Slide 1: Scandi Standard Q2 2026 presentation
Scandi Standard Q2 2026 presentation Net Sales and EBIT margin Net sales (% change vs LY in parenthesis)
Slide 2: Q2 2026: Margins continuing to improve
Q2 2026: Margins continuing to improve Q2 Q2 • 4% growth in net sales – Strong demand MSEK 2026 2025 Net sales 3,691 3,543 • 30% increase in EBIT – Margin 4.9% EBITDA 295 246 • Climbing the value ladder in Ready-to-cook EBITDA margin % 8.0% 6.9% • Passing through cost increase in Ready-to-eat Non-co
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/kg, SEK (GW) Ingredients RTC Target RTE Group Costs >3.00 • EBIT/kg good measurement of value creation 2.37 2.24 0.04 2.00 • Positive momentum towards 2027 target 1.82 0.16 0.42 1.69 0.19 1.88 0.11 0.31 0.32 0.13 0.25 0.31 • Q2 2026 EBIT/kg 2.37 SEK/kg (1.88)
Slide 7: Q2 2026: Broad contribution to margin improvement
Q2 2026: Broad contribution to margin improvement Change in Adj. EBIT Net sales Q2 2026 per segment (% change vs LY in parenthesis) Ready-to-cook Ready-to-eat Other Total MSEK Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Net sales 2,781 2,706 792 710 118 128 3,691 3,543 EBIT 156 1
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 15.5 14.9 28.8 24.1 25.4 25.1 24.4 22.5 23.3 22.1 10.6 20.3 19.5 20.2 10.4 9.9 9.9 10.0 9.7 9.3 8.8 8.7 8.6 9.0 15.1 15.5 7.6 6.9 7.1 6.6 6.2 6.5 6.7 6.5 5.7
Slide 9: Ready-to-cook – Another step on the value ladder
Ready-to-cook – Another step on the value ladder • 3% increase in net sales MSEK Q2 2026 Q2 2025 R12M 2025 • Strong demand across geographies and channels Net sales 2,781 2,706 11,107 10,783 EBIT 156 115 586 487 • 3% increase in chicken processed (GW) EBIT margin, % 5.6% 4.2% 5.3% 4.5% Non-comparabl
Slide 10: Feed prices – Fertilizer supply and El Niño uncertainty
Feed prices – Fertilizer supply and El Niño causing uncertainty Feed price development (Index vs Q4-2022) Feed composition and inclusion ranges 100 Fats 98 Wheat 4% (4-4%) 92 87 86 54% (40-63%) Grain by-products 84 84 82 81 82 82 81 79 81 82 79 3% (0-4%) Rape seed Soy 3% 22% (11-27%) Minerals, vitam
Slide 11: Stable export prices in Q2
Stable export prices in Q2 Export price achievement - Development 105 105 • 2025 volatility driven by supply issues 103 104 • E.g. bird flu issues in Poland and Brazil 100 100 100 100 97 96 97 98 95 • Stable prices vs Q1 2026 and Q2 2025 95 95 • Possible disruptions driven by EU import restrictions
Slide 12: Ready-to-cook – Strong demand in Retail
Ready-to-cook – Strong demand in Retail Retail Net sales development, (MSEK) Net sales per country +5.3% +7.5% +4.4% 1,965 +4.6% 1,964 2,108 1,915 1,915 2,000 2,053 2022 1,861 1,922 1,804 1,912 1,887 1,818 1,759 1,712 2023 1,668 1,671 1,581 2024 2025 2026 Q1 Q2 Q3 Q4 Foodservice Net sales developmen
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 – Improved result, positive outlook
Ready-to-eat – Improved result, positive outlook • 12% growth in net sales MSEK Q2 2026 Q2 2025 R12M 2025 Net sales 792 710 2,929 2,785 • Driven by demand in both food service and retail EBIT 32 23 95 97 • EBIT margin 4.1% (3.2%) EBIT margin, % 4.1% 3.2% 3.3% 3.5% Non-comparable items - - - - • Cont
Slide 16: Ready-to-eat – Strong demand in Retail and Foodservice
Ready-to-eat – Strong demand in Retail and Foodservice Retail Net sales development, MSEK Net sales per country +14.0% +14.2% +22.9% +17.9% +12.5% 2022 247 +11.6% 230 2023 212 195 193 201 185 193 2024 172 165 166 172 149 146 149 156 135 139 2025 2026 Q1 Q2 Q3 Q4 Foodservice Net sales development, MS
Slide 17: Ready-to-eat – Turning point from Q3 2025
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 2,928 18% CAGR 2,785 • Loss of large continental European QSR contract 2,601 2,5
Slide 18: Healthy market growth expected for breaded products
Healthy market growth expected for breaded products European Frozen Breaded Market(1) 550 • Market players divided into tiers 488 509 523 500 466 • European players 450 445 424 • Regional players 400 401 411 • Local players 350 326 331 335 340 344 347 350 320 Ktonnes 300 • 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 Q3-25 after refurbishment • Increased capacity for popular Kebab products • Factory C being prepared for
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: Q2 2026 P&L Increased Sales and EBIT
Q2 2026 P&L MSEK Q2 Q2 Δ R12 2025 Increased Sales and EBIT 2026 2025 Net sales 3,691 3,543 4% 14,540 14,083 EBITDA 295 246 20% 1,137 1,047 • Net sales show a solid growth trajectory Depreciation -107 -99 -8% -418 -413 Amortization -8 -9 -5% -34 -35 • EBIT 179 MSEK (138) • Improved price, mix, as wel
Slide 23: Returns and Solidity
Capital Employed and ROCE Returns and Solidity Average Capital Employed, MSEK ROCE% 6,000 13.1% 14.0% 11.1% 12.0% 10.0% 4,000 8.0% • Improving ROCE reflects effective capital 5,273 6.0% deployment 2,000 4,711 4.0% • Strong integration and value realization 2.0% • ROCE 13.1% (11.1%) 0 0.0% Q2 2025 Q2
Slide 24: Cash flow
MSEK Q2 2026 Q2 2025 R12 2025 Opening balance NIBD 2,030 1,948 2,288 1,935 Cash flow EBITDA 295 246 1,137 1,047 Change in working capital -154 -69 -125 31 Net capital expenditure -245 -319 -620 -783 Other operating items -15 -11 -54 -52 • NIBD increase of 492 MSEK in the quarter Operating cash flow
Slide 25: Increased working capital in the quarter
June 30, June 30, December Increased working MSEK Inventory 2026 1,075 2025 831 31, 2025 980 capital in the quarter Trade receivables Trade payables 1,189 -1,521 1,353 -1,571 1,067 -1,498 Other working capital, net -704 -697 -719 Working capital -37 -84 -169 • 10% increase in inventory vs YE • 29% i
Slide 26: Cash flow guidance
Capital expenditure and Depreciation Cash flow guidance Capital expenditure (MSEK) Capex / Reported Depreciation & Amortization • Capex of 680 MSEK expected in 2026 800 1.5 • 1H 2026 380 MSEK, of which Valla 143 MSEK 600 • 2H 2026 projects 1.0 • Increased chicken farming capacity in Lithuania 400 68
Slide 27: New attractive financing agreed
New attractive financing agreed • Unchanged group of competent relationship banks • Amount increased to 450 MEUR (~288 MEUR) • Improved commercial terms • 5-year tenor • Main covenants • NIBD/EBITDA < 4.0x (1) • Interest cover > 3.5x • Continuity in ambitious sustainability framework Notes: (1) Flex
Slide 28: Ensuring welfare - Cornerstone in license to operate
Ensuring welfare - utritious Cornerstone in license sponsi ea t and we bein utritious to operate f u c nsume s ea t and we being sponsiResponsible f u c nsume s Nutritious Safety, health Health and wellbeing Responsible animal welfare • Rearing mortality spanimals and wellbeing of our onsi f r e tri
Slide 29: 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 30: Our 2027 targets
Objectives and investment priorities Our 2027 targets 5-7% Organic >6 >15 We want to be the leading provider of high- Net 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 31: 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 32: Clear roadmap to >3 SEK EBIT/kg
Clear roadmap to > 3 SEK EBIT/kg EBIT/kg, SEK (GW) Ingredients RTC Target Climb the value ladder RTE Group Costs >3.00 • Balance supply to domestic fillet demand • Value creation through increased consumer 2.37 convenience 2.24 0.04 2.00 1.82 0.16 0.42 • Differentiation and branding opportunities 1.
Slide 33: Summary and outlook
Summary and outlook • Strengthened demand trend • Another material step in margin journey • Ready-to-cook – Climbing the value ladder • Ready-to-eat – Positive outlook after low period • Improvement programme continuing with full force • Supported by significant investments in 2026 • Well positioned
Slide 34: Scandi Standard
‘S Scandi Standard
Slide 35: Appendix
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Slide 36: Segment information by quarter
Segment information by quarter Ready-to-cook, MSEK 2019 2020 2021 2022 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Q1 2026 Q2 2026 Net sales 7,467 7,619 7,611 8,674 9,577 2,441 2,546 2,536 2,399 9,923 2,600 2,706 2,873 2,604 10,783 2,850 2,781 Adjusted EBITDA 621 6
Slide 37: Other, MSEK
Other, MSEK 2019 2020 2021 2022 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Q1 2026 Q2 2026 Net sales 381 411 377 496 564 125 118 129 127 499 130 128 137 121 516 127 118 Adjusted EBITDA 18 11 15 79 71 8 6 11 10 36 13 11 19 19 62 9 4 Depreciations -7 -4 -3 -3 -3 -1
Slide 38: Commodity prices – Birds in Poland
Commodity prices – Birds in Poland Bird commodity prices (Minrol) EUR/kg SEK/kg • Live bird prices in Poland indication of 20 2.2 • Movement in commodity meat prices 2.0 15.9 16.1 1.8 • Raw material cost movements 15.0 15 13.6 13.5 13.9 1.6 1.41 13.3 13.3 1.38 • Strong increase in raw material price
Slide 39: Ready-to-cook – Historic development
Ready-to-cook – RTC Net sales/kg and EBIT/kg Historic development 40 35 33.9 35.5 35.5 35.9 36.2 3.5 3.0 30 28.6 27.7 2.37 26.9 2.5 25 2.00 2.0 20 • Historic track record of strong growth and stable 15 1.35 1.18 0.97 1.31 1.5 margins 10 1.0 0.39 5 0.18 0.5 0 0.0 • Period of significant margin contra
Slide 40: 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 41: 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 42: Increase in inventory driven by seasonal demand
Increase in inventory driven by seasonal demand Inventory Value (MSEK) & Finished products volume (K tonne) MSEK KTon • Inventory increased by 244 MSEK vs Q2 2025 1,800 24 • Planned increase to meet seasonal demand 22 1,500 18.5 20 17.6 19.8 18 • Continued Focus area 15.3 16.0 16.6 16.6 16.6 16.7 15
Slide 43: 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 44: 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 45: 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 “be ieve,” “e pect,” “anticipate,” “intend,” “may,” “p an,” “estimate,” “s u d,” “c u d,