (MSEK) & Finished products volume (tonne) despite the inclusion of Lithuania Ton MSEK • Driven by volume 1,800 18,668 18,516 20,000 17,631 16,625 16,616 16,578 16,683 16,659 1,500 15,971 15,850 15,562
Slide 41: Sustainability-linked financing
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
Slide 42: 2030 Sustainability Goals – the foundation for a future-proof company
2030 Sustainability Goals – the foundation for a future-proof company Goal Key Performance Indicators Target 2030 • Critical complaints and recalls • 0 Integrated sustainability is a cornerstone of Providing local, healthy, safe • Quality & Food Safety Survey • Response rate >90%, scoring >75% Scand
Slide 43: Useful links and conversions
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
Slide 44: Chicken feed composition and substitutes
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 South America products Maize 10% 0% 10% Wheat, oats EU Fats 4% 4% 4% N.a. Local, EU Grain bi-products
Slide 45: Price segments
Price segments Meat High end cut Average cut Low end cut Breast fillet Drumstick Chicken legs & wings Chicken Thigh fillet Minced (chicken) Pork tenderloin Pork spare ribs Pork chops Pork Pork loin Minced (pork) Filet mignon Beef Round & Chuck Stew pieces Beef Entrecote Beef Sirloin Minced (Beef)
Slide 46: Forward looking statements
Forward looking statements 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