Slide 1: Scandi Standard Q4 2025 presentation
Scandi Standard Q4 2025 presentation Net Sales and EBIT margin Net sales EBIT margin 4% Ready-to-cook (+9%) Adj. EBIT margin 20% Ready-to-eat (+7%) Net sales (MSEK) Other (+3%) 16 000 8% 7.2 % CAGR 14 083 14 000 13 014 13 024 7% 12 119 77% 12 000 6% 8 707 9 891 9 940 10 101 10 000 4.4 % 4.1 % 4.5 %
Slide 2: Q4 2025: Strong growth in net sales and margin
Q4 2025: Strong growth in net sales and margin Q4 Q4 • 9% growth in net sales MSEK 2025 2024 • Driven by substitution from other proteins Net sales 3,441 3,170 EBITDA 271 219 • 46% increase in EBIT – margin up to 4.5% EBITDA margin % 7.9% 6.9% • Solid improvements in Ready-to-cook Non-comparable ite
Slide 3: Growth and value drivers
Growth and value drivers Responsible, Convenient, safe and versatile nutritious and tasteful Growth & value Affordable because it’s sustainable
Slide 4: Increasing substitution from other proteins
Increasing substitution from other proteins Poultry consumption Nordics & Ireland k tonnes 1,000 3.0% • 3% volume CAGR in the Nordics and Ireland 800 600 • >50% growth from 2010-2025 400 200 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E • Strong substitution driv
Slide 5: Chicken is an affordable product
Chicken is an affordable Relative pricing to consumer product 500 400 SEK per kg 300 200 • Price has always been important for consumers 100 • Chicken affordable across segments 0 • Fillets also competitively priced vs. average, and Low end cut Average cut High end cut low-end cuts of other proteins
Slide 6: Increasing the value of our protein
Increasing the value of our protein EBIT SEK/kg (GW) Ingredients RTC Target RTE Corp >3.00 • EBIT/kg good measurement of value creation 2.00 2.03 • Positive momentum towards 2027 target 1.82 0.19 0.24 1.69 0.11 0.32 1.55 0.35 0.25 • Q4 2025 EBIT/kg 2.03 SEK/kg (1.55) 0.53 0.14 • 31% increase vs Q4 2
Slide 7: Q4 2025: Material progress in Ready-to-cook
Q4 2025: Material progress in Ready-to-cook Change in Adj. EBIT Net sales Q4 2025 per segment (% change vs LY in parenthesis) 220 200 4% Sweden (+10%) 180 7% 57 Denmark (+11%) 160 5 156 27% 140 -13 Norway2 (-18%) 120 107 22% Ireland (+11%) 100 80 Finland (-6%) 60 Lithuania (+2528%) 40 13% 26% 20 0 A
Slide 8: Sustainability scorecard
Sustainability scorecard LTI per million hours worked Use of antibiotics (% of flocks treated) Animal welfare indicator (Foot Pad Score) 34.0 10.6 10.4 14.9 28.8 9.3 8.8 24.1 25.4 25.1 7.6 22.5 23.3 21.1 6.6 6.2 9.9 9.9 9.3 20.3 6.5 19.5 5.7 8.3 8.3 8.6 13.9 14.9 4.5 6.5 6.2 4.9 4.4 5.0 2.5 1.6 Q1 Q
Slide 9: Ready-to-cook – Another solid step forward
Ready-to-cook – Another solid step forward • 9% increase in net sales MSEK Q4 2025 Q4 2024 2025 2024 • 11% increase in chicken processed (GW) Net sales 2,604 2,399 10,783 9,923 EBIT 120 63 487 368 • Positive volume and price/mix effects EBIT margin, % 4.6% 2.6% 4.5% 3.7% Non-comparable items - - - -
Slide 10: Minor softening of feed prices
Minor softening of feed Feed price development (Index vs avg 2020) FC Q1 prices Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 22 22 22 22 23 23 23 23 24 24 24 24 25 25 25 25 26 Feed 143 165 161 159 156 146 139 136 134 134 130 129 130 131 129 126 124 price • Feed ~1/3 of cost base level Feed compos
Slide 11: Increased export prices
Increased export prices Export price achievement - Development 106 105 105 104 • Up 4% compared to Q4 2024 101 101 100 • Slight decrease compared to Q3 2025 97 98 96 96 98 95 • Expecting volatile pricing in 2026 • Efforts to improve our market performance • Long-term partnerships with prioritized cu
Slide 12: Ready-to-cook – Strong and broad organic growth
Ready-to-cook – Strong and broad organic growth Retail Net sales development, (MSEK) Net sales per country Lithuania (+2533%) +7.2% Finland (-6%) +5.9% +8.2% 5% +5.7% 8% Sweden (+10%) 1,915 1,915 27% 1,861 1,964 1,965 2,000 1,804 1,922 1,887 1,912 1,818 1,759 1,712 2021 1,668 1,671 1,575 1,581 1,562
Slide 13: Leading positions in five domestic markets
Leading positions in five domestic markets • Strong consumer preference for domestic produce Market position • Each country highly consolidated 3 1 NAAPURIN • Large hurdle for new entrants MAALAISKANA 1 FINLAND DEN STOLTE • Requirement for domestic footprint HANE NORWAY KRONFÅGEL • Long term relatio
Slide 14: Main Ready-to-cook Plants
Main Ready-to-cook Plants Ready-to-cook Title Five Title Six Sweden Norway Finland Valla Title Two Jæren Title Three Lieto Our online marketing and search Our online marketing and search optimization services were designed. optimization services were designed. Chickens per year: 50 million Chickens
Slide 15: Ready-to-eat – Gradual margin recovery underway
Ready-to-eat – Gradual margin recovery underway • 11% growth in net sales MSEK Q4 2025 Q4 2024 2025 2024 Net sales 716 644 2,785 2,601 • Driven by strong recovery in food service demand EBIT 27 40 97 148 • Significant drop in EBIT vs. Q4 2024 EBIT margin, % 3.7% 6.2% 3.5% 5.7% Non-comparable items -
Slide 16: Ready-to-eat – Strong recovery in Foodservice
Ready-to-eat – Strong recovery in Foodservice Retail Net sales development, MSEK Net sales per country Finland (-7%) Norway (+18%) 3% +13.1% +14.1% Sweden (+7%) +14.3% 212 +11.9% 17% 26% 195 193 201 185 193 2021 172 165 166 172 149 149 156 2022 146 139 135 2023 123 125 123 114 2024 2025 54% Denmark
Slide 17: Ready-to-eat – Turning point from Q3 '25
Ready-to-eat – Turning point from Q3 ‘25 Ready-to-eat Net Sales (MSEK) • Strong organic growth last ten years • Set-back in 2023-1H 2025 MSEK 3,500 • General drop in European QSR demand post Covid 3,000 5.3x 2,949 2,873 2,785 • Loss of large continental European QSR contract 18% CAGR 2,601 2,500 • S
Slide 18: Healthy market growth expected for breaded products
Healthy market growth expected for breaded products European Frozen Breaded Market(1) • Market players divided into tiers 550 523 509 500 488 • European players 450 445 466 424 • Regional players 400 401 411 • Local players 350 326 331 335 340 344 347 350 320 300 Ktonnes • Scandi Standard has been a
Slide 19: Acquisition takes Scandi Standard breaded activities to the top tier
Acquisition takes Scandi Standard breaded activities to the top tier • Oosterwolde plant acquired Q1 2025 in idle state • Fire in Factory B under previous ownership (1) • Start-up of Factory A in Q3 after refurbishment • Increased capacity for popular Kebab products • Factory C being prepared for 1H
Slide 20: Main Processing Plants
Main Processing Plants Ready-to-eat Denmark Netherlands Norway Finland Farre Oosterwolde Stokke Honkajoki Stokke Honkajoki Annual Capacity: 50 kt Annual Capacity: 50 kt Annual Capacity: 5 kt Annual Capacity: 1 kt 20
Slide 21: CFO Comments
CFO Comments
Slide 22: Q4 2025 P&L Increased Sales and EBIT
Q4 2025 P&L MSEK Q4 Q4 Δ 2025 2024 Increased Sales and EBIT 2025 2024 Net sales 3,441 3,170 9% 14,083 13,024 EBITDA 273 219 24% 1,047 931 • Net sales above LY driven by volume, mix, and Depreciation -111 -106 4% -413 -388 price Amortization -9 -9 2% -35 -37 • EBIT 156 MSEK (107) Operating income EBI
Slide 23: Returns and Solidity
Capital Employed and ROCE Returns and Solidity Average Capital Employed, MSEK ROCE% 6,000 12.5% 14.0% 11.8% 12.0% 10.0% 4,000 • Improving ROCE in spite of effect of 8.0% 6.0% 4,687 5,004 acquisition ramp-up 2,000 4.0% • ROCE 12.5% (11.8%) 2.0% 0 0.0% Q4 2024 Q4 2025 • Return on equity 13.9% (11.0%)
Slide 24: Cash flow
MSEK Q4 2025 Q4 2024 2025 2024 Opening balance NIBD 2,192 1,696 1,935 1,571 Cash flow EBITDA 273 219 1,047 931 Change in working capital 64 27 31 -62 Net capital expenditure -132 -111 -783 -367 Other operating items -8 -8 -52 -59 • OCF was 197 MSEK in the quarter, driven by strong Operating cash flo
Slide 25: Working capital remains stable and low
December 31, December 31, Working capital remains MSEK Inventory 2025 980 2024 959 stable and low Trade receivables Trade payables 1,067 -1,498 1,043 -1,532 Other working capital, net -719 -604 Working capital -169 -135 • 2% increase in inventory vs YE • Returning to normalized level from historical
Slide 26: Cash flow guidance
Capital expenditure and Depreciation Cash flow guidance Capital expenditure (MSEK) Capex / Reported Depreciation & Amortization • CAPEX 2025 amounts to 447 MSEK, excluding the 800 1.5 acquisitions in the Netherlands, and Lithuania 600 1.0 400 650 • Planning for 650 MSEK investments in 2026 200 371 4
Slide 27: Ensuring welfare - Cornerstone in license to operate
Ensuring welfare - Cornerstone in license to operate Responsible Nutritious Safety, health Health and wellbeing Responsible animal welfare and wellbeing of of our consumers our animals • Rearing mortality • Antibiotics use, foot pad scores and transport mortality Welfare • Primary data from growers
Slide 28: Strategic pillars to achieve our goals
Strategic pillars to achieve our goals Ramp up Build a winning our efficiency culture together – end-to-end
Slide 29: Our 2027 targets
Objectives and investment priorities Our 2027 targets 5-7% Organic Net >6 >15 We want to be the leading provider of high- sales ROCE % growth p.a. % EBIT quality and sustainable chicken, setting the industry standard for excellence in animal welfare, environmental responsibility, and customer satisf
Slide 30: Structured approach receiving recognition
Structured approach receiving recognition Sustainability focus areas ESG ratings Focused work with transparency has Value chain focus (Scope 1-3) led to significant improvements in farm to fork with focus on data quality, target investor ESG ratings. setting and reduction initiatives. Rating framewo
Slide 31: Clear roadmap to >3 SEK EBIT/kg
Clear roadmap to > 3 SEK EBIT/kg EBIT SEK/kg (GW) Ingredients RTC Target Climb the value ladder RTE Corp >3.00 • Balance supply to domestic fillet demand • Value creation through increased consumer convenience 2.00 2.03 • Differentiation and branding opportunities 1.82 0.19 0.24 1.69 0.32 1.55 • Uti
Slide 32: Summary and outlook
Summary and outlook • Strengthened organic growth trend • Another material step in margin journey • Performance in Ready-to-cook progressing well • Gradual recovery expected in Ready-to-eat • Preparing capacity for long term growth • Increasing dividend by 32% • Well positioned for further consolida
Slide 33: Scandi Standard
«S Scandi Standard
Slide 34: Appendix
Appendix
Slide 35: Segment information by quarter
Segment information by quarter Ready-to-cook, MSEK 2019 2020 2021 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Net sales 7,467 7,619 7,611 8,674 2,373 2,495 2,431 2,278 9,577 2,441 2,546 2,536 2,399 9,923 2,600 2,706 2,873 2,604
Slide 36: Other, MSEK
Other, MSEK 2019 2020 2021 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Net sales 381 411 377 496 146 142 143 134 564 125 118 129 127 499 130 128 137 121 516 Adjusted EBITDA 18 11 15 79 24 25 12 10 71 8 6 11 10 36 13 11 19 19 62
Slide 37: Ready-to-cook – Historic development
Ready-to-cook – Net sales and EBIT/kg (GW) Historic development 50 46.8 2.50 40 33.9 35.5 35.5 2.00 28.6 27.7 2.00 30 26.9 1.50 20 1.35 1.31 1.00 1.18 0.97 • Historic track record of strong growth and stable 10 0.50 margins 0 0.39 0.18 0.00 2019 2020 2021 2022 2023 2024 2025 Net sales/kg EBIT/kg • P
Slide 38: Successful start-up of acquired low-cost RTC platform in Lithuania
Successful start-up of acquired low-cost RTC platform in Lithuania • 20-25 kt (GW) state of the art processing plant (1) • Best in class cost position • Fully integrated business model (2) • Allow control of cost, welfare and food safety • Recent acquisition of farms accelerating process (3) • Plann
Slide 39: Lithuania + Breaded RTE Well positioned to gain market share
Lithuania + Breaded RTE Well positioned to gain market share • Low cost and high quality - End-to-end • Low feed, labour and slaughtering cost • Quality control of RTC value chain • Efficient logistics • State-of-the-art breaded capability • Scalable platform • Lithuania slaughter capacity highly fl
Slide 40: Continued focus on inventory management
Continued focus on inventory management • Inventory increased by 21 MSEK vs Q4 2024 Inventory Value (MSEK) & Finished products volume (K tonne) MSEK KTon • Returned to normalized level from historical lows in previous quarters 1,800 18.7 20 18.5 17.6 16.6 16.6 16.6 16.7 16.7 1,500 16.0 15.9 15.6 15.
Slide 41: Sustainability-linked financing
Sustainability-linked financing • Highly competent bank group • 5-year tenor to Q3 2029 • Amount and flexibility to facilitate organic and strategic growth • Amount ~3.2bn SEK • Accordion option of up to 1.5bn SEK • Main covenants • NIBD/EBITDA < 4.0x (1) • Interest cover > 3.5x • Strengthened link
Slide 42: 2030 Sustainability Goals – the foundation for a future-proof company
2030 Sustainability Goals – the foundation for a future-proof company Goal Key Performance Indicators Target 2030 • Critical complaints and recalls • 0 Integrated sustainability is a cornerstone of Providing local, healthy, safe • Quality & Food Safety Survey • Response rate >90%, scoring >75% Scand
Slide 43: Chicken feed composition and substitutes
Chicken feed composition and substitutes Standard feed % Low-range High-range Main substitutes Main origin Wheat 54% 40% 63% Maize, oats Local, EU Soy 22% 11% 27% Peas, beans, high protein vegetable South America products Maize 10% 0% 10% Wheat, oats EU Fats 4% 4% 4% N.a. Local, EU Grain bi-products
Slide 44: Price segments
Price segments Meat High end cut Average cut Low end cut Breast fillet Drumstick Chicken legs & wings Chicken Thigh fillet Minced (chicken) Pork tenderloin Pork spare ribs Pork chops Pork Pork loin Minced (pork) Filet mignon Beef Round & Chuck Stew pieces Beef Entrecote Beef Sirloin Minced (Beef)
Slide 45: Useful links and conversions
Useful links and conversions Commodity prices • Wheat CBOT • Soy CBOT • Maize CBOT • Rape seed ZMP Ross 308 chicken conversions • Live Weight to GW 0.72 • Live Weight to edible meat ~0.4
Slide 46: Forward looking statements
Forward looking statements This presentation contains various forward-looking statements that reflect management’s current views with respect to future events and financial and operational performance. The words “believe,” “expect,” “anticipate,” “intend,” “may,” “plan,” “estimate,” “should,” “could