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AAK Interim / Quarterly Report 2026
2874_10-q_2026-04-28_90d99be8-dcc1-46a8-a80e-2e540396357d.pdf
Interim / Quarterly Report
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AAK
First quarter 2026
Interim report
AAK
Financial highlights
Q1 2026
- Volumes grew by 3 percent to 515 kMT (503).
- Net sales decreased by 3 percent, reaching SEK 11,388 million (11,743), including a negative currency translation effect of SEK 1,008 million. At fixed currencies, net sales increased by 6 percent.
-
Operating profit increased by 2 percent, reaching SEK 1,285 million (1,261), including a negative currency translation effect of SEK 120 million. At fixed foreign exchange rates, operating profit increased by 11 percent.
-
Profit for the period totaled SEK 965 million (934).
- Earnings per share equaled SEK 3.69 (3.59).
- Cash flow from operating activities amounted to SEK 1,395 million (negative 492).
- Return on Capital Employed (ROCE), R12M, was 20.7 percent (20.9 percent on December 31, 2025), excluding items affecting comparability.
| Q1 2026 | Q1 2025 | Δ % | R12M 2026 | Full year 2026 | |
|---|---|---|---|---|---|
| Volumes, '000 MT | 515 | 503 | +3 | 2,022 | 2,010 |
| Net sales, SEK million | 11,388 | 11,743 | -3 | 45,666 | 46,021 |
| Operating profit, SEK million | 1,285 | 1,261 | +2 | 4,699 | 4,675 |
| Operating profit excl. items affecting comparability, SEK million^{1)} | 1,285 | 1,261 | +2 | 4,949 | 4,925 |
| Operating profit per kilo, SEK | 2.49 | 2.51 | -1 | 2,32 | 2.33 |
| Operating profit per kilo excl. items affecting comparability, SEK^{1)} | 2.49 | 2.51 | -1 | 2.47 | 2.45 |
| Profit for the period, SEK million | 965 | 934 | +3 | 3,467 | 3,436 |
| Profit for the period excl. items affecting comparability, SEK million^{1)} | 965 | 934 | +3 | 3,675 | 3,644 |
| Earnings per share before dilution, SEK | 3.69 | 3.59 | +3 | 13.31 | 13.21 |
| Earnings per share before dilution excl. items affecting comparability, SEK^{1)} | 3.69 | 3.59 | +3 | 14.11 | 14.01 |
| Cash flow from operating activities, SEK million | 1,395 | -492 | - | - | 862 |
| Return on Capital Employed (R12M), percent | 19.8 | 22.0 | -2.2 p.p. | 19.8 | 20.0 |
| Return on Capital Employed excl. items affecting comparability (R12M), percent^{1)} | 20.7 | 22.0 | -1.3 p.p. | 20.7 | 20.9 |
1) Items affecting comparability relate to the launch of Fit-to-Win, a cost performance program, recognized in Q2 2025.
Interim report | Q1 2026
Volume growth and strong profitability
Market conditions remained cautious during the first quarter of 2026, broadly in line with the environment experienced during the previous year. As in 2025, our focus therefore remained on the areas within our control — improving commercial execution, optimizing product mix, and driving productivity improvements. At the same time, we continued to invest in capacity and supply chain resilience, deepen customer collaboration, and advance innovation to support long-term value creation.
Business performance
Operating profit in the first quarter of 2026 grew 2 percent compared with the corresponding period last year, despite a significant negative impact from currency. At fixed currencies, operating profit increased by 11 percent year-on-year.
Volumes grew by 3 percent compared with the first quarter of 2025. This growth was driven by Food Ingredients, while Chocolate & Confectionery Fats declined slightly, and Technical Products & Feed increased slightly compared to the same period last year.
Profitability was strong, with operating profit per kilo reaching SEK 2.49 in the quarter. This marked an increase of 9 percent at fixed currencies and slightly below the first quarter of 2025 when including currency effects. The underlying improvement was partly driven by continued internal optimization, including productivity and procurement improvements at our production facilities, as well as our Fit-to-Win cost optimization program. Performance was further supported by improved portfolio and price management, operating leverage from higher volumes, and favorable market conditions for cocoa butter alternatives.
Operational cash flow amounted to SEK 1,395 million, supported by an improvement in working capital.
Progression towards the 2030 Aspiration
We continue to make progress toward our 2030 Aspiration—to grow volumes faster than the underlying market and reach SEK 3+ in operating profit per kilo by 2030. This trajectory supports our financial target of delivering an average operating profit growth of 10 percent per year over time.
During the quarter, our continued focus on improving commercial execution following a period of softer demand across several end markets resulted in a return to year-over-year volume growth. While the end markets in which we operate remain challenged, we saw improvements across parts of the portfolio and continue to prioritize initiatives that support long-term growth through customer co-development, innovation, and stronger commercial execution.
At the same time, profitability was strong, supported by our value-adding solutions and continued operational discipline. Our cost optimization program, Fit-to-Win, launched in early 2025 continues to progress according to plan and is expected
to deliver annual savings of approximately SEK 300 million, with the full run-rate impact anticipated by mid-2026. In addition, we expect to continue our production deep dives during the year, as well as our efforts relating to procurement excellence and cash generation.
Delivering functionality to chocolate applications
While cocoa butter prices have moderated from their peak, our functional solutions for chocolate applications remain relevant. This reflects our ability to develop solutions that provide cost-efficient alternatives to cocoa butter, while also delivering additional functionality, including improved processing efficiency, texture stability, mouthfeel, and product consistency. Through close collaboration with customers, we deliver reliable performance and differentiated value in a wide range of chocolate applications, across fluctuating raw material price environments.
Concluding remarks
While the first quarter of 2026 showed early signs of a volume recovery, market conditions remain somewhat cautious. Looking further ahead, we remain prudently optimistic about our long-term potential and committed to progressing toward our 2030 Aspiration. Our priorities remain clear: disciplined commercial execution, further operational improvements, and consistent value creation. Guided by our 2030 Aspiration, we will continue to invest in our capabilities, strengthen our portfolio, and allocate capital responsibly to support sustainable growth and long-term shareholder value.
Johan Westman, President and CEO
AAK
AAK Group, Q1 2026
Volumes
Volumes totaled 515 kMT (503), an increase of 3 percent compared to last year.
Net sales
Sales reached SEK 11,388 million (11,743), a decrease of 3 percent, including a negative currency translation effect of SEK 1,008 million. At fixed currencies, net sales increased by 6 percent, primarily driven by higher volumes.
Operating profit
Operating profit totaled SEK 1,285 million (1,261), corresponding to an increase of 2 percent compared to the same quarter in 2025. Currency translation had a negative effect of SEK 120 million, of which SEK 66 million was related to Food Ingredients and SEK 54 million to Chocolate & Confectionery Fats. Operating profit at fixed foreign exchange rates increased by 11 percent.
Operating profit per kilo totaled SEK 2.49 (2.51), slightly below the first quarter 2025. Currency translation had a negative effect of SEK 0.23 per kilo. At fixed foreign exchange rates, operating profit per kilo increased by 9 percent.
The underlying profitability improvement was partly driven by continued internal optimization, including productivity and procurement improvements at our production facilities, as well as our Fit-to-Win cost optimization program. Performance was further supported by improved portfolio and price management, operating leverage from higher volumes, and favorable market conditions for cocoa butter alternatives.
Net financial costs and tax costs
Net financial costs totaled SEK 30 million (45). Financial costs decreased mainly due to a lower net debt, driven by positive operating cash flow, as well as lower interest rates and a less negative impact from reporting in hyperinflationary economies (IAS 29). Reported tax costs correspond to an average tax rate of 23 percent (23).
Earnings per share
Earnings per share equaled SEK 3.69 (3.59).
Cash flow and investments
Operating cash flow, including changes in working capital, amounted to SEK 1,395 million (negative 492). Cash flow from working capital amounted to SEK 220 million (negative 1,399), driven by reduced inventory levels and positive contributions from accounts payable, partly offset by higher accounts receivable following sequentially higher sales. Inventory levels declined, mainly reflecting seasonal reductions in shea and rapeseed, partly offset by higher palm prices.
Cash outflow from investment activities amounted to SEK 290 million (272). Capital expenditure primarily related to maintenance investments, productivity improvements, and capacity increases.
Return on Capital Employed (ROCE)
Calculated on a rolling 12-month basis, Return on Capital Employed (ROCE) was 19.8 percent (20.0 on December 31, 2025).
Financial position
The equity-to-asset ratio was 62 percent (61 percent on December 31, 2025). Net debt on March 31, 2026 totaled SEK 2,187 million (SEK 3,358 million on December 31, 2025). Net debt/EBITDA totaled 0.39 (0.60 as of December 31, 2025).
On March 31, 2026, the Group had total credit facilities of SEK 10,366 million (10,316 as of December 31, 2025), of which there were SEK 9,136 million (9,091 as of December 31, 2025) in committed credit facilities. Unused committed credit facilities on March 31, 2026 totaled SEK 5,941 million (4,792 as of December 31, 2025). Non-committed credit facilities totaled SEK 1,230 million (1,225 as of December 31, 2025), SEK 956 million (1,036 as of December 31, 2025) of which were unused.
Employees
The average number of employees on March 31, 2026 was 4,042 (4,073 as of December 31, 2025).
Interim report | Q1 2026
Selected events
CSRD-compliant Annual Report for 2025
On April 13, AAK published its 2025 Annual Report, the first to integrate financial and sustainability disclosures in a single report. The Sustainability Statement was prepared in accordance with the Corporate Sustainability Reporting Directive (CSRD). CSRD is an EU regulation that establishes sustainability reporting requirements, applicable to AAK as a large, listed company.
The report includes AAK's first Double Materiality Assessment (DMA), forming the basis for disclosures on material impacts, risks, and opportunities. The Sustainability Statement is subject to limited assurance by the external auditor, representing an increased level of external verification compared to previous years.
AAK at the World Economic Forum 2026
AAK participated in the World Economic Forum Annual Meeting in Davos 2026, where global leaders convened to discuss food systems, health, sustainability, and long-term value creation. President and CEO Johan Westman represented AAK, engaging with industry peers, policymakers, and experts on topics central to our strategic agenda in addition to joining the panel "Taking Non-Communicable Diseases (NCDs) Seriously."
AAK contributed a system-level perspective grounded in its role within complex value chains and its focus on scalable, plant-based solutions. Health was featured more prominently at this year's Forum, with AAK emphasizing the importance of system-level approaches to improved health outcomes and resilient food supply chains.
Silver medal in EcoVadis sustainability assessment
AAK received a silver medal in our 2026 EcoVadis sustainability rating, an assessment that evaluates companies' environmental, social, ethical, and procurement practices. In this year's assessment, AAK achieved an overall score of 74/100 (2025: 75/100), placing us in the top 12 percent of companies in our industry category.
The silver medal rating reflects our continued strengths in areas such as environmental reporting, supply chain due diligence, and sustainability certifications. Compared to 2025, our performance improved in elements of Sustainable Procurement. Our score in Endorsements declined, primarily following our decision not to renew our UN Global Compact (UNGC) membership, though we continue to work in alignment with UNGC principles.
Progress on AAK's new Staffanstorp facility
Construction of AAK's new Foodservice facility in Staffanstorp, Sweden, continues according to plan. The project remains on schedule and within budget, with the facility expected to be fully operational by the end of 2026 and production planned to ramp up in 2027, replacing the current production at the Dalby site.
Once operational, the facility will produce mayonnaise and dressings, as well as bottled oils and oil blends in smaller bottles and cans. The purpose-built site is designed to increase capacity, support more efficient production flows, and enable scalable, modern Foodservice operations – strengthening AAK's ability to support future growth and customer demand within Foodservice.
AAK invests in a new Foodservice operations and logistics facility
AAK
Food Ingredients, Q1 2026
| Operating profit -2% | Q1 2026 | Q1 2025 | Δ % | R12M 2026 | Full year 2025 | |
|---|---|---|---|---|---|---|
| Operating profit per kilo -7% | Volumes, '000 MT | 311 | 297 | +5 | 1,251 | 1,237 |
| Net sales, SEK million | 6,894 | 7,073 | -3 | 28,009 | 28,188 | |
| Operating profit, SEK million | 752 | 769 | -2 | 3,017 | 3,034 | |
| Operating profit per kilo, SEK | 2.42 | 2.59 | -7 | 2.41 | 2.45 |
Volumes
Volumes in Food Ingredients increased by 5 percent year-on-year, with growth relatively broad-based across segments and regions, primarily driven by higher sales of non-specialty solutions and Bakery.
Growth in Bakery was broad-based, with all three regions growing compared to the same period last year, led by Asia, the Middle East & Africa.
In Dairy, performance was mixed, with overall volumes declining compared to last year. Asia, the Middle East & Africa delivered growth during the quarter, while the Americas and Europe declined.
Special Nutrition grew slightly compared to last year. The year-over-year growth was driven by Europe while Asia, the Middle East & Africa and the Americas declined.
Foodservice declined slightly compared to the first quarter last year.
Net sales
Net sales reached SEK 6,894 million (7,073), a decrease of 3 percent, or SEK 179 million, including a negative currency translation effect of SEK 605 million. At fixed currencies, net sales increased by 6 percent.
Operating profit
Operating profit decreased by 2 percent to SEK 752 million (769), including a negative currency translation effect of SEK 66 million. At fixed foreign exchange rates, operating profit increased by 6 percent.
Operating profit per kilo decreased to SEK 2.42 (2.59), a decrease of 7 percent including a SEK 0.21 per kilo currency headwind. At fixed currencies, operating profit per kilo increased by 2 percent.
Interim report | Q1 2026
Chocolate & Confectionery Fats, Q1 2026
| Operating profit +2% | Q1 2026 | Q1 2025 | Δ % | R12M 2026 | Full year 2025 |
|---|---|---|---|---|---|
| Volumes, '000 MT | 126 | 128 | -1 | 481 | 483 |
| Net sales, SEK million | 3,922 | 4,008 | -2 | 15,431 | 15,517 |
| Operating profit, SEK million | 532 | 523 | +2 | 2,031 | 2,022 |
| Operating profit per kilo, SEK | 4.23 | 4.09 | +3 | 4.22 | 4.19 |
Volumes
Volumes in Chocolate & Confectionery Fats declined by 1 percent compared to the first quarter of 2025.
Performance was mixed across the regions, with both the Americas and Europe declining, mitigated by growth in Asia, the Middle East & Africa.
From a product mix perspective, the portfolio of cocoa butter alternatives developed positively and grew in the quarter driven by Cocoa Butter Replacements (CBRs) and Substitutes (CBSs), with Cocoa Butter Equivalents (CBEs) flat year-on-year. This, together with higher volumes in Spreads, was offset by lower volumes in Filling Fats and other non-specialty solutions.
Net sales
Net sales for the business area reached SEK 3,922 million (4,008), a 2 percent decrease, including a negative currency translation effect of SEK 403 million. At fixed currencies, net sales increased by 8 percent.
Operating profit
Operating profit reached SEK 532 million (523), an increase of 2 percent compared to the same quarter last year. Currency translation had a negative impact of SEK 54 million. At fixed foreign exchange rates, operating profit increased by 12 percent.
Operating profit per kilo increased to SEK 4.23 (4.09). Currency translation had a negative impact of SEK 0.43 per kilo. At fixed foreign exchange rates, operating profit per kilo increased by 14 percent.
AAK
Technical Products & Feed, Q1 2026
| Operating profit +4% |
|---|
| Operating profit per kilo +3% |
| --- |
| Volumes, '000 MT |
| Net sales, SEK million |
| Operating profit, SEK million |
| Operating profit per kilo, SEK |
Volumes
Volumes in Technical Products & Feed grew slightly compared with the corresponding period in 2025.
The performance was mixed, with Technical Products doing well and growing in the first quarter of the year, while Feed declined slightly.
Net sales
Net sales for the business area reached SEK 572 million, a decrease of SEK 90 million, or 14 percent, compared to SEK 662 million in the first quarter of last year.
Operating profit
Operating profit totaled SEK 54 million (52), a 4 percent increase compared to last year.
Operating profit per kilo increased by 3 percent, reaching SEK 0.70 (0.67) in the quarter.
Interim report | Q1 2026
General information
Related parties
No significant related party transactions occurred during the quarter.
Risks and uncertainty factors
AAK's operations are exposed to risks, threats, and external factors. Through a proactive approach to business intelligence, the company aims to anticipate changes in factors affecting operations. Plans and policies are continuously adjusted to counteract potential negative effects. Active risk management, such as hedging raw material prices and currencies, reduces the risks that the company faces.
Efficient risk management is an ongoing process conducted within the framework of business control and forms part of the ongoing review and forward-looking assessment of operations.
AAK assumes that long-term risk exposure will not deviate from the inherent exposure associated with AAK's ongoing business operations.
AAK's Board of Directors and Executive Committee have, since the publication of the Annual Report 2025, reviewed the development of significant risks and uncertainties and can confirm that there have been no changes other than what has been commented on regarding market developments during 2026.
For a more in-depth analysis of risks, please refer to AAK's Annual Report.
Accounting policies in 2026
This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, and applicable rules in the Swedish Annual Accounts Act. The accounting principles correspond to the principles applied in the preparation of the Annual Report 2025.
Alternative Performance Measures (APMs)
AAK presents APMs to reflect underlying business performance and enhance comparability from period to period. APMs should not be considered as substitutes for measures of performance in accordance with IFRS.
Definitions of Alternative Performance Measures can be found at www.aak.com under the Investor tab. For a reconciliation of Alternative Performance Measures, see pages 18–19.
Definitions
For definitions, please see our Annual Report.
Events after the reporting period
No events to be reported.
The Parent Company and Group Functions
AAK AB (publ.) is the Parent Company of the AAK Group. Its functions are primarily activities related to the development and administration of the Group.
The result for the Parent Company after financial items amounted to negative SEK 25 million (negative 64). Interest-bearing liabilities minus cash and cash equivalents and interest-bearing assets totaled SEK 5,902 million (6,005 as of December 31, 2025). Investments in intangible and tangible assets amounted to SEK 3 million (11).
The Parent Company's balance sheet and income statement are shown on pages 20–21. There has been no major changes in the Parent Company's balance sheet since the year-end.
The Parent Company has prepared its financial reports in accordance with Chapter 9 of the Swedish Annual Accounts Act, Interim Report and RFR 2 Accounting for legal entities. The accounting principles correspond to the principles applied in the preparation of the Annual Report 2025.
Audit review
This report has not been reviewed by the company's auditors.
AAK
Malmö, April 28, 2026
Johan Westman
President and CEO
For further information, please contact:
Carl Ahlgren
Head of IR, Communication & Brand
Mobile: +46 70 681 07 34
E-mail: [email protected]
AAK AB (publ.) is obliged to make this information public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication under the direction of the above contact person, at 8:30 CET on April 28, 2026.
Interim report | Q1 2026
Condensed income statement
| SEK million | Q1 2025 | Q1 2026 | Full year 2025 |
|---|---|---|---|
| Net sales | 11,388 | 11,743 | 46,021 |
| Other operating income | 104 | 83 | 332 |
| Total operating income | 11,492 | 11,826 | 46,353 |
| Change in inventories of finished goods and work in progress | -55 | 2 | 318 |
| Raw materials and consumables | -8,114 | -8,430 | -33,399 |
| Goods for resale | -194 | -151 | -821 |
| Other external expenses | -790 | -883 | -3,289 |
| Cost for remuneration to employees | -843 | -888 | -3,537 |
| Depreciation, amortization and impairment losses | -207 | -209 | -882 |
| Other operating expenses | -4 | -6 | -68 |
| Total operating expenses | -10,207 | -10,565 | -41,678 |
| Operating profit (EBIT) | 1,285 | 1,261 | 4,675 |
| Financial income | 27 | 28 | 85 |
| Financial expense | -57 | -73 | -256 |
| Total financial net | -30 | -45 | -171 |
| Profit before tax | 1,255 | 1,216 | 4,504 |
| Income tax | -290 | -282 | -1,068 |
| Profit for the period | 965 | 934 | 3,436 |
| Attributable to non-controlling interests | 3 | 1 | 7 |
| Attributable to the Parent Company's shareholders | 962 | 933 | 3,429 |
| Earnings per share before dilution, SEK | 3.69 | 3.59 | 13.21 |
| Earnings per share after dilution, SEK | 3.69 | 3.58 | 13.16 |
Comprehensive income
| SEK million | Q1 2025 | Q1 2026 | Full year 2025 |
|---|---|---|---|
| Profit for the period | 965 | 934 | 3,436 |
| Other comprehensive income: | |||
| Items that will not be reclassified to profit or loss | |||
| Remeasurements of post-employment benefit obligations | 0 | 1 | 38 |
| 0 | 1 | 38 | |
| Items that are or may subsequently be reclassified to profit or loss | |||
| Translation differences | 546 | -1,539 | -2,545 |
| 546 | -1,539 | -2,545 | |
| Total other comprehensive income for the period | 546 | -1,538 | -2,507 |
| Total comprehensive income for the period | 1,511 | -604 | 929 |
| Attributable to non-controlling interests | 3 | 2 | 9 |
| Attributable to the Parent Company's shareholders | 1,508 | -606 | 920 |
AAK
Condensed balance sheet
| SEK million | 31.03.2026 | 31.03.2025 | 31.12.2025 |
|---|---|---|---|
| Assets | |||
| Goodwill | 2,141 | 2,196 | 2,108 |
| Intangible assets | 294 | 303 | 297 |
| Property, plant and equipment | 8,198 | 7,692 | 7,877 |
| Right-of-use assets | 411 | 459 | 431 |
| Shares in associated companies | 10 | 14 | 6 |
| Financial assets | 83 | 96 | 97 |
| Deferred tax assets | 399 | 375 | 395 |
| Total non-current assets | 11,536 | 11,135 | 11,211 |
| Inventory | 11,906 | 10,662 | 11,752 |
| Accounts receivables | 6,442 | 6,137 | 5,834 |
| Current receivables | 3,282 | 2,931 | 2,259 |
| Cash and cash equivalents | 1,598 | 1,223 | 1,566 |
| Total current assets | 23,228 | 20,953 | 21,411 |
| Total assets | 34,764 | 32,088 | 32,622 |
| Equity and liabilities | |||
| Equity attributable to Parent's shareholders | 21,449 | 19,486 | 19,897 |
| Non-controlling interests | 74 | 64 | 71 |
| Total equity | 21,523 | 19,550 | 19,968 |
| Liabilities to banks and credit institutions | 395 | 885 | 390 |
| Pension liabilities | 36 | 82 | 30 |
| Lease liabilities | 339 | 370 | 351 |
| Total interest-bearing non-current liabilities | 770 | 1,337 | 771 |
| Deferred tax liabilities | 623 | 521 | 611 |
| Other non-interest-bearing non-current liabilities | 500 | 444 | 509 |
| Total non-interest-bearing non-current liabilities | 1,123 | 965 | 1,120 |
| Total non-current liabilities | 1,893 | 2,302 | 1,891 |
| Liabilities to banks and credit institutions | 3,066 | 2,296 | 4,088 |
| Lease liabilities | 102 | 121 | 109 |
| Other interest-bearing current liabilities | 9 | 10 | 9 |
| Total interest-bearing current liabilities | 3,177 | 2,427 | 4,206 |
| Accounts payables | 3,404 | 3,265 | 2,970 |
| Other non-interest-bearing current liabilities | 4,767 | 4,544 | 3,587 |
| Total non-interest-bearing current liabilities | 8,171 | 7,809 | 6,557 |
| Total current liabilities | 11,348 | 10,236 | 10,763 |
| Total equity and liabilities | 34,764 | 32,088 | 32,622 |
Interim report | Q1 2026
Condensed change in equity
2026
| SEK million | Equity attributable to the Parent's shareholders | Non-controlling interests | Total equity |
|---|---|---|---|
| Opening balance January 1, 2026 | 19,897 | 71 | 19,968 |
| Profit for the period | 962 | 3 | 965 |
| Other comprehensive income | 546 | 0 | 546 |
| Total comprehensive income | 1,508 | 3 | 1,511 |
| New issue of shares | 41 | - | 41 |
| Long-term incentive | 3 | - | 3 |
| Closing balance March 31, 2026 | 21,449 | 74 | 21,523 |
2025
| SEK million | Equity attributable to the Parent's shareholders | Non-controlling interests | Total equity |
|---|---|---|---|
| Opening balance January 1, 2025 | 20,087 | 62 | 20,149 |
| Profit for the period | 933 | 1 | 934 |
| Other comprehensive income | -1,539 | 1 | -1,538 |
| Total comprehensive income | -606 | 2 | -604 |
| Long-term incentive | 46 | - | 46 |
| Obligation for delivery of shares to LTI-program | -41 | - | -41 |
| Closing balance March 31, 2025 | 19,486 | 64 | 19,550 |
AAK
Condensed cash flow statement
| SEK million | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Operating activities | |||
| Operating profit | 1,285 | 1,261 | 4,675 |
| Depreciation, amortization and impairment losses | 207 | 209 | 882 |
| Adjustment for other non-cash items | -126 | -229 | -383 |
| Interest paid and received | -8 | -15 | -110 |
| Tax paid | -183 | -319 | -1,203 |
| Cash flow before changes in working capital | 1,175 | 907 | 3,861 |
| Changes in inventory | 457 | 321 | -1,250 |
| Changes in accounts receivables | -448 | -725 | -661 |
| Changes in accounts payables | 341 | -613 | -737 |
| Changes in other working capital items | -130 | -382 | -351 |
| Changes in working capital | 220 | -1,399 | -2,999 |
| Cash flow from operating activities | 1,395 | -492 | 862 |
| Investing activities | |||
| Acquisition of intangible assets and property, plant and equipment | -290 | -272 | -1,303 |
| Proceeds from sale of property, plant and equipment | 0 | 0 | 8 |
| Cash flow from investing activities | -290 | -272 | -1,295 |
| Financing activities | |||
| Changes in loans | -1,137 | 175 | 1,505 |
| Amortization of lease liabilities | -37 | -37 | -138 |
| New issue of shares | 41 | - | 175 |
| Dividend paid | - | - | -1,298 |
| Cash flow from financing activities | -1,133 | 138 | 244 |
| Cash flow for the period | -28 | -626 | -189 |
| Cash and cash equivalents at start of period | 1,566 | 1,911 | 1,911 |
| Exchange rate difference for cash equivalents | 60 | -62 | -156 |
| Cash and cash equivalents at end of period | 1,598 | 1,223 | 1,566 |
Interim report | Q1 2026
Key ratios
| SEK million (unless otherwise stated) | Q1 2026 | Q1 2025 | Δ % | Full year 2025 |
|---|---|---|---|---|
| Income statement | ||||
| Volumes, '000 MT | 515 | 503 | +3 | 2,010 |
| Net sales | 11,388 | 11,743 | -3 | 46,021 |
| Operating profit | 1,285 | 1,261 | +2 | 4,675 |
| Operating profit excl. items affecting comparability^{1)} | 1,285 | 1,261 | +2 | 4,925 |
| Profit for the period | 965 | 934 | +3 | 3,436 |
| Profit for the period excl. items affecting comparability^{1)} | 965 | 934 | +3 | 3,644 |
| Financial position | ||||
| Total assets | 34,764 | 32,088 | +8 | 32,622 |
| Equity | 21,523 | 19,550 | +10 | 19,968 |
| Net working capital | 13,297 | 11,852 | +12 | 13,236 |
| Net debt | 2,187 | 2,473 | -12 | 3,358 |
| Cash flow | ||||
| Cash flow from operating activities | 1,395 | -492 | - | 862 |
| Cash flow from investing activities | -290 | -272 | - | -1,295 |
| Share data | ||||
| Number of shares, thousand | 260,659 | 259,559 | 0 | 260,451 |
| Earnings per share before dilution, SEK^{2)} | 3.69 | 3.59 | +3 | 13.21 |
| Earnings per share before dilution excl. items affecting comparability, SEK^{1) 2)} | 3.69 | 3.59 | +3 | 14.01 |
| Equity per share, SEK | 82.29 | 75.07 | +10 | 76.39 |
| Market value on closing date, SEK | 242.40 | 280.00 | -13 | 263.80 |
| Other key ratios | ||||
| Volume growth, percent | +3 | -10 | - | -8 |
| Operating profit per kilo, SEK | 2.49 | 2.51 | -1 | 2.33 |
| Operating profit per kilo excl. items affecting comparability, SEK^{1)} | 2.49 | 2.51 | -1 | 2.45 |
| Return on Capital Employed (R12 months), percent | 19.8 | 22.0 | -2.2 p.p. | 20.0 |
| Return on Capital Employed excl. items affecting comparability (R12 months), percent^{1)} | 20.7 | 22.0 | -1.3 p.p. | 20.9 |
| Net debt / EBITDA, multiple | 0.39 | 0.43 | -9 | 0.60 |
1) Items affecting comparability relate to the launch of Fit-to-Win, a cost performance program, recognized in Q2 2025.
2) Earnings per share are calculated based on a weighted average number of outstanding shares.
AAK
Quarterly data by business area
Operating profit
| SEK million | 2025 Q1 | Q2 | Q3 | Q4 | Full year | 2026 Q1 |
|---|---|---|---|---|---|---|
| Food Ingredients | 769 | 764 | 766 | 735 | 3,034 | 752 |
| Chocolate & Confectionery Fats | 523 | 450 | 525 | 524 | 2,022 | 532 |
| Technical Products & Feed | 52 | 25 | 46 | 64 | 187 | 54 |
| Group Functions | -83 | -327 | -77 | -81 | -568 | -53 |
| Operating profit AAK Group | 1,261 | 912 | 1,260 | 1,242 | 4,675 | 1,285 |
| Financial net | -45 | -39 | -43 | -44 | -171 | -30 |
| Profit before tax | 1,216 | 873 | 1,217 | 1,198 | 4,504 | 1,255 |
Operating profit excluding items affecting comparability
| SEK million | 2025 Q1 | Q2 | Q3 | Q4 | Full year | 2026 Q1 |
|---|---|---|---|---|---|---|
| Food Ingredients | 769 | 764 | 766 | 735 | 3,034 | 752 |
| Chocolate & Confectionery Fats | 523 | 450 | 525 | 524 | 2,022 | 532 |
| Technical Products & Feed | 52 | 25 | 46 | 64 | 187 | 54 |
| Group Functions | -83 | -77 | -77 | -81 | -318 | -53 |
| Operating profit AAK Group | 1,261 | 1,162 | 1,260 | 1,242 | 4,925 | 1,285 |
| Financial net | -45 | -39 | -43 | -44 | -171 | -30 |
| Profit before tax | 1,216 | 1,123 | 1,217 | 1,198 | 4,754 | 1,255 |
Net sales by market
2026
| SEK million | FI Q1 2026 | CCF Q1 2025 | TPF Q1 2026 | Total Q1 2026 |
|---|---|---|---|---|
| Europe | 2,619 | 1,321 | 564 | 4,504 |
| North & South America | 3,133 | 1,783 | 4 | 4,920 |
| Asia | 1,030 | 749 | 4 | 1,783 |
| Other countries | 112 | 69 | 0 | 181 |
| Net sales | 6,894 | 3,922 | 572 | 11,388 |
2025
| SEK million | FI Q1 2025 | CCF Q1 2025 | TPF Q1 2025 | Total Q1 2025 |
|---|---|---|---|---|
| Europe | 2,114 | 1,376 | 660 | 4,150 |
| North & South America | 3,783 | 1,764 | 0 | 5,547 |
| Asia | 1,086 | 784 | 2 | 1,872 |
| Other countries | 90 | 84 | 0 | 174 |
| Net sales | 7,073 | 4,008 | 662 | 11,743 |
Interim report | Q1 2026
Financial instruments
| SEK million | 31.03.2026 | 31.12.2025 | Hierarchy level |
|---|---|---|---|
| Assets at fair value through profit and loss | |||
| Derivative instruments, currency contracts | 243 | 234 | 2 |
| Derivative instruments, raw material, sales and purchase contracts | 1,427 | 792 | 2 |
| Investment in unlisted shares | 7 | 7 | 3 |
| Investment in unlisted funds | 64 | 59 | 3 |
| Assets at amortized cost | |||
| Financial non-current assets | 7 | 7 | - |
| Accounts receivables | 6,442 | 5,834 | - |
| Financial current assets | 82 | 0 | - |
| Cash and cash equivalents | 1,598 | 1,566 | - |
| Total financial assets | 9,870 | 8,499 | |
| Liabilities at fair value through profit and loss | |||
| Derivative instruments, currency contracts | 271 | 246 | 2 |
| Derivative instruments, raw material, sales and purchase contracts | 1,481 | 688 | 2 |
| Liabilities at amortized cost | |||
| Liabilities to banks and credit institutions | 3,461 | 4,478 | - |
| Lease liabilities | 441 | 460 | - |
| Accounts payables | 3,404 | 2,970 | - |
| Other interest-bearing liabilities | 9 | 9 | - |
| Total financial liabilities | 9,067 | 8,851 |
For information on the valuation techniques used by the Group in measuring the fair value of financial instruments, see note 3 in the Annual report 2025.
17
AAK
Alternative Performance Measures (APMs)
Organic volume growth
| Percent | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Food Ingredients | |||
| Organic volume growth | +5 | -7 | -2 |
| Acquisitions / divestments | - | -7 | -8 |
| Volume growth | +5 | -14 | -10 |
| Chocolate & Confectionery Fats | |||
| Organic volume growth | -1 | -4 | -6 |
| Volume growth | -1 | -4 | -6 |
| Technical Products & Feed | |||
| Organic volume growth | +1 | -1 | +1 |
| Volume growth | +1 | -1 | +1 |
| AAK Group | |||
| Organic volume growth | +3 | -5 | -3 |
| Acquisitions / divestments | - | -5 | -5 |
| Volume growth | +3 | -10 | -8 |
EBITDA
| SEK million | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Operating profit (EBIT) | 1,285 | 1,261 | 4,675 |
| Depreciation, amortization and impairment losses | 207 | 209 | 882 |
| EBITDA | 1,492 | 1,470 | 5,557 |
Return on Capital Employed (ROCE) excluding items affecting comparability
| SEK million | RDM 31.03.2026 | RDM 31.12.2025 |
|---|---|---|
| Total assets | 33,060 | 32,968 |
| Cash and cash equivalents | -1,430 | -1,493 |
| Financial assets | -89 | -68 |
| Accounts payables | -3,365 | -3,508 |
| Other non-interest-bearing liabilities | -4,249 | -4,386 |
| Capital employed | 23,927 | 23,513 |
| Operating profit | 4,949 | 4,925 |
| Return on Capital Employed excl. items affecting comparability (ROCE), percent | 20.7 | 20.9 |
Interim report | Q1 2026
Net working capital
| SEK million | 31.03.2026 | 31.12.2025 |
|---|---|---|
| Inventory | 11,906 | 11,752 |
| Accounts receivables | 6,442 | 5,834 |
| Other current receivables, non-interest-bearing | 3,120 | 2,207 |
| Accounts payables | -3,404 | -2,970 |
| Other current liabilities, non-interest-bearing | -4,767 | -3,587 |
| Net working capital | 13,297 | 13,236 |
Net debt
| SEK million | 31.03.2026 | 31.12.2025 |
|---|---|---|
| Non-current interest-bearing receivables | 0 | 0 |
| Current interest-bearing receivables | 162 | 53 |
| Cash and cash equivalents | 1,598 | 1,566 |
| Pension liabilities | -36 | -30 |
| Lease liabilities | -441 | -460 |
| Non-current liabilities to banks and credit institutions | -395 | -390 |
| Current liabilities to banks and credit institutions | -3,066 | -4,088 |
| Other interest-bearing liabilities | -9 | -9 |
| Net debt | -2,187 | -3,358 |
Net debt / EBITDA
| SEK million | 31.03.2026 | 31.12.2025 |
|---|---|---|
| Net debt | 2,187 | 3,358 |
| EBITDA (rolling 12 months) | 5,579 | 5,557 |
| Net debt / EBITDA, multiple | 0.39 | 0.60 |
Equity to assets ratio
| SEK million | 31.03.2026 | 31.12.2025 |
|---|---|---|
| Equity attributable to Parent's shareholders | 21,449 | 19,897 |
| Non-controlling interests | 74 | 71 |
| Total equity | 21,523 | 19,968 |
| Total assets | 34,764 | 32,622 |
| Equity to assets ratio, percent | 61.9 | 61.2 |
AAK
Income statement – Parent Company
| SEK milling | Q1 2024 | Q1 2025 | Full year 2026 |
|---|---|---|---|
| Net sales | 161 | 127 | 540 |
| Total operating income | 161 | 127 | 540 |
| Other external expenses | -96 | -95 | -410 |
| Cost for remuneration to employees | -50 | -52 | -225 |
| Depreciation, amortization and impairment losses | -3 | -3 | -13 |
| Total operating expenses | -149 | -150 | -648 |
| Operating profit (EBIT) | 12 | -23 | -108 |
| Group contribution | - | - | 108 |
| Dividend | - | - | 1 |
| Interest income and similar items | 0 | 0 | 0 |
| Interest expense and similar items | -37 | -41 | -169 |
| Total financial net | -37 | -41 | -60 |
| Profit before tax | -25 | -64 | -168 |
| Income tax | -17 | 15 | -47 |
| Profit for the period | -42 | -49 | -215 |
Interim report | Q1 2026
Condensed balance sheet – Parent Company
| SEK million | 31.03.2026 | 31.12.2025 |
|---|---|---|
| Assets | ||
| Intangible assets | 88 | 87 |
| Property, plant and equipment | 3 | 2 |
| Right-of-use assets | 16 | 19 |
| Financial assets | 9,911 | 9,911 |
| Total non-current assets | 10,018 | 10,019 |
| Current receivables | 249 | 314 |
| Cash and cash equivalents | 0 | 0 |
| Total current assets | 249 | 314 |
| Total assets | 10,267 | 10,333 |
| Equity and liabilities | ||
| Share capital | 434 | 434 |
| Statutory reserve | 5 | 5 |
| Restricted equity | 439 | 439 |
| Retained profit | 3,709 | 3,881 |
| Profit for the period | -42 | -215 |
| Unrestricted equity | 3,667 | 3,666 |
| Total equity | 4,106 | 4,105 |
| Lease liabilities | 10 | 11 |
| Other non-current liabilities | 25 | 32 |
| Total non-current liabilities | 35 | 43 |
| Liabilities to banks and credit institutions | 500 | 531 |
| Lease liabilities | 6 | 6 |
| Accounts payables | 12 | 14 |
| Other current liabilities | 5,608 | 5,634 |
| Total current liabilities | 6,126 | 6,185 |
| Total equity and liabilities | 10,267 | 10,333 |
AAK
Price trends in raw materials
Rapeseed oil and palm oil
Cocoa butter
For information regarding cocoa and cocoa butter please refer to information at www.icco.org
Additional information
Conference call
AAK will host a conference call for investors and analysts on April 28, 2026, at 10 a.m. CET. The presentation can be followed via teleconference or webcast. Please visit www.aak.com for details.
The annual and quarterly reports are published on www.aak.com.
Financial calendar
May 8, 2026: Annual General Meeting, Malmö
July 17, 2026: Q2 and six-month report for 2026
October 23, 2026: Q3 and nine-month report for 2026
February 5, 2027: Q4 and year-end report for 2026
Forward-looking statements
This report contains forward-looking statements. Such statements are subject to risks and uncertainties since various factors, many of which are beyond the control of AAK AB (publ.), may cause actual developments and results to differ materially from the expectations expressed in this report.
Governing text
The Swedish text shall be governing for all purposes and prevail in the event of any discrepancy between the versions.
Investor Relations contact
Carl Ahlgren
Head of IR, Communication & Brand
Mobile: +46 706 81 07 34
E-mail: [email protected]
Everything
we do is about
Making Better Happen™
Everything AAK does is about Making Better Happen™. We specialize in plant-based oils and fats, the value-adding ingredients in many products people love to consume.
We make these products better tasting, healthier, and more sustainable. At the heart of AAK's offer is customer co-development, combining our desire to understand what Making Better Happen™ means for each customer with the unique flexibility of our production assets and deep knowledge of products and industries, including Chocolate & Confectionery, Bakery, Dairy, Plant-based Foods, Special Nutrition, Foodservice, and Personal Care.
Our approximately 4,000 employees enable close collaboration with customers across 25 regional sales offices, 16 dedicated Customer Innovation Centers, and 19 production facilities worldwide.
Listed on Nasdaq Stockholm and headquartered in Malmö, Sweden, AAK has been Making Better Happen™ for more than 150 years.
AAK
Explore more at www.aak.com