Slide 1: Midsona Interim Report Quarter 2, 2025
Midsona Interim Report Quarter 2, 2025
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 2024 annual and sustainability report for a better understanding of these risks and un
Slide 3: This is Midsona
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. We are organized in 3 divisions with 764 Net
Slide 4: Q2 2025 summary and financial highlights
Q2 2025 summary and financial highlights Summary Financial highlights • Disappointing sales development1 Net sales EBIT1 EBIT1 margin • Adjusted for trading days and easter effect a flat organic sales development SEK 865 m SEK 4 m 0.5% • Own brands with 3% sales decline (SEK 918 m) (SEK 22 m) (2.4%)
Slide 5: First half year 2025 summary and financial highlights
First half year 2025 summary and financial highlights Summary Financial highlights • Modest sales decline1 Net sales EBIT2 EBIT2 margin • Strong start to the year on own consumer health brands SEK 1 802 m SEK 41 m 2.3% • Own organic brands contributing positively in Q2 (SEK 1 847 m) (SEK 60 m) (3.2%
Slide 6: Division highlights Q2
Division highlights Q2 Division Nordics ● Weak organic sales development, partly driven by loss of two Licensed brands ● Own brands -2.9% mainly driven by a change in business model on one Health foods 2025 2024 vs PY brand going from direct to central distribution Net Sales 533 591 -10% 61% EBIT1 2
Slide 7: Portfolio highlights Q2
Portfolio highlights Q2 Organic products ● Organic growth of 7% ● Own organic brand portfolio with improved trajectory now growing 1% ● Continued strong growth for private label 59% ● Improved listings in several geographies supporting positive sales trend Health foods ● Organic decline of 10% ● New
Slide 8: Gross margin (GM) management Q2
Gross margin (GM) management Q2 GM1 (vs YA) Status • Slightly negative product mix with lower sales of Consumer health and Health foods Nordics • Production efficiency in Denmark impacted negatively by lower production volumes • Terminated private label contracts impacting positively • Unfavorable m
Slide 9: Fire in Castellcir plant in Spain (Division South)
Fire in Castellcir plant in Spain (Division South) Early morning July 7 a fire erupted in the plant in Spanish Castellcir, part of Division South ▪ Through swift action by our staff and local fire authorities the fire was contained to part of the plant and most importantly no one was hurt ▪ The fire
Slide 10: We accelerate the strategy implementation
We accelerate the strategy implementation 10
Slide 11: Short term priorities
Short term priorities Ensure full operation of indirectly impacted Spanish business and re- establish sourcing of directly impacted products Regain growth momentum in Nordics leveraging positive trend on own organic brands Leverage positive growth momentum in North to drive margins and profit growth
Slide 12: Financial review CFO Max Bokander
Financial review CFO Max Bokander
Slide 13: Financial Summary
Financial Summary MSEK Q2 2025 Q2 2024 YTD 2025 YTD 2024 Comments QTD Net Sales 865 918 1 802 1 847 • Net Sales -5.7% vs LY GM%1 28,1% 28,9% 28,4% 28,9% EBIT1 4 22 41 60 • GM% declined with 0.8 p.p., mainly from EBIT% 1 0,5% 2,4% 2,3% 3,2% negative mix IAC -11 0 -24 0 Net financing costs -9 -14 -19
Slide 14: Q2 Net Sales
Q2 Net Sales MSEK Net Sales change Organic growth2 by brand type 940 930 % of NS 920 918 Own Brands - consumer -2,5% 63% 910 -2.0% 900 Own Brand - B2B -20,2% 6% -19 890 880 Private Label 18,8% 23% -3.7% 870 865 -34 860 Licensed Brands -23,5% 8% - 53 (-5.7%) 850 2024 Structure 1 Organic 2 FX 2025 1)
Slide 15: Q2 EBIT
Q2 EBIT1 SEK million SEK million EBIT1 change EBIT1 trend 25 40 4,0% 22 35 3,5% 20 Organic 30 decline 3,0% -2.0% 25 22 2,5% 15 -6 20 GM 2,0% 2.4% -0.8 p.p. 15 10 1,5% -7 10 -1 -1 5 4 1,0% 5 4 -3 0 0,5% -18 (-1.9 p.p.) 0.5% -1 0 -5 0,0% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Slide 16: Q2 Cash Flow from operating activities
Q2 Cash Flow from operating activities SEK million SEK million QTD Cash flow1 breakdown Cash flow1 trend 80 180 400 70 160 350 60 140 300 50 120 14 40 100 250 30 44 -4 80 200 20 Depreciation 12 24 60 Amortization 40 150 10 5 12 Other 10 17 0 -13 20 5 100 0 -10 -44 50 -20 -20 -16 -19 NWC -33 in cash
Slide 17: New financing agreement with Nordea
New financing agreement with Nordea Midsona signed a new financing agreement with Nordea the 23rd of June, which replaces earlier financing agreements from Danske Bank and Svensk Export Credit. • The agreement consists of total credit facilities of SEK 950 million, comprising of • a loan facility of
Slide 18: Available cash and Net Debt
Available cash and Net Debt SEK million Available Cash 1 SEK million Net Debt and X 700 20% 900 4,7 Net Debt / adj. EBITDA 2,3 5,0 651 626 628 634 17% 633 18% 600 800 4,5 575 575 773 15% 16% 4,0 700 500 507 678 14% 3,5 446 600 12% 12% 400 543 3,0 525 500 496 501 10% 2,3 451 447 2,5 300 400 407 8% 1,
Slide 19: Q&A
Q&A