Slide 1: Midsona Interim Report Quarter 3, 2024
Midsona Interim Report Quarter 3, 2024
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 2023 annual and sustainability report for a better understanding of these risks and un
Slide 3: Q3 2024 summary and financial highlights
Q3 2024 summary and financial highlights Summary Financial highlights Net sales EBIT1 EBIT1 margin • Organic growth of +3% SEK 919 m SEK 32 m 3,5% • Complexity reduction (SEK 923 m) (SEK 18 m) (2,0%) +2,6% organic change +14 m +1,5 p.p. • Improved EBIT • Gross Profit margin strengthened considerably
Slide 4: Portfolio highlights
Portfolio highlights Organic products ● Organic growth of 2% ● Strong growth for brands Helios and Davert 52% ● Private label continues to grow strongly driven by buoyed customer and consumer demand. Health foods ● Organic growth of -4% ● Growth for key brand Friggs. 30% ● Private label decline due
Slide 5: Division highlights
Division highlights Division Nordics ● Division Nordic – slightly declining sales 24 23 vs PY ● Friggs continued to grow. Net Sales 609 618 -1,5% ● Mixed picture for organic products. Solid growth for Helios 66% EBIT1 66 49 +35% ● Improved EBIT and EBIT-margin Division North ● Growth for division No
Slide 6: Gross margin (GM) management
Gross margin (GM) management GM1 improvement (vs YA) Status • Price management • Improved production efficiency in Mariager and Tilst plants Nordics • Discontinuation of low margin Private Label contracts (mainly Denmark) • Discontinuation of low margin licensed brands • Price management • Improved
Slide 7: Innovation – new Davert spreads
Innovation – new Davert spreads • Growing segment in Germany • Expanded production • New innovative variants • Organic • Vegan 7
Slide 8: Innovation – new Gainomax bars
Innovation – new Gainomax bars • Soft context • No added sugar • Taste and indulgence • More appealing new design • Modernized logotype 8
Slide 9: Our Strategy
Our Strategy A growth and purpose centered Culture and organisation Our Focus wy Organic « healthy food © Win with our brands ve q Selected geographic markets, Our Strategy One organic powerhouse Efficiency and harmonisation Our Goal Vision: European leader in healtiyy and sustainable foods © Our fi
Slide 10: Our Financial Targets
Our Financial Targets Profitable growth Higher margins 3-5 % >8% Organic sales growth Group EBIT1 margin by year-end 2027 Brands >5% • Increased sales share of own brands • Midsona consumer brands stands for ~ 60% of company • Strong cost synergies from group-wide sourcing and specialised sales (202
Slide 11: Financial review CFO Max Bokander
Financial review CFO Max Bokander
Slide 12: Financial Summary Q3
Financial Summary Q3 MSEK Q3 2024 Q3 2023 YTD 2024 YTD 2023 Comments QTD Net Sales 919 923 2 766 2 790 GM%1 28,0% 25,7% 28,6% 26,1% • Net Sales -0,4,% vs LY EBIT1 32 18 92 38 • GM% +2,3 p.p. vs LY EBIT%1 3,5% 2,0% 3,3% 1,4% IAC 0 -9 0 -28 Net financing costs -13 -20 -41 -49 • EBIT +14 m vs LY (+77%)
Slide 13: Q3 Net Sales
Q3 Net Sales MSEK Net Sales change Organic growth2 by brand type % of NS Own Brands - consumer 0,2% 62% Own Brand - B2B -5,0% 7% -0,5% +2,6% -2,5% Private Label 6,6% 20% -0,4% Licensed Brands 19,2% 11% 1 2 1) Divested brands Kan Jang and Artic Root 2) Sales growth adjusted for changes in exchange ra
Slide 14: Q3 EBIT1
Q3 EBIT1 MSEK MSEK EBIT1 change EBIT1 trend 40 120 35 32 100 30 GM +2,3 p.p. 32 25 80 20 18 60 18 15 10 10 40 +14M (+77%) 5 20 0 -5 0 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 QTD R12 1) Before items affecting comparability 14
Slide 15: Q3 Cash Flow from operating activities
Q3 Cash Flow from operating activities MSEK MSEK QTD Cash flow1 breakdown Cash flow1 trend 180 400 160 350 140 300 120 Depreciation 12m 100 250 87 Amortization 12m 80 Lease 200 depreciation 15m 42 60 42 Other 9m 40 150 29 20 100 19 NWC – 23m in cash effect, 0 but balance still lower than LY (17m) 50
Slide 16: Available cash and Net Debt
Available cash and Net Debt MSEK Available Cash MSEK Net Debt and X 800 20% 1 600 Net Debt / adj. EBITDA2 8,0 740 18% 1 475 700 708 1 400 7,4 7,0 651 15% 16% 626 600 575 575 1 200 6,0 13% 14% 500 507 11% 12% 1 000 5,0 446 434 400 10% 800 4,0 774 773 721 4,0 8% 1 311 678 300 600 3,0 543 525 6% 496 50
Slide 17: Q&A
Q&A