Financial highlights

Q3 2025

Volumes declined by 2 percent to 510,000 MT (523,000), excluding the effect of the Hillside divestment. Including the divestment, reported volumes declined by 7 percent.
Operating profit increased by 2 percent, excluding the Hillside divestment and including a SEK 85 million negative currency effect
Profit for the period totaled SEK 911 million (871).
Earnings per share before dilution equaled SEK 3.50 (3.35).
Cash flow from operating activities amounted to SEK 542 million (515).
Return on Capital Employed (ROCE), R12M, was 21.6 percent (22.4 percent on December 31, 2024), excluding items affecting comparability.

Q1-Q3 2025

Volumes declined by 3 percent to 1,503,000 MT (1,551,000), excluding the effect of the Hillside divestment. Including the divestment, reported volumes declined by 8 percent.
A non-recurring restructuring cost of SEK 250 million related to Fit-to-Win was recognized as an item affecting comparability (IAC) in the second quarter 2025.
Operating profit increased by 3 percent, excluding items affecting comparability and the Hillside divestment, and including a SEK 251 million negative currency effect.
Profit for the period totaled SEK 2,696 million (2,614), excluding items affecting comparability.
Earnings per share before dilution equaled SEK 10.37 (10.05), excluding items affecting comparability.
Cash flow from operating activities amounted to SEK 574 million (2,234).

	Q3 2025	Q3 2024	Δ%	Q1-Q3 2025	Q1-Q3 2024	Δ%	R12M 2025	Full year 2024
Volumes, '000 MT	510	551	-7	1,503	1,632	-8	2,044	2,173
Volumes excl. divested operation, '000 MT ¹⁾	510	523	-2	1,503	1,551	-3	2,018	2,066
Operating profit, SEK million	1,260	1,256	0	3,433	3,628	-5	4,701	4,896
Operating profit excl. divested operation ¹⁾ and items affecting comparability ²⁾ , SEK million	1,260	1,231	+2	3,683	3,573	+3	4,922	4,812
Operating profit per kilo, SEK	2.47	2.28	+8	2.28	2.22	+3	2.30	2.25
Operating profit per kilo excl. divested operation ¹⁾ and items affecting comparability ²⁾ , SEK	2.47	2.35	+5	2.45	2.30	+7	2.44	2.33
Profit for the period, SEK million	911	871	+5	2,488	2,614	-5	3,416	3,542
Profit for the period excl. items affecting comparability ² , SEK million	911	871	+5	2,696	2,614	+3	3,624	3,542
Earnings per share before dilution, SEK	3.50	3.35	+4	9.57	10.05	-5	13.14	13.62
Earnings per share before dilution, excl. items affecting comparability ² , SEK	3.50	3.35	+4	10.37	10.05	+3	13.94	13.62
Cash flow from operating activities, SEK million	542	515	-	574	2,234	-	-	2,352
Return on Capital Employed (R12M), percent	20.6	22.1	-1.5 p.p.	20.6	22.1	-1.5 p.p.	20.6	22.4
Return on Capital Employed excl. items affecting comparability ²⁾ (R12M), percent	21.6	22.1	-0.5 p.p.	21.6	22.1	-0.5 p.p.	21.6	22.4

¹⁾ Divestment of North American Foodservice site (Hillside) completed on December 31, 2024.

²⁾ Includes a one-time restructuring cost of SEK 250 million, recognized in Q2 2025

Continued profitability gains, with actions underway to strengthen volumes

During the third quarter, we advanced our strategic agenda by further improving operational efficiency and productivity, despite continued muted consumer spending. Although market conditions remain challenging from a volume perspective, we will not compromise our margin discipline or our position as a leading supplier of advanced specialty ingredients. Instead, we remain focused on strengthening our leadership and driving longterm operating profit growth — with concrete actions underway to improve volume growth.

Business performance

Operating profit in the third quarter increased by 9 percent. This excludes the year-over-year impact of the Hillside divestment, as well as the SEK 85 million currency headwind. When including the effects of currency translation, operating profit grew by 2 percent compared with the corresponding period last year.

At fixed exchange rates, growth for the quarter was broadbased, supported by improvements across all three business areas despite lower volumes.

Overall, third-quarter volumes declined by 2 percent year-onyear but increased by 4 percent sequentially, excluding the impact from the Hillside divestment. The year-over-year development was mainly driven by an 8 percent decline in Chocolate & Confectionery Fats, while Food Ingredients excluding Hillside was flat and Technical Products & Feed decreased by 1 percent.

Profitability was strong, with operating profit per kilo reaching SEK 2.47 in the third quarter. This represented an increase of 5 percent — or 12 percent at fixed exchange rates — both excluding the Hillside divestment. The improvement was driven partly by continued internal optimization, including productivity and procurement enhancements at our oil refining plants, as well as our Fit-to-Win cost optimization program, and partly by better portfolio and price management, with continued high sales of specialty solutions. Favorable market conditions for cocoa butter alternatives further supported third-quarter profitability.

Operational cash flow was positive at SEK 542 million, driven by strong underlying earnings, partially offset by a negative contribution from working capital.

Actions to drive volume growth

Volumes have for some time been affected by a challenging market situation, with higher food prices continuing to weigh on consumers' purchasing power and demand. We focus on the factors within our control and are taking clear, targeted actions to drive growth.

One example is our commercial push to capture growth opportunities, working plant by plant to drive volumes in prioritized regions and customer segments. By leveraging our broad product portfolio, co-development capabilities, and a simplified pricing model, we are strengthening our ability to secure business.

We continue to make progress on sustainability

We are proud to report that AAK has continued to make progress towards our target of 100 percent verified deforestation-free (VDF) palm oil, increasing VDF volumes from 26 percent in 2019 to 93 percent in the first half of 2025. This achievement is the result of strong collaboration across our value chain — driven by the dedication of our teams, trusted supplier partnerships, and a shared commitment to sector-wide transformation.

While we will not reach 100 percent this year, we remain fully committed and will continue our dedicated efforts to achieve it over time. Driving sustainability in complex supply chains is an ongoing journey, not a one-time milestone. The conditions for achieving VDF vary between markets. Some markets have already reached 100 percent verified deforestation-free palm, while others are at an earlier stage. Our continued progress is built on long-term engagement, robust traceability systems, and a commitment to responsible sourcing. We work actively with suppliers and customers to raise standards and accelerate change —including in markets that are still at an earlier stage, where we use our influence to support sustainable transformation.

Concluding remarks

Looking ahead, we remain prudently optimistic about AAK's long-term potential and fully committed to delivering on our 2030 aspiration. We are actively executing targeted initiatives to strengthen the volume performance —with emphasis on commercial excellence and deeper customer engagement.

As an enabler of plant-based solutions, AAK is well-positioned to support the transition towards a more sustainable food system —reducing reliance on animal-based diets and helping our customers offer better, healthier, and more sustainable choices.

Johan Westman, President and CEO

AAK Group, Q3 2025

Volumes

Volumes totaled 510,000 MT (551,000), a decrease of 7 percent compared to last year. Volumes, excluding the impact of the Hillside divestment, declined by 2 percent.

Net sales

Sales reached SEK 11,498 million (11,171), an increase of 3 percent, including a negative currency translation effect of SEK 778 million. The increase in net sales was primarily driven by higher raw material prices and increased sales of specialty solutions.

Operating profit

Operating profit totaled SEK 1,260 million (1,256), on a par with the same quarter in 2024. Currency translation had a negative effect of SEK 85 million, of which SEK 57 million was related to Food Ingredients and SEK 28 million to Chocolate & Confectionery Fats. At fixed foreign exchange rates and excluding the Hillside divestment, operating profit increased by 9 percent.

Operating profit per kilo totaled SEK 2.47 (2.28), an increase of 8 percent. Currency translation had a negative effect of SEK 0.17 per kilo. At fixed foreign exchange rates and excluding the Hillside divestment, operating profit per kilo increased by 12 percent.

The improvement was driven partly by continued internal optimization, including productivity and procurement enhancements at our oil refining plants, as well as our Fit-to-Win cost optimization program, and partly by better portfolio and price management, with continued higher sales of specialty solutions. Favorable market conditions for cocoa butter alternatives further supported third-quarter profitability.

Net financial costs and tax costs

Net financial costs amounted to SEK 43 million (101). The decrease was mainly driven by the impact of reporting in hyperinflationary economies (IAS 29), as well as a slight effect from lower interest rates. Reported tax costs corresponded to an average tax rate of 25 percent (25).

Earnings per share

Earnings per share before dilution equaled SEK 3.50 (3.35).

Cash flow and investments

Operating cash flow, including changes in working capital, amounted to SEK 542 million (515). Cash flow from working capital amounted to negative SEK 673 million (negative 847), mainly due to negative cash flows from accounts receivable, inventory and other working capital, partially offset by a positive cash flow from accounts payable. The negative cash flow impact on accounts receivable was primarily driven by the increase in raw material prices.

Cash outflow from investment activities amounted to SEK 321 million (311). Capital expenditure primarily related to

maintenance investments, productivity improvements, and capacity increases.

Return on Capital Employed (ROCE)

Calculated on a rolling 12-month basis, ROCE, excluding items affecting comparability, was 21.6 percent (22.4 on December 31, 2024).

Financial position

The equity-to-asset ratio was 58 percent (59 percent on December 31, 2024). Net debt on September 30, 2025, totaled SEK 3,398 million (SEK 1,696 million on December 31, 2024). Net debt/EBITDA totaled 0.61 (0.29 as of December 31, 2024).

On September 30, 2025, the Group had total credit facilities of SEK 10,485 million (8,388 as of December 31, 2024), of which SEK 9,226 million (6,765 as of December 31, 2024) was in committed credit facilities. Unused committed credit facilities on September 30, 2025 totaled SEK 5,091 million (4,929 as of December 31, 2024). Non-committed credit facilities totaled SEK 1,259 million (1,623 as of December 31, 2024), SEK 947 million (1,428 as of December 31, 2024) of which was unused.

Selected events

AAK strengthens supply of specialty palm fractions

AAK has entered into a joint venture with Kuala Lumpur Kepong Berhad (KLK) to establish a production plant for specialty palm fractions in Pasir Gudang, Malaysia. The joint venture, Nura Specialty Oils and Fats (Nura), will strengthen AAK's upstream access to sustainable, high-purity feedstock used in the production of cocoa butter alternatives – a key growth driver within Chocolate & Confectionery Fats.

The total investment for AAK amounts to approximately SEK 300 million, to be implemented over three years. The plant is expected to ramp up in 2028 and reach full utilization in 2029.

By broadening its supply base and reinforcing upstream integration, Nura will complement AAK's long-standing supplier partnerships in the region, increase resilience, and support the long-term profitable growth of Chocolate & Confectionery Fats.

Tragic incident at Louisville plant

On September 21, a tragic incident occurred at AAK's facility in Louisville, Kentucky, resulting in the loss of a colleague's life. Emergency services responded immediately, and the affected part of the plant was shut down as a precaution.

Since the incident, AAK has focused on supporting those affected, ensuring employees have access to assistance, and honoring the memory of our valued colleague.

AAK is cooperating with the authorities in the ongoing investigation and has engaged internal and external expertise to understand exactly what happened. Safety and care for each other remain the company's highest priorities, and AAK is committed to learning from this incident and taking all necessary steps to prevent a recurrence. The incident is not expected to have any material financial impact on the company's business.

Flags at half-staff outside AAK's Louisville facility, honoring the colleague who tragically lost their life in the September 21 incident.

Update on shea sourcing and West African export restrictions

Shea is one of AAK's most important raw materials, and a key input in the production of cocoa butter alternatives for our Chocolate & Confectionery Fats business. Each year, AAK sources shea kernels from West Africa, where hundreds of thousands of women are engaged in the collection process.

In recent months, several countries have implemented export restrictions on raw shea kernels.

AAK is closely monitoring the situation and remains in dialogue with local authorities, industry associations, and suppliers. While restrictions have created short-term uncertainty in the supply chain, AAK has long invested in direct sourcing, local partnerships, and traceability programs across the shea belt. These initiatives strengthen our resilience and enable us to adapt to regulatory changes.

At present, the export restrictions are not expected to have a material impact on AAK's ability to serve customers. Our diversified sourcing model, combined with longstanding local relationships, helps ensure continuity of supply.

Celebrating 20 years of AAK

On October 1, 2005, Aarhus United of Denmark and Karlshamns AB of Sweden merged to form AarhusKarlshamn—today known globally as AAK. The merger combined more than a century of expertise in plant-based oils and fats, laying the foundations for today's global leader in high-speciality fat solutions.

The 20th anniversary, which fell in the beginning of the fourth quarter, is highlighted here to acknowledge its importance in AAK's history. The merger united Aarhus technical excellence and global reach with Karlshamn's innovation and sustainability focus—strengths that continue to drive AAK today.

Celebrations took place across AAK on October 1, with colleagues marking the occasion through local events.