Scandi Standard Ab · OMXSTO:SCST
Scandi Standard Ab — Q1 2026 Earnings Presentation
44 slides from Scandi Standard Ab's earnings presentation, Apr 28, 2026
Slide 1: Scandi Standard Q1 2026 presentation
Scandi Standard Q1 2026 presentation Net Sales and EBIT margin Net sales 3% Ready-to-cook (+10%) 19% Ready-to-eat (+10%) 16 000 8.7 % CAGR 8% 14 083 14 392 Other (-2%) 14 000 13 014 13 024 7% 12 119 12 000 6% 10 101 77% 10 000 4.3 % 4.5 % 4.5 % 5% 3.9 % 3.7 % 8 000 3.5 % 4% 6 000 2.2 % 2.4 % 3% 4 00
Slide 2: Q1 2026: Strong growth in net sales and margin
Q1 2026: Strong growth in net sales and margin Q1 Q1 • 9% growth in net sales MSEK 2026 2025 • Growth across segments, channels and geographies Net sales 3,684 3,376 • Increasing substitution from other proteins EBITDA 273 233 EBITDA margin % 7.4% 6.9% • 35% increase in EBIT – margin up to 4.5% Non-
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: Increasing substitution from other proteins
Increasing substitution from other proteins Poultry consumption Nordics & Ireland k tonnes 1,000 3.0% • 3% volume CAGR in the Nordics and Ireland 800 600 • >50% growth from 2010-2025 400 200 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E • Strong substitution driv
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 • Chicken affordable across segments 0 • Fillets also competitively priced vs. average, and Low end cut Average cut High end cut low-end cuts of other proteins
Slide 6: Increasing the value of our protein
Increasing the value of our protein EBIT/kg, SEK (GW) Ingredients RTC Target RTE Group Costs >3.00 • EBIT/kg good measurement of value creation 2.22 2.12 2.00 0.11 • Positive momentum towards 2027 target 1.82 0.18 1.73 0.26 1.69 0.19 0.11 0.28 0.32 0.17 0.25 • Q1 2026 EBIT/kg 2.22 SEK/kg (1.73) 0.53
Slide 7: Q1 2026: Growth across segments and geographies
Q1 2026: Growth across segments and geographies Change in Adj. EBIT Net sales Q1 2026 per segment (% change vs LY in parenthesis) 200 58 180 -11 167 7% 3% Sweden (+3%) 160 -4 25% Denmark (+9%) 140 124 Norway (+9%) 120 21% 100 Ireland (+8%) 80 Finland (+4%) 60 Lithuania (+151%) 40 17% 26% 20 0 Adj. E
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 15.5 14.9 28.8 24.1 25.4 25.1 24.4 22.5 23.3 22.1 10.6 20.3 19.5 10.4 9.9 9.9 10.0 9.7 9.3 8.8 8.7 8.6 9.0 15.1 15.5 7.6 6.6 6.2 6.5 6.7 6.5 5.7 4.5 4.9 4.5 4
Slide 9: Ready-to-cook – Another step forward
Ready-to-cook – Another step forward • 10% increase in net sales MSEK Q1 2026 Q1 2025 R12M 2025 Net sales 2,850 2,600 11,033 10,783 • Strong growth across geographies and channels EBIT 151 93 545 487 • 5% increase in chicken processed (GW) EBIT margin, % 5.3% 3.6% 4.9% 4.5% Non-comparable items - -
Slide 10: Feed prices: Limited effects of geopolitics so far
Feed prices: Limited effects of geopolitics so far Feed price development (Index vs Q4-2022) Feed composition and inclusion ranges 100 Fats 98 Wheat 4% (4-4%) 92 87 86 54% (40-63%) Grain by-products 84 84 82 81 82 82 81 79 80 79 3% (0-4%) Rape seed Soy 3% 22% (11-27%) Minerals, vitamins, premix, enz
Slide 11: Volatile export prices
Volatile export prices Export price achievement - Development 106 • 2025 volatility driven by supply issues 105 104 105 • E.g. bird flu issues in Poland and Brazil 101 101 98 100 97 99 96 97 • Q1 seasonally weakest quarter 95 95 • Effect of Christmas season • Pricing up 2% compared to Q1 2025 • Curr
Slide 12: Ready-to-cook – Strong and broad organic growth
Ready-to-cook – Strong and broad organic growth Retail Net sales development, (MSEK) Net sales per country Lithuania (+151%) Finland (+5%) +7.5% 4% Sweden (+3%) +5.6% +4.4% 8% +4.6% 25% 1,964 2,108 1,915 1,915 2,000 1,861 1,922 1,965 1,887 1,804 1,912 2022 1,818 1,712 Ireland (+9%) 26% 1,759 1,671 2
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: 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 15: Ready-to-eat – Low result, positive outlook
Ready-to-eat – Low result, positive outlook • 10% growth in net sales MSEK Q1 2026 Q1 2025 R12M 2025 Net sales 708 646 2,846 2,785 • Driven by demand in food service and retail EBIT 19 31 86 97 • EBIT margin 2.7% (4.7%) EBIT margin, % 2.7% 4.7% 3.0% 3.5% Non-comparable items - - - - • Planned mainte
Slide 16: Ready-to-eat – Strong momentum
Ready-to-eat – Strong momentum Retail Net sales development, MSEK Net sales per country Finland (-7%) +12.5% Norway (+24%) 3% Sweden (+5%) +14.2% 230 +11.2% +11.6% 20% 25% 212 2022 195 193 201 185 193 172 172 2023 165 166 156 149 146 149 139 2024 135 2025 2026 52% Denmark (+8%) Q1 Q2 Q3 Q4 Foodservi
Slide 17: Ready-to-eat – Turning point from Q3 2025
Ready-to-eat – Turning point from Q3 ‘25 Ready-to-eat Net Sales (MSEK) • Strong organic growth last ten years • Set-back in 2023-1H 2025 MSEK 3,500 • General drop in European QSR demand post Covid 3,000 5.3x 2,949 2,873 2,785 2,846 • Loss of large continental European QSR contract 18% CAGR 2,601 2,5
Slide 18: Healthy market growth expected for breaded products
Healthy market growth expected for breaded products European Frozen Breaded Market(1) • Market players divided into tiers 550 523 509 500 488 • European players 450 445 466 424 • Regional players 400 401 411 • Local players 350 326 331 335 340 344 347 350 320 300 Ktonnes • Scandi Standard has been a
Slide 19: 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 Q3-25 after refurbishment • Increased capacity for popular Kebab products • Factory C being prepared for
Slide 20: 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 20
Slide 21: CFO Comments
CFO Comments
Slide 22: Q1 2026 P&L: Increased Sales and EBIT
Q1 2026 P&L MSEK Q1 Q1 Δ R12 2025 Increased Sales and EBIT 2026 2025 Net sales 3,684 3,376 9% 14,392 14,083 EBITDA 273 233 17% 1,088 1,047 • Net sales show a solid growth trajectory Depreciation -99 -100 -2% -411 -413 • EBIT 167 MSEK (124) Amortization -8 -9 -9% -34 -35 • Improved price, mix, as wel
Slide 23: Returns and Solidity
Capital Employed and ROCE Returns and Solidity Average Capital Employed, MSEK ROCE% 6,000 13.3% 14.0% 11.4% 12.0% 10.0% 4,000 • Improving ROCE reflects effective capital deployment 8.0% • Strong integration and value realization 2,000 4,503 4,871 6.0% • ROCE 13.3% (11.4%) 4.0% 2.0% 0 0.0% • Return o
Slide 24: Cash flow
MSEK Q1 2026 Q1 2025 R12 2025 Opening balance NIBD 2,032 1,935 2,032 1,935 Cash flow EBITDA 273 233 1,088 1,047 Change in working capital -57 14 -40 31 Net capital expenditure -133 -221 -695 -783 • OCF was 69 MSEK in the quarter Other operating items -15 -18 -49 -52 • Driven by strong EBITDA and low
Slide 25: Working capital remains stable
March 31, March 31, December Working capital MSEK Inventory 2026 916 2025 910 31, 2025 980 remains stable Trade receivables Trade payables 1,311 -1,570 1,125 -1,556 1,067 -1,498 Other working capital, net -785 -639 -719 Working capital -127 -160 -169 • 7% decrease in inventory vs YE • 1% increase vs
Slide 26: Cash flow guidance
Capital expenditure and Depreciation Cash flow guidance Capital expenditure (MSEK) Capex / Reported Depreciation & Amortization • Planning for 650 MSEK investments in 2026 800 1.5 • Increased chicken farming capacity in Lithuania 600 • Debottlenecking and increased capabilities 1.0 • Finalize the Ne
Slide 27: 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 28: 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 29: Our 2027 targets
Objectives and investment priorities Our 2027 targets 5-7% Organic >6 >15 We want to be the leading provider of high- Net 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 30: 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 31: Clear roadmap to >3 SEK EBIT/kg
Clear roadmap to > 3 SEK EBIT/kg EBIT/kg, SEK (GW) Ingredients RTC Target Climb the value ladder RTE Group Costs >3.00 • Balance supply to domestic fillet demand • Value creation through increased consumer 2.22 convenience 2.12 2.00 0.11 1.82 0.18 0.26 • Differentiation and branding opportunities 1.
Slide 32: Summary and outlook
Summary and outlook • Strengthened organic growth trend • Another material step in margin journey • Ready-to-cook – Strong improvement momentum • Ready-to-eat – Positive outlook after low period • Improvement programme continuing with full force • Supported by significant investments in 2026 • Well
Slide 33: Scandi Standard
«S Scandi Standard
Slide 34: Appendix
Appendix
Slide 35: Segment information by quarter
Segment information by quarter Ready-to-cook, MSEK 2019 2020 2021 2022 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Q1 2026 Net sales 7 467 7 619 7 611 8 674 9 577 2 441 2 546 2 536 2 399 9 923 2 600 2 706 2 873 2 604 10 783 2 850 Adjusted EBITDA 621 622 424 406 597
Slide 36: Other, MSEK
Other, MSEK 2019 2020 2021 2022 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Q1 2026 Net sales 381 411 377 496 564 125 118 129 127 499 130 128 137 121 516 127 Adjusted EBITDA 18 11 15 79 71 8 6 11 10 36 13 11 19 19 62 9 Depreciations -7 -4 -3 -3 -3 -1 -1 -1 -1 -4 -1
Slide 37: Commodity prices – Birds in Poland
Commodity prices – Birds in Poland Bird commodity prices (Minrol) SEK/kg EUR/kg • Live bird prices in Poland indication of 20 2.2 • Movement in commodity meat prices 2.0 15.9 16.1 1.8 • Raw material cost movements 15 15.0 13.6 13.5 13.9 1.6 1.41 13.3 1.38 • Strong increase in raw material prices dur
Slide 38: Ready-to-cook – Historic development
Ready-to-cook – RTC Net sales/kg and EBIT/kg Historic development 40 35 33.9 35.5 35.5 35.9 36.3 3.0 2.5 30 28.6 27.7 2.12 26.9 2.00 2.0 25 20 1.35 1.31 1.5 • Historic track record of strong growth and stable 15 1.18 0.97 1.0 margins 10 0.39 0.18 0.5 5 0 0.0 • Period of significant margin contractio
Slide 39: 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 40: 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 41: Continued focus on inventory management
Continued focus on inventory management Inventory Value (MSEK) & Finished products volume (K tonne) MSEK KTon • Inventory increased by 6 MSEK vs Q1 2025 1,800 20 18.5 17.6 • Continued Focus area 1,500 16.0 16.6 16.6 16.6 16.7 15.9 16.7 15.6 15.9 15.3 15.2 14.7 14.1 15 • Leverage flexibility in bird
Slide 42: 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 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: 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