Aak Ab · OMXSTO:AAK
Aak Ab — Q4 2025 Earnings Presentation
16 slides from Aak Ab's earnings presentation, Feb 5, 2026
Slide 1: Conference Call – Interim report, Q4 2025
Conference Call Interim report, Q4 2025 1
Slide 2: Table of content
Table of content 1. Quarterly highlights 2. Selected events 3. Business & financial update 4. Concluding remarks 5. Q&A 2
Slide 3: Forward-looking statements
Forward-looking statements This presentation includes forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. This presentation contains several forward-looking statements inclu
Slide 4: Solid results in demanding market conditions
Quarterly highlights | Selected events | Business & financial update | Concluding remarks | Q&A Solid results in demanding market conditions Highlights Q4 2025 Key financials Q4 2025 • Operating profit growth: +7% at fixed FX and excluding the Hillside divestment. Volume Operating profit • Volumes d
Slide 5: Selected events
Quarterly highlights | Selected events | Business & financial update | Concluding remarks | Q&A Selected events FairWild certification for AAK wins Ingredient AAK earns 16 AAK countries Kolo Nafaso – a first for of the Year 2025 Leadership score in certified as a Great shea CDP environmental Place t
Slide 6: Food Ingredients
Quarterly highlights | Selected events | Business & financial update | Concluding remarks | Q&A Food Ingredients Operating profit SEK million SEK million 800 4,000 Volume Net sales Operating profit Operating profit ‘000 MT SEK million per kilo SEK SEK million 600 3,000 0% 0% 0% 0% 400 2,000 311 312
Slide 7: Chocolate & Confectionary Fats
Quarterly highlights | Selected events | Business & financial update | Concluding remarks | Q&A Chocolate & Confectionary Fats Operating profit SEK million SEK million 600 2,500 Volume Net sales Operating profit Operating profit ‘000 MT SEK million per kilo SEK SEK million 2,000 400 -4% +7% +5% +1%
Slide 8: Technical Products & Feed
Quarterly highlights | Selected events | Business & financial update | Concluding remarks | Q&A Technical Products & Feed Operating profit SEK million SEK million 150 400 Volume Net sales Operating profit Operating profit ‘000 MT SEK million per kilo SEK SEK million 300 100 -5% -16% -2% -7% 200 80 6
Slide 9: Free cash flow pressured by seasonal sourcing and raw material mix
Quarterly highlights | Selected events | Business & financial update | Concluding remarks | Q&A Free cash flow pressured by seasonal sourcing and raw material mix Cash flow Q4 2025 Comments 1.453 493 AR • Cash flow from operating activities was 120 Other positive in the fourth quarter, resulting -80
Slide 10: Return on Capital Employed (ROCE) remains above 20%
Quarterly highlights | Selected events | Business & financial update | Concluding remarks | Q&A Return on Capital Employed (ROCE) remains above 20% % ROCE end Q4 2025* 24 22 20.9 20,9% 20 18 16 14 EBIT LTM Capital 12 employed* 10 SEK 4,925 SEK 23,513 8 million 6 million 4 2 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 11: Continued strong balance sheet
Quarterly highlights | Selected events | Business & financial update | Concluding remarks | Q&A Continued strong balance sheet Net debt/EBITDA* Net debt/EBITDA 2.00 1.50 1.00 0.60 0.50 0.00 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 22 23 23 23 23 24 24 24 24 25 25 25 25 * EBITDA calculated on rolling 1
Slide 12: Capital allocation to drive shareholder value creation
Quarterly highlights | Selected events | Business & financial update | Concluding remarks | Q&A Capital allocation to drive shareholder value creation - via sustainable and profitable long-term growth 1 Investing for growth 2 Acquisitions 3 Return to shareholders .1 Ordinary dividend: Primary means
Slide 13: Making Better Happen means past success never slows us down — it raises the bar
Quarterly highlights | Selected events | Business & financial update | Concluding remarks | Q&A Making Better Happen means past success never slows us down — it raises the bar 5-year CAGR of +20%, well above long-term financial target With underlying 2025 operating profit growth of +9% ‘000 SEK ‘000
Slide 14: Solid results in demanding market conditions
Quarterly highlights | Selected events | Business & financial update | Concluding remarks | Q&A Solid results in demanding market conditions • Operating profit increased by 7% at fixed exchange rates and excluding the Hillside divestment. • Volumes declined with 2% YoY, excluding the Hillside divest
Slide 15: Q&A
Q&A 15
Slide 16: Making Better Happen
Everything we do is about Making Better HappenTM 16