Slide 1: Midsona Interim Report Quarter 1, 2026
MIDSONA INTERIM REPORT QUARTER 1, 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: This is Midsona: mission, vision and divisions
THIS IS MIDSONA MIDSONA’S MISSION, VISION AND DIVISIONS Mission: We provide healthy food for people and planet. Most of our products are plant- based or vegetarian and many are natural and organic. Vision: European leader in healthy and sustainable food. Net sales We are organized in 3 divisions wit
Slide 4: Q1 2026 Summary and Financial Highlights
Q1 2026 SUMMARY AND FINANCIAL HIGHLIGHTS Summary Financial highlights ● Organic sales decline, driven mainly by contract manufacturing and licensed brands, however partially offset by organic growth within own Net sales EBIT2 EBIT2 margin consumer brands which grew by 0,1%1 SEK 893 m SEK 45 m 5.0% ●
Slide 5: Division Highlights Q1
DIVISION HIGHLIGHTS Q1 Division Nordics ● An organic sales decline at -3,3%, driven by timing of launch window as well as promotional timing, partially mitigated by continued strong sales growth of own organic 2026 2025 vs LY brands Net Sales 563 598 -6% ● Strengthened gross margin with positive net
Slide 6: Portfolio Highlights Q1
PORTFOLIO HIGHLIGHTS Q1 Organic products ● Total organic growth continues at +5,5% ● Own organic brands driving the growth – marketing and innovation initiatives in the organic portfolio paying off across basically all geographies 56% ● Somewhat weaker growth on contract manufacturing, partly impact
Slide 7: Accelerating Friggs growth by tapping into protein
ACCELERATING FRIGGS GROWTH BY TAPPING INTO PROTEIN ▪ A new range taking the proposition one step further ▪ High-protein is one of the fastest-growing trends in healthy snacking ▪ Consumers increasingly seek snacks that combine taste, convenience and function ▪ Offering a natural and protein rich pro
Slide 8: Gross Margin (GM) Management Q1
GROSS MARGIN (GM) MANAGEMENT Q1 GM1 (vs YA) Status • Good net price management, with fairly stable raw material costs, driving margin Division expansion Nordics • Improved product mix with higher share of sales of own consumer brands contributing positively • Partial negative impact from higher tran
Slide 9: Update on restructuring program to accelerate margin improvement
UPDATE ON RESTRUCTURING PROGRAM TO ACCELERATE MARGIN IMPROVEMENT Restructuring program launched in Q4 to support margin growth towards financial target ● Continued profitable growth and strengthened gross margin obviously a key driver to achieve the targeted profitability improvement ● However, opti
Slide 10: A refined strategy for profitable growth
A REFINED STRATEGY FOR PROFITABLE GROWTH Our focus Our strategy Our targets Our mission A growth and purpose-driven Vision culture and organisation Invest European leader in Organic and healthy food behind selective healthy and sustainable food power brands Leverage strong local Win with our brands
Slide 11: 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 12: Financial review CFO Niclas Lundin
FINANCIAL REVIEW CFO NICLAS LUNDIN
Slide 13: Financial Summary
FINANCIAL SUMMARY MSEK Q1 2026 Q1 2025 Change Comments QTD Net Sales 893 937 -44 • Net Sales -4,7% vs LY, whereof organic growth -1,3%. GM%1 29,8% 28,6% 1,2% • GM% increased with 1.2 p.p., mainly from efficiency 1 EBIT 45 37 8 improvements, pricing and good sales mix (own consumer brands). EBIT%1 5,
Slide 14: Q1 Net Sales
Q1 NET SALES MSEK Net Sales change Organic growth2 by brand type 940 937 % of NS 930 Own Brands - consumer 0,1% 64% 920 -3.4% Own Brand - B2B -11,2% 6% 910 -32 900 -1,3% Licensed Brands -2,2% 9% 893 890 -12 Private Label -1,9% 21% - 44 (-4,7%) 880 1 2 Q125 Structure FX Organic Q126 1) Impact from ef
Slide 15: Q1 EBIT
Q1 EBIT1 SEK million SEK million EBIT1 change EBIT1 trend 60 50 160 45 45 140 50 0,3 40 38 1,8 45 37 11,3 120 -0,6 5.0% 35 40 37 Cost 100 reduction 30 30 -5 GM 25 80 3.9% Organic +1,2 p.p; 20 growth 60 Pricing , 20 good mix, -1,3% 15 improved 40 efficiency 10 10 +11 (+1.3 p.p.) 20 5 0 0 0 2 Q1 2024
Slide 16: Q1 Cash Flow from Operating Activities
Q1 CASH FLOW FROM OPERATING ACTIVITIES SEK million SEK million QTD Cash flow1 breakdown Cash flow1 trend 160 300 160 140 140 13 250 120 120 19 100 94 D&A 19 -15 100 200 80 80 60 -38 60 150 40 35 34 40 21 34 21 100 Net Working Capital -77 (-20) 20 20 0 -60 0 50 -20 -40 0 Q1 2024 Q2 2024 Q3 2024 Q4 20
Slide 17: 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 2,5 800 804 22% 781 543 2,1 525 20% 500 501 700 2,0 17% 17% 656 451 447 626 628 634 633 1,5 433 600 407 575 575 400 15% 1,5 500 300 299 400 264 10% 1,0 300 200 408 0,9 375 389 337
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