Slide 1: Interim Report Q2 & First Half Year 2026
INTERIM REPORT Q2 & FIRST HALF YEAR, 2026
Slide 2: Forward-looking statements
This presentation may contain forward-looking statements. Such statements are based on current expectations and are subject to risks and uncertainties that could negatively affect our business. Please refer to our 2025 annual report for a better understanding of these risks and uncertainties.
Slide 3: Midsona – A European Natural & Healthy Food Group
MIDSONA – A EUROPEAN NATURAL & HEALTHY FOOD GROUP With a clear path to profitable and sustainable growth ● Positioned in categories with structurally Our mission growing demand, driven by health and At a glance sustainability trends 3 630 MSEK net sales 2025 ● Combines strong local brands 3.7% EBIT
Slide 4: Q2 2026 Summary and Financial Highlights
Q2 2026 SUMMARY AND FINANCIAL HIGHLIGHTS Summary Financial highlights ● Organic sales decline, driven mainly by contract manufacturing - revised strategy showing results, with own consumer brands growing Net sales EBIT2 EBIT2 margin at 2,3%1 SEK 870 m SEK 20 m 2,3% ● A continued negative sales impac
Slide 5: First Half Year 2026 Summary and Financial Highlights
FIRST HALF YEAR 2026 SUMMARY AND FINANCIAL HIGHLIGHTS Summary Financial highlights ● Negative organic sales development, driven mainly by contract manufacturing, however partially offset by organic growth within own Net sales EBIT2 EBIT2 margin consumer brands which grew by 1.2%1 SEK 1 763 m SEK 65
Slide 6: Division Highlights Q2
DIVISION HIGHLIGHTS Q2 Division Nordics ● Organic sales growth at +0.5%, with own consumer brands in healthy growth recovering after a weaker first quarter 2026 2025 vs LY ● Gross margin up by 0.7 p.p. coming from more favorable mix, with growing consumer brands Net Sales 553 533 +1% and more select
Slide 7: Portfolio Highlights Q2
PORTFOLIO HIGHLIGHTS Q2 Organic products ● Total organic sales development at -1% ● Own organic brands in growth – marketing and innovation initiatives in the organic portfolio paying off with Division North being the exception in the quarter 58% ● Brand growth not sufficient to offset weaker develo
Slide 8: Accelerating Friggs Growth by Tapping into Protein
ACCELERATING FRIGGS GROWTH BY TAPPING INTO PROTEIN ▪ A new range taking the proposition one step further Friggs sales development in Q2 ▪ High-protein is one of the fastest-growing trends in healthy snacking ▪ Consumers increasingly seek snacks that combine taste, convenience and function ▪ Offering
Slide 9: Gross Margin (GM) Management Q2
GROSS MARGIN (GM) MANAGEMENT Q2 GM1 (vs LY) Status • Improved product mix with higher share of sales of own consumer brands contributing Division positively Nordics • Continued good net price management, mitigating higher costs of transport and packaging following the events in the Middle East • Hea
Slide 10: Three Strategic Levers for Value Creation
THREE STRATEGIC LEVERS FOR VALUE CREATION Invest behind selective Invest behind selective power brands power • Prioritize investments into selective brands with considerable potential for profitable growth brands • Strengthen brands’ competitiveness with focused plans and execution Leverage Leverage
Slide 11: Making Clear Progress Towards Targets
MAKING CLEAR PROGRESS TOWARDS TARGETS Organic growth own EBIT margin (excl. IAC) Net debt / adj. EBITDA consumer brands (incl. IFRS 16) Target: >5% Target: >8% Target: <2,5x Outcome Q2 ‘26 LTM: 2.2% Outcome Q2 ‘26 LTM: 4.4% Outcome Q2 ‘26: 1.0x 4,4% 2,2% 4,4 1,0 0,8% -3,3% Operating cash flow Levera
Slide 12: Short Term Priorities
SHORT TERM PRIORITIES Ensure focused implementation of refined strategy to accelerate growth towards financial targets Leverage growth momentum on own consumer brands with focused product and marketing initiatives to fuel continued growth Define the right long term business model and production stru
Slide 13: Financial Review CFO Niclas Lundin
FINANCIAL REVIEW CFO NICLAS LUNDIN
Slide 14: Financial Summary
FINANCIAL SUMMARY Comments QTD MSEK Q2 2026 Q2 2025 YTD 2026 YTD 2025 • Net Sales +0,5% vs LY, whereof organic growth -1,2%. Own Net Sales 870 865 1 763 1 802 consumer brands grew organically by +2,3%. GM%1 29,3% 28,1% 29,5% 28,4% • GM% increased with 1.2 p.p., mainly from pricing, good EBIT1 20 4 6
Slide 15: Q2 Net Sales
Q2 NET SALES MSEK Net Sales change Organic growth2 by brand type 890 % of NS 885 3 Own Brands - consumer 2,3% 66% 880 11 0.4% 875 -1,2% Own Brand - B2B 0,0% 6% 1,3% 870 870 -10 865 865 Licensed Brands -1,7% 8% 860 855 Contract manufacturing -11,1% 20% +5 (+0,5%) 850 1 2 Q225 Structure FX Organic Q22
Slide 16: Q2 EBIT
Q2 EBIT1 SEK million SEK million EBIT1 change EBIT1 trend 25 50 180 45 157 20 2 20 160 1 0 14 40 140 GM 15 Lower OH, 35 +1,2 p.p; 2,3% higher 109 120 marketing Pricing, good mix, investments 30 100 10 improved 100 Organic efficiency 25 growth 22 20 80 -1,2% 5 4 20 60 0,5% -1 15 0 +16 (+1.8 p.p.) 40
Slide 17: Q2 Cash Flow from Operating Activities
Q2 CASH FLOW FROM OPERATING ACTIVITIES SEK million SEK million QTD Cash flow1 breakdown Cash flow1 trend 160 300 80 Net Working Capital -24 (-33) 140 70 246 245 63 250 120 60 13 100 50 200 180 40 28 -7 80 60 150 30 D&A 22 40 19 20 -41 22 12 20 100 10 5 0 -46 0 50 -20 -19 -40 0 Q2 2024 Q3 2024 Q4 202
Slide 18: Available Cash and Net Debt
AVAILABLE CASH AND NET DEBT SEK million Available Cash 1 SEK million Net Debt and X 900 25% 600 Net Debt / adj. EBITDA 2 2,5 2,1 800 804 21% 543 781 525 1,9 745 20% 500 700 2,0 17% 656 451 447 15% 628 634 633 433 600 407 575 575 400 15% 1,5 500 317 300 299 400 264 10% 1,0 1,0 300 200 408 389 337 320
Slide 19: Q&A
Q&A