Slide 1: Midsona Interim Report Quarter 4, 2025
Midsona Interim Report Quarter 4, 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: 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. We are organized in 3 divisions with 697 Net
Slide 4: Q4 2025 summary and financial highlights
Q4 2025 summary and financial highlights Summary Financial highlights • Organic sales growth driven by own consumer brands Net sales EBIT2 EBIT2 margin which grew by 5.9%1 • Organic sales growth of own consumer brands SEK 933 m SEK 47 m 5.0% across all three divisions (SEK 961 m) (SEK 36 m) (3.7%) •
Slide 5: Full Year 2025 summary and financial highlights
Full Year 2025 summary and financial highlights Summary Financial highlights • Slight organic net sales decline albeit improved growth Net sales EBIT2 EBIT2 margin rate vs. prior year • Own consumer brands contributing positively with SEK 3 630 m SEK 133 m 3.7% an organic growth of 1.4% (SEK 3 727 m
Slide 6: Division highlights Q4
Division highlights Q4 Division Nordics ● Organic sales growth of 0.7% driven by own consumer brands at +6.2% in the quarter ● Continued strong sales growth of own organic brands and own health food brands now 2025 2024 vs PY also back in growth after the change in business model to central distribu
Slide 7: Portfolio highlights Q4
Portfolio highlights Q4 Organic products ● Total organic growth at +3.2% ● Own organic brands driving the growth with 7.8% organic growth in the quarter – marketing and innovation initiatives in the organic portfolio paying off 56% ● Somewhat weaker growth on contract manufacturing, partly impacted
Slide 8: Continuing to develop products and brands for growth
Continuing to develop products and brands for growth Friggs – continuing the growth Urtekram Beauty – new range Optimized organic assortment Friggs extended the taste profile further with a With inspiration from the Nordic heritage and nature An ongoing effort to optimize the assortment across papri
Slide 9: Gross margin (GM) management Q4
Gross margin (GM) management Q4 GM1 (vs YA) Status • Healthy product mix and margin management as well as production efficiency contributing positively Nordics • Y-o-y decline largely explained by category mix and a somewhat increased promotional cost • Sales mix continued to impact positively with
Slide 10: 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 11: Short term priorities
Short term priorities Successful full implementation of the restructuring program to support margin growth 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 structure for a
Slide 12: Financial review CFO Max Bokander
Financial review CFO Max Bokander
Slide 13: Financial Summary
Financial Summary Comments QTD MSEK Q4 2025 Q4 2024 FY 2025 FY 2024 • Net Sales -2.9% vs LY Net Sales 933 961 3 630 3 727 GM%1 28,6% 28,9% 28,5% 28,7% • GM% declined with 0.3 p.p., mainly from timing of 1 EBIT 47 36 133 128 campaign discounts/bonuses EBIT%1 5,0% 3,7% 3,7% 3,4% IAC -6 0 -75 0 • EBIT
Slide 14: Q4 Net Sales
Q4 Net Sales MSEK Net Sales change Organic growth2 by brand type 980 970 % of NS 961 960 Own Brands - consumer 5,9% 62% 950 940 +0.7% 6 933 Own Brand - B2B -13,2% 5% 930 -34 920 -3.6% Private Label -0,8% 23% 910 900 890 Licensed Brands -15,3% 10% - 28 (-2.9%) 880 2024 Structure 1 FX Organic 2 2025 1
Slide 15: Q4 EBIT
Q4 EBIT1 SEK million SEK million EBIT1 change EBIT1 trend 60 50 140 47 45 13 120 50 47 40 -1 -1 36 improved efficiency and 35 100 good cost 5.0% 40 2 36 control 30 -2 80 Organic 30 GM 25 3.7% growth 22 +0.7% -0.3 p.p. 60 20 20 15 40 10 10 20 5 +11 (+1.3 p.p.) 0 0 0 2 Q4 2023 Q1 2024 Q2 2024 Q3 2024
Slide 16: Q4 Cash Flow from operating activities
Q4 Cash Flow from operating activities SEK million SEK million QTD Cash flow1 breakdown Cash flow1 trend 200 32 180 400 180 100 160 157 350 160 141 140 141 140 -58 120 300 120 98 100 250 100 80 14 80 200 24 60 D&A 22 -4 60 40 33 Other 2 40 150 20 Net Working Capital +74 (+27) 20 100 0 0 50 -20 -40 0
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 2,3 800 543 781 22% 525 20% 500 496 501 700 2,0 17% 651 17% 656 451 447 626 628 634 633 433 600 1,6 407 575 575 400 15% 1,5 500 300 299 400 10% 1,1 1,0 300 200 408 389 364 375
Slide 18: Q&A
Q&A