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Scandi Standard Interim / Quarterly Report 2026
3107_10-q_2026-04-28_3f80760b-1265-4af5-9653-4cad1ab79ae2.pdf
Interim / Quarterly Report
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Interim report
Quarter I
2026
Scandi
Standard
INTRODUCTION
CEO COMMENTS
RESULTS
SUSTAINABILITY
SEGMENT
FINANCIAL REPORT
OTHER
Scandi Standard AB (publ) interim report January - March 2026
Scandi Standard reports continued growth and further improvements in earnings
January – March 2026
- Chicken processed (grill weight) amounted to 75 (72) thousand tonne, a 5 per cent increase
- EBIT/kg amounted to 2.22 (1.73) SEK, a 28 percent increase
- Net sales amounted to MSEK 3,684 (3,376) MSEK. At constant exchange rates, net sales increased by 13 per cent
- Operating income (EBIT) increased with 35 percent till MSEK 167 (124), corresponding to a margin of 4.5 (3.7) per cent
- Income for the period amounted to MSEK 101 (66). Earnings per share amounted to SEK 1.55 (1.01)
- Operating cash flow was MSEK 69 (8)
Significant events after the quarter
- No significant events after the quarter.
Key metrics¹
| MSEK | Q1 | R12 | Full-year | ||
|---|---|---|---|---|---|
| 2026 | 2025 | Δ | 25/26 | 2025 | |
| Net sales | 3,684 | 3,376 | 9% | 14,392 | 14,083 |
| EBITDA | 273 | 233 | 17% | 1,088 | 1,047 |
| Operating profit (EBIT) | 167 | 124 | 35% | 646 | 603 |
| EBITDA margin | 7.4% | 6.9% | 0.5ppt | 7.6% | 7.4% |
| EBIT margin | 4.5% | 3.7% | 0.9ppt | 4.5% | 4.3% |
| Income after finance net | 132 | 84 | 57% | 501 | 452 |
| Income for the period | 101 | 66 | 53% | 401 | 367 |
| Earnings per share, SEK | 1.55 | 1.01 | 53% | 6.14 | 5.61 |
| Return on capital employed | 13.3% | 11.4% | 1.9ppt | 13.3% | 12.5% |
| Return on equity | 14.9% | 10.7% | 4.2ppt | 14.9% | 13.9% |
| Operating cash flow | 69 | 8 | 760% | 304 | 243 |
| Net interest-bearing debt | 2,030 | 1,948 | 4% | 2,030 | 2,032 |
| NIBD/Adj. EBITDA | 1.9 | 2.1 | -11% | 1.9 | 1.9 |
| Chicken processed (thousand tonne gw) | 75.0 | 71.8 | 5% | 303.9 | 300.7 |
| EBIT/kg, SEK | 2.22 | 1.73 | 29% | 2.12 | 2.00 |
| LTI per million hours worked² | 22.1 | 15.1 | 47% | 20.4 | 18.7 |
| Feed efficiency, conventional³ | 1.49 | 1.50 | -1% | 1.49 | 1.49 |
| Feed efficiency, semi slow growing birds² | 1.58 | 1.65 | -4% | 1.60 | 1.61 |
¹ For details about alternative KPIs, see note 3. For definitions of key figures, see page 19.
² Comparative figures have been adjusted to previously published results.
Net sales and EBIT margin
INTRODUCTION
CEO COMMENTS
RESULTS
SUSTAINABILITY
SEGMENT
FINANCIAL REPORT
OTHER
Scandi Standard AB (publ) interim report January - March 2026
CEO Comments
Scandi Standard report another quarter of substantially improved earnings and continued growth. Operating income amounted to MSEK 167 (124), corresponding to an increase of 35 per cent year-on-year, while net sales increased 9 per cent. The positive earnings and growth trends established for the past several quarters reflect investments made as well as work with efficiency and capacity increases to meet high demand for the company's products. The company is well-equipped to continue developing its operations in our product segment with favourable long-term growth opportunities.
Ready-to-cook (RTC) grew net sales 10 per cent to MSEK 2,850 (2,600) and operating income increased to MSEK 151 (93), corresponding to a year-on-year improvement of 62 per cent. The positive performance was driven by high demand in Scandi Standard's domestic markets and the effects of implemented investments in expanding capacity as well as in efficiency and our local brands.
The company launched several new products in Sweden during the quarter, along with implementing an updated brand and packaging design, leading to increased visibility in new sales channels. Reception has been positive from customers as well as from consumers. A new thigh deboning line entered operation in Finland, which lead to greater efficiency and lower costs.
Scandi Standard also acquired a hatchery in Lithuania during the quarter, which is an important step for ensuring a supply of raw materials that meet the company's stringent standards for animal welfare, food safety and sustainability. The initial capacity amounts to approximately 34-million-day-old chicks, with the potential of increasing to around 68 million.
Ready-to-eat reported an increase in net sales of 10 per cent to MSEK 708 (646) for the quarter and operating income amounted to MSEK 19 (31). The underlying demand continued to trend favourably, and work continue on expanding and strengthening the customer base. However, like in the previous quarter, earnings were affected by increased raw material prices, start-up of the production in the Netherlands and planned maintenance and investment in the facility in Denmark.
The upgrades to the Danish facility are part of Scandi Standard's long-term initiatives to increase efficiency and create a more robust Ready-to-eat production structure. These measures have improved preconditions for stable operations and helped improve the capacity utilisation going forward.
Operations in the Netherlands developed according to plan. The first production line is fully operational, and the completion and optimisation of the remaining production lines is ongoing. These initiatives are expected to create additional capacity in Ready-to-eat by the end of the year, thereby supporting Scandi Standard's development in the short and the long term.
Lower carbon footprint in own operations
A key component of Scandi Standard's sustainability agenda entails decreasing the climate impact from its own operations. Carbon intensity in own operations decreased in 2025 to 59.3 g CO₂e per kg product, compared to 71.8 CO₂e per kg product in 2024. While total emissions increased during the period, due in part to completed acquisitions, emissions per kg product decreased. This proves that Scandi Standard can continue growing while concurrently reducing emissions intensity, meaning that work to decrease climate impact in own operations continues to deliver results.
Financial position
The Group's operating cash flow amounted to MSEK 69 (8) for the quarter and the net interest-bearing debt was essentially unchanged compared with the end of the year. In 2026, we expect Scandi Standard's total investment level to amount to approximately MSEK 650. The majority of investments pertained to Ready-to-cook operations, with a focus on increased efficiency in our domestic markets. The investments also include development and productivity improvements in Ready-to-eat as well as the continued commissioning of the Netherlands facility.
Strategy and outlook
During the quarter, Scandi Standard continued to grow and develop operations through investing in the value chain and consistent work on streamlining the company's domestic markets. Scandi Standard is strengthening its position in the company's domestic markets while its presence in the European markets is being advanced through establishments in Lithuania and the Netherlands. This, in combination with continued high demand for chicken, creates favourable preconditions for growth and improved profitability, while maintaining the company's stringent standards for animal welfare, sustainability and efficiency.
"We report another quarter of substantially improved earnings and significant revenue growth, driven by strong demand, executed investments, and increased efficiency."
Scandi Standard carefully follows developments in the prevailing geopolitical uncertainty, and the current assessment is that the financial risk is limited. The company's operations are concentrated in Europe, which limits direct exposure. The last few years' geographic expansion as well as expanding operations to include a larger portion of the value chain has made operations more flexible, thereby strengthening the company's ability to handle changing market conditions. Scandi Standard is well-equipped to create continued future growth and to improve profitability
Stockholm, 28 April 2026
Jonas Tunestål,
Managing Director and CEO Scandi Standard
RESULTS
SEGMENT
OTHER
Group results
Net sales and results
January – March 2026
Net sales for the Group increased with 9 per cent to MSEK 3,684 (3,376). At constant exchange rates, net sales increased by 13 per cent. Net Sales to the Retail sales channel increased by 8 per cent compared to the corresponding quarter previous year, driven by both volume, price and mix increases. Net sales to the Foodservice channel increased by 14 per cent, driven by Ready-to-eat. Export sales increased by 15 per cent during the quarter, driven by the acquired operations in Lithuania.
Operating income (EBIT) for the Group increased with 35 per cent to MSEK 167 (124), corresponding to an operating margin (EBIT margin) of 4.5 (3.7) per cent.
Ready-to-cook reported an operating income of MSEK 151 (93), which was the highest ever for a first quarter, driven strong underlying demand combined with investments to increase capacity as well as efficiency.
The operating income in the Ready-to-eat segment amounted to MSEK 19 (31), which was negatively impacted in the short term by higher raw material prices, the startup of production in the Netherlands and planned production downtime for maintenance and increased efficiency.
Finance net for the Group amounted to MSEK -34 (-40). The difference is mainly related to currency effects of MSEK 1 (-5) and to increased interest expenses for interest-bearing liabilities of MSEK -22 (-20).
Tax expenses for the Group amounted to MSEK -31 (-18) corresponding to an effective tax rate of approximately 24 (21) per cent. The increase in the effective tax rate is mainly attributable to the tax loss for the period in the Netherlands not being capitalised, as well as by the impact of the mix of different tax rates in the respective countries.
Income for the period for the Group increased to MSEK 101 (66). Earnings per share were SEK 1.55 (1.01).
Net Sales and Operating Income (EBIT)
| MSEK | Q1 | R12 | Full-year | ||
|---|---|---|---|---|---|
| 2026 | 2025 | Δ | 25/26 | 2025 | |
| Net sales | 3,684 | 3,376 | 9% | 14,392 | 14,083 |
| EBITDA | 273 | 233 | 17% | 1,088 | 1,047 |
| Depreciation | -99 | -100 | -2% | -411 | -413 |
| EBITA | 175 | 133 | 32% | 677 | 635 |
| Amortisation | -8 | -9 | -9% | -34 | -35 |
| Operating profit (EBIT) | 167 | 124 | 35% | 646 | 603 |
| EBITDA margin | 7.4% | 6.9% | 0.5ppt | 7.6% | 7.4% |
| EBITA margin | 4.7% | 3.9% | 0.8ppt | 4.7% | 4.5% |
| EBIT margin | 4.5% | 3.7% | 0.9ppt | 4.5% | 4.3% |
| Chicken processed (thousand tonne gw) | 75.0 | 71.8 | 5% | 303.9 | 300.7 |
| EBIT/kg, SEK | 2.22 | 1.73 | 29% | 2.12 | 2.00 |
Change in EBIT per segment Q1 2025 – Q1 2026 (MSEK)
Finance and tax expenses
RESULTS
SEGMENT
OTHER
Financial position
Financial position
January – March 2026
Net interest-bearing debt (NIBD) for the Group was MSEK 2,030, an increase of MSEK 2 from December 31, 2025. Operating cash flow in the quarter amounted to MSEK 69 (8). The positive effect from the improved EBITDA was offset by a weaker working capital, which is explained by a higher proportion of trade receivable compared with the same quarter last year. This was compensated by lower net investments, as investments were higher in the comparison period due to the acquisition of the factory within Ready-to-eat in the Netherlands and poultry farms in Lithuania. Total interest-bearing net debt was also impacted by other items, mainly related to exchange rate fluctuations and repurchase of own shares.
Total equity attributable the parent company's shareholders as of March 31, 2026 amounted to MSEK 2,838 (2,539). The equity to assets ratio amounted to 36.2 (34.7) per cent. Return on equity was 14.9 (10.7) per cent.
Financial targets
The financial target for the Group's EBIT margin is for the margin to exceed 6 per cent in the medium term. In the first quarter, the company achieved an operating margin of 4.5 (3.7) per cent, which is in line with expectations.
The financial target for the Group's net interest-bearing debt in relation to EBITDA is +2.5x. The outcome as of March 31, 2026, was 1.9x (2.1x), which is better than the target range for the Group.
The financial target for the Group's net sales is an annual average organic growth (5-year average) of 5-7 per cent, reported on annual basis.
The financial target for return on capital employed (ROCE) should amount to 15 per cent in the medium term. The outcome for the first quarter was 13.3 (11.4) per cent.
In addition to these, the Group has a target for operating profit per processed kg (GW) of >3 SEK/kg. The outcome for the first quarter was SEK 2.22 (1.73)/kg.
Net-interest-bearing debt (NIBD)
| MSEK | Q1 | R12 | Full-year | |
|---|---|---|---|---|
| 2026 | 2025 | 25/26 | 2025 | |
| Opening balance NIBD | 2,032 | 1,935 | 2,032 | 1,935 |
| EBITDA | 273 | 233 | 1,088 | 1,047 |
| Change in working capital | -57 | 14 | -40 | 31 |
| Net capital expenditure | -133 | -221 | -695 | -783 |
| Other operating items | -15 | -18 | -49 | -52 |
| Operating cash flow | 69 | 8 | 304 | 243 |
| Paid finance items, net | -35 | -33 | -148 | -146 |
| Paid tax | -17 | -30 | -67 | -80 |
| Dividends to shareholders | - | - | -163 | -163 |
| Acquired and divested operations/assets | - | - | -16 | -16 |
| Other items¹ | -15 | 42 | 9 | 66 |
| Decrease (+) / increase (-) NIBD | 2 | -13 | -82 | -97 |
| Closing balance NIBD | 2,030 | 1,948 | 2,030 | 2,032 |
¹ Other items mainly include currency exchange effects, repurchase own shares and net changes in lease assets.
Financial targets
| MSEK | Q1 | R12 | Full-year | Target | |
|---|---|---|---|---|---|
| 2026 | 2025 | 25/26 | 2025 | ||
| Net sales¹ | - | - | 12% | 10% | 5–7% |
| Operating margin | 4.5% | 3.7% | 4.5% | 4.3% | >6% |
| EBIT/kg, SEK | 2.22 | 1.73 | 2.12 | 2.00 | >3 SEK |
| ROCE | 13.3% | 11.4% | 13.3% | 12.5% | >15% |
| NIBD/EBITDA | 1.9x | 2.1x | 1.9x | 1.9x | <2,5x |
¹ Target for Net sales is measured and evaluated on annual basis.
EBIT/kg, SEK
Average capital employed and return on capital employed
RESULTS
SEGMENT
OTHER
Sustainability performance
Focus areas and development
Scandi Standard views chicken as an important component of the future food system. This is because, in comparison with other animal protein, chicken is better for human health and has a smaller climate impact. Expectations and requirements on Scandi Standard's sustainability work from different stakeholders are increasing and are to a larger extent linked to the Group's operational and financial performance. Scandi Standard's ambition is to be a sustainability leader in the global poultry space.
First quarter 2026
- The lost time injury frequency rate (LTIFR) for the first quarter of 2026 was 22.1 (15.1) per million hours worked. This was a year-on-year increase of 47 per cent and is above the year's target of 19.9. The increase was driven by the Nordic countries and the Netherlands. Scandi Standard is continuing to strengthen its work environment management and to develop a culture of safety awareness, with a focus going forward on ensuring the right competences in the organisation and on further strengthening health and safety processes in the Netherlands.
-
In the first quarter of 2026, antibiotics usage in the Group was 15.5 per cent (7.6) in treated flocks, which exceeds the target for 2026 and represents a year-on-year increase. Antibiotic usage in the Nordic countries has been negligible. The increase was due to Lithuania and Ireland, where antibiotics usage was higher due to challenges related to the quality of day-old chicks. This is related to variations in the availability and quality of eggs as well as the incidence of disease among parent birds. By international standards, the result is very low, and our estimation is that average European antibiotics usage in chicken rearing ranges from 40–60 per cent. Scandi Standard is continuing to work with systematic improvements and to ensure access to high-quality day-old chicks.
-
Foot pad condition (foot score) is a leading industry indicator for animal welfare, a low score equates good foot health, where values below 15–20 are good in an international comparison. The outcome for the first quarter of 2026 was 9.7 points, which was slightly higher than the corresponding quarter of 2025, when the score was 9.0.
- Decreasing the climate impact in the form of CO₂ emissions from its own operations as well as across the value chain is a key priority at Scandi Standard. The result for the first quarter with regards to carbon intensity in own operations was 91.3 g CO₂e/kg product (87.8) which was a 4 per cent increase year-on-year. The increase was due in part to the Netherlands, which has had a relatively high carbon intensity since startup, though the intensity has gradually decreased. The outcome was also impacted by Finland, primarily due to a cold winter in combination with an increased number of production shifts.
- In the first quarter of 2026, three critical complaints were reported, compared with two in the year-earlier quarter. As with the majority of the complaints in previous quarters, two of the complaints pertained to the RTE segment. When complaints are made, we conduct continual improvements to ensure that similar problems do not reoccur.
Health and safety campaigns
Health and safety are a prioritised area for Scandi Standard. This work is continuous, with the development of new initiatives and workflows to increase awareness and further strengthen the safety culture of the operations. Targeted campaigns in the Irish organisation were conducted with a focus on select health and safety areas. This includes CPR, safety at the facility and slip-prevention measures. Work will continue in the coming period to increase engagement and participation with the organisation.
LTI per million hours worked
Animal welfare indicator (foot score)
Use of antibiotics (% of flocks treated)
CO₂ emissions (g CO₂e/kg product)
Sustainability overview
| Q1 | Target | |||
|---|---|---|---|---|
| 2026 | 2025 | Δ | 2026 | |
| LTI per million hours worked¹ | 22.1 | 15.1 | 47% | 19.9 |
| Use of antibiotics (% of flocks treated) | 15.5% | 7.6% | 7.9ppt | 5.1 |
| Animal welfare indicator (foot score)¹ | 9.7 | 9.0 | 8% | 8.2 |
| CO₂ emissions (g CO₂e/kg product)¹ | 91.3 | 87.8 | 4% | 76.5 |
| Critical complaints | 3 | 2 | 50% | 0 |
| Feed efficiency, conventional | 1.49 | 1.50 | -1% | 1.49 |
| Feed efficiency, semi slow growing birds | 1.58 | 1.65 | -4% | - |
¹Comparative figures have been adjusted to previously published results.
For definitions of key figures, see page 19. CO₂e / kg product. From 2026, emissions from fugitive gases and company vehicle are included, these have been updated retroactively for 2025. The antibiotic figures also include external farms in Lithuania from 2026.
Segments report
| Overview | Ready-to-cook¹ | Ready-to-eat² | Other³ | Total | ||||
|---|---|---|---|---|---|---|---|---|
| Q1 | Q1 | Q1 | Q1 | |||||
| MSEK unless stated otherwise | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| Net sales | 2,850 | 2,600 | 708 | 646 | 127 | 130 | 3,684 | 3,376 |
| EBITDA | 237 | 181 | 34 | 46 | 2 | 6 | 273 | 233 |
| Depreciation | -78 | -79 | -15 | -16 | -6 | -6 | -99 | -100 |
| EBITA | 159 | 102 | 19 | 31 | -4 | 0 | 175 | 133 |
| Amortisation | -8 | -9 | 0 | 0 | 0 | 0 | -8 | -9 |
| Operating profit (EBIT) | 151 | 93 | 19 | 31 | -4 | 0 | 167 | 124 |
| EBITDA margin | 8.3% | 7.0% | 4.8% | 7.2% | 1.5% | 4.7% | 7.4% | 6.9% |
| EBITA margin | 5.6% | 3.9% | 2.7% | 4.7% | -3.1% | 0.1% | 4.7% | 3.9% |
| EBIT margin | 5.3% | 3.6% | 2.7% | 4.7% | -3.1% | 0.1% | 4.5% | 3.7% |
| Capital employed | 5,057 | 4,685 | ||||||
| Return on capital employed | 13.3% | 11.4% | ||||||
| Chicken processed (thousand tonne gw) | 75.0 | 71.8 | ||||||
| Net sales/kg, SEK | 49.1 | 47.0 | ||||||
| EBIT/kg, SEK | 2.22 | 1.73 | ||||||
| Net sales split | ||||||||
| Sweden | 708 | 687 | 174 | 165 | 40 | 42 | 922 | 894 |
| Denmark | 562 | 508 | 369 | 341 | 36 | 36 | 967 | 885 |
| Norway | 471 | 446 | 141 | 114 | 10 | 10 | 621 | 569 |
| Ireland | 749 | 685 | 2 | 3 | 31 | 33 | 782 | 722 |
| Finland | 235 | 223 | 22 | 24 | 9 | 8 | 266 | 255 |
| Lithuania | 126 | 50 | - | - | - | - | 126 | 50 |
| Netherlands | ||||||||
| Total Net sales per country | 2,850 | 2,600 | 708 | 646 | 127 | 130 | 3,684 | 3,376 |
| Retail | 2,108 | 2,044 | 230 | 195 | 6 | 6 | 2,343 | 2,245 |
| Export | 296 | 220 | 135 | 139 | 40 | 50 | 471 | 409 |
| Foodservice | 228 | 218 | 305 | 257 | 2 | 1 | 535 | 476 |
| Industry / Other | 218 | 118 | 38 | 55 | 80 | 73 | 336 | 246 |
| Total Net sales sales channel | 2,850 | 2,600 | 708 | 646 | 127 | 130 | 3,684 | 3,376 |
| Chilled | 2,334 | 2,066 | ||||||
| Frozen | 515 | 534 | ||||||
| Total Net sales sub segment | 2,850 | 2,600 | ||||||
| LTI per million hours worked⁴ | 22.3 | 14.6 | 20.9 | 18.1 | 22.1 | 15.1 | ||
| Use of antibiotics (% of flocks treated) | 15.5% | 7.6% | 15.5% | 7.6% | ||||
| Animal welfare indicator (foot score)⁴ | 9.7 | 9.0 | 9.7 | 9.0 | ||||
| CO₂ emissions (g CO₂e/kg product)⁴ | 91.3 | 87.8 | ||||||
| Critical complaints | 1 | 0 | 2 | 2 | 3 | 2 | ||
| Feed efficiency, conventional | 1.49 | 1.50 | 1.49 | 1.50 | ||||
| Feed efficiency, semi slow growing birds | 1.58 | 1.65 | 1.58 | 1.65 |
Ready-to-Cook - Net sales
Ready-to-Eat - Net sales
Ready-to-Cook - EBIT and EBIT margin
Ready-to-Eat - EBIT och EBIT margin
¹ Includes feed in Ireland, hatching in Sweden. Net sales for the segment Ready-to-cook includes the external net sales
² Net sales for the segment Ready-to-eat include the external net sales. Operative result for the segment includes the integrated result for the Group without internal margins.
³ Other consist of ingredients, business and group cost, see note 2 for definition of Other.
⁴ Comparative figures have been adjusted to previously published results.
For definitions of key figures, see page 19.
Segment: Ready-to-cook
January – March 2026
Net sales
Net sales within the Ready-to-cook (RTC) segment increased by 10 per cent from MSEK 2,600 to MSEK 2,850. In fixed currency, the increase, in net sales was 13 per cent.
Net sales were driven by growth in all channels from continued high demand. The Retail channel delivered growth of 7 per cent, driven by a combination of increased volume and higher prices. Sales in the Export channel increased by 34 per cent compared to the same period last year, driven primarily by Lithuania.
Demand for chilled and frozen products has shifted, resulting in a 13 per cent increase in sales of chilled products, while frozen products decreased by 3 per cent.
Operating income
Operating income (EBIT) for Ready-to-cook increased by MSEK 58 to MSEK 151 (93), corresponding to an operating income margin (EBIT margin) of 5.3 (3.6) per cent.
The volume growth had a positive effect on the quarter's operating result.
The positive impact from price/mix and strengthened promotion planning was partially offset by higher input costs.
Other operating expenses were impacted by increased overhead costs, as well as a minor increase on marketing activities.
The results also reflect the positive production process enhancements driven by investments in efficiency and capacity.
Lost time injuries (LTI) amounted to 22.3 (14.6) per million hours worked within the Ready-to-cook segment during the first quarter, representing an increase of 53 per cent compared with the corresponding quarter of the previous year. The increase was driven by the Nordic countries. Scandi Standard continues its efforts to strengthen health and safety management and to promote a safety-conscious culture. Going forward, the focus includes ensuring the right competencies and skills within the organisation. In 2025, efforts were carried out in Ireland to raise awareness of health and safety issues, including targeted campaigns, which have contributed to a reduction in the number of accidents.
One critical complaint was reported within the Ready-to-cook segment during the first quarter in the Lithuanian operation. When complaints are received, continuous improvement activities are undertaken to ensure that similar issues do not recur.
| MSEK | Q1 | Δ | R12 | Full-year | |
|---|---|---|---|---|---|
| 2026 | 2025 | 25/26 | 2025 | ||
| Net sales | 2,850 | 2,600 | 10% | 11,033 | 10,783 |
| EBITDA | 237 | 181 | 31% | 898 | 841 |
| Depreciation | -78 | -79 | -1% | -322 | -323 |
| EBITA | 159 | 102 | 56% | 576 | 519 |
| Amortisation | -8 | -9 | -8% | -34 | -35 |
| Operating profit (EBIT) | 151 | 93 | 62% | 545 | 487 |
| EBITDA margin | 8.3% | 7.0% | 1.3ppt | 8.1% | 7.8% |
| EBITA margin | 5.6% | 3.9% | 1.7ppt | 5.2% | 4.8% |
| EBIT margin | 5.3% | 3.6% | 1.7ppt | 4.9% | 4.5% |
| LTI per million hours worked¹ | 22.3 | 14.6 | 53% | 21.3 | 19.4 |
| Animal welfare indicator (foot score)¹ | 9.7 | 9.0 | 8% | 8.3 | 8.1 |
| Critical complaints | 1 | 0 | - | 4 | 3 |
¹ Comparative figures have been adjusted to previously published results.
Ready-to-cook: Change in EBIT Q1 2025 – Q1 2026 (MSEK)
Net sales per country*
■ Sweden (3%) ■ Denmark (11%)
■ Norway (5%) ■ Ireland (9%)
■ Finland (5%) ■ Lithuania (151%)
Net sales per product type*
■ Chilled (13%) ■ Frozen (-3%)
Net sales per sales channel*
■ Retail (7%)
■ Export (34%)
■ Foodservice (7%)
■ Industry/Other (7%)
*Change versus corresponding quarter of the previous year in brackets
Segment Ready-to-cook (RTC): Is the Group's largest product category and consists of products that are either chilled or frozen and have not been cooked. These include whole birds, cuts of meat, deboned and seasoned or marinated products. Products are made available mainly via Retail and Foodservice sales channels to both domestic and export markets. The segment comprises RTC processing plants in all five countries, the feed business in Ireland, egg production in Norway, and the hatching business in Sweden. Net sales for the segment consist of external net sales.
Segment: Ready-to-eat
Net sales
Net sales within the segment Ready-to-eat (RTE) increased by 10 per cent to MSEK 708 (646). In fixed currency, net sales increased by 13 per cent.
Net sales increased in several markets driven by volume and price/mix. The Foodservice channel grew by 19 per cent, driven mostly by Denmark and Sweden.
The net sales in the Retail channel grew by 18 per cent, with growth in all markets.
Positive steps continue to be made to develop profitable new business within Export and Foodservice sales channels while also strengthening agreements with existing key customers.
Operating income
Operating income (EBIT) for Ready-to-eat decreased by MSEK 11 to MSEK 19 (31) corresponding to an operating margin (EBIT margin) of 2.7 (4.7) per cent.
Volume growth and increased prices were offset by higher raw material prices, start-up costs in the Netherlands, and planned production downtime for maintenance and increased efficiency. Price adjustments to customers are being executed and will continue to be implemented over the coming quarters.
Other operating expenses were impacted by reduced overhead costs, partially offset by an increase on marketing activities.
Lost time injuries (LTI) amounted to 20.9 (18.1) per million hours worked within the Ready-to-eat segment during the first quarter, representing an increase of 16 per cent compared with the corresponding quarter of the previous year. The increase was mainly driven by the Netherlands, and efforts to strengthen and ensure health and safety processes there are ongoing.
Two critical complaints were reported during the first quarter within the Ready-to-eat segment, one in the Danish operation and one in the Norwegian operation. When complaints are received, continuous improvement efforts are undertaken to ensure that similar issues do not recur.
| MSEK | Q1 | Δ | R12 | Full-year | |
|---|---|---|---|---|---|
| 2026 | 2025 | 25/26 | 2025 | ||
| Net sales | 708 | 646 | 10% | 2,846 | 2,785 |
| EBITDA | 34 | 46 | -27% | 151 | 163 |
| Depreciation | -15 | -16 | -8% | -65 | -66 |
| EBITA | 19 | 31 | -37% | 86 | 97 |
| Amortisation | - | 0 | -100% | 0 | - |
| Operating profit (EBIT) | 19 | 31 | -37% | 86 | 97 |
| EBITDA margin | 4.8% | 7.2% | -2.4ppt | 5.3% | 5.9% |
| EBITA margin | 2.7% | 4.7% | -2.0ppt | 3.0% | 3.5% |
| EBIT margin | 2.7% | 4.7% | -2.0ppt | 3.0% | 3.5% |
| LTI per million hours worked | 20.9 | 18.1 | 16% | 14.5 | 13.6 |
| Critical complaints | 2 | 2 | - | 11 | 11 |
Ready-to-eat: Change in EBIT Q1 2025 – Q1 2026 (MSEK)
Segment Ready-to-eat (RTE): Consists of products that have been cooked during processing and are ready to be consumed, either directly or after being heated up. Products range from grilled and pre-sliced chicken fillets with different seasoning to chicken nuggets. Sales are mainly to Retail and Foodservice sales channels, and part of the production is exported. The segment comprises four RTE processing plants in Denmark, Norway, Finland and Netherlands combined with third-party production. Net sales for the segment consist of external net sales. The operating result includes the integrated result for the Group without internal margins.
Net sales per country*
Net sales per sales channel*
■ Retail (18%)
■ Export (-2%)
■ Foodservice (19%)
■ Industry/Other (-32%)
*Change versus corresponding quarter of the previous year in brackets
Other
Ingredients
Ingredients are products mainly for non-human consumption. The areas of application can for example be industrial production of animal feed and biofuel. Utilizing the entire animal is an important component of Scandi Standard's operations, as it contributes to minimising production waste and a lowering the overall carbon footprint.
Net sales within Ingredients amounted to MSEK 127 (130), resulting in an operating income (EBIT) of MSEK 9 (12). The decrease in operating income was mainly driven by lower net sales and product mix.
Group cost
Group costs of MSEK -12 (-12) were recognised in the Group operating income (EBIT).
Personnel
The average number of full-time employees in the first quarter 2026 was 3,777 (3,543).
Ingredients - Net sales
Net sales per country*
Net sales R12 (MSEK)
Ingredients - EBIT and EBIT margin
Consolidated income statement
| MSEK | Q1 | R12 | Full-year | |
|---|---|---|---|---|
| 2026 | 2025 | 25/26 | 2025 | |
| Net sales | 3,684 | 3,376 | 14,392 | 14,083 |
| Other operating revenue | 24 | 12 | 58 | 46 |
| Changes in inventories of finished goods and work-in- progress | -76 | -2 | -11 | 63 |
| Raw materials and consumables | -2,159 | -2,052 | -8,675 | -8,567 |
| Employee benefits expense | -753 | -682 | -2,946 | -2,875 |
| Depreciation, amortisation, and impairment | -107 | -109 | -445 | -448 |
| Other operating expenses | -446 | -418 | -1,731 | -1,702 |
| Share of income of associates | - | - | 3 | 3 |
| Operating income | 167 | 124 | 646 | 603 |
| Financial income | 2 | 1 | 4 | 3 |
| Financial expenses | -36 | -41 | -149 | -153 |
| Income after finance net | 132 | 84 | 501 | 452 |
| Tax on income for the period | -31 | -18 | -99 | -86 |
| Income for the period attributable to parent company shareholders | 101 | 66 | 401 | 367 |
| Average number of shares | 65,309,083 | 65,327,164 | 65,388,902 | 65,393,422 |
| Earnings per share, SEK | 1.55 | 1.01 | 6.14 | 5.61 |
| Earnings per share after dilution, SEK | 1.55 | 1.01 | 6.14 | 5.61 |
| Number of shares at the end of the period | 66,060,890 | 66,060,890 | 66,060,890 | 66,060,890 |
Consolidated statement of comprehensive income
| MSEK | Q1 | R12 | Full-year | |
|---|---|---|---|---|
| 2026 | 2025 | 25/26 | 2025 | |
| Income for the period | 101 | 66 | 401 | 367 |
| Other comprehensive income | ||||
| Items that will not be reclassified to the income statement | ||||
| Actuarial gains and losses in defined benefit pension plans | -1 | -2 | 11 | 10 |
| Tax on actuarial gains and losses | 0 | 0 | -2 | -2 |
| Total | -1 | -2 | 9 | 8 |
| Items that will or may be reclassified to the income statement | ||||
| Cash flow hedges | 26 | -10 | 40 | 4 |
| Currency effects from conversion of foreign operations | 47 | -132 | 24 | -156 |
| Income from currency hedging of foreign operations | 10 | 4 | 5 | 0 |
| statement | -6 | 2 | -7 | 0 |
| Total | 78 | -136 | 62 | -152 |
| Other comprehensive income for the period, net of tax | 78 | -137 | 71 | -144 |
| Total comprehensive income for the period as a whole attributable to | 179 | -71 | 473 | 223 |
Consolidated balance sheet
| MSEK | Note | March 31 | 31 Dec | |
|---|---|---|---|---|
| 2026 | 2025 | 2025 | ||
| Assets | ||||
| Fixed assets | ||||
| Goodwill | 939 | 927 | 913 | |
| Other intangible assets | 981 | 967 | 966 | |
| Property plant and equipment | 2,814 | 2,482 | 2,726 | |
| Right of use asset | 260 | 293 | 273 | |
| Participation in associated companies | 62 | 52 | 54 | |
| Surplus in funded pensions | 73 | 66 | 74 | |
| Derivative instruments financial | 3 | 10 | - | - |
| Derivative instruments operational | 1 | - | - | |
| Financial assets | 3 | 16 | 22 | 16 |
| Deferred tax receivables | 60 | 76 | 69 | |
| Total non-current assets | 5,215 | 4,885 | 5,092 | |
| Current assets | ||||
| Biological assets | 158 | 124 | 152 | |
| Inventories | 758 | 785 | 829 | |
| Accounts receivable | 3 | 1,311 | 1,125 | 1,067 |
| Other current receivables | 3 | 112 | 105 | 139 |
| Prepaid expenses and accrued income | 113 | 122 | 88 | |
| Derivative instruments financial | 3 | 1 | 1 | - |
| Derivative instruments operational | 6 | - | - | |
| Cash and cash equivalents | 3 | 166 | 162 | 279 |
| Total current assets | 2,626 | 2,424 | 2,553 | |
| Total assets | 7,841 | 7,309 | 7,646 | |
| MSEK | Note | March 31 | 31 Dec | |
| --- | --- | --- | --- | --- |
| 2026 | 2025 | 2025 | ||
| Equity and liabilities | ||||
| Equity | ||||
| Share capital | 1 | 1 | 1 | |
| Other contributed capital | 257 | 420 | 257 | |
| Reserves | 230 | 168 | 152 | |
| Retained earnings | 2,349 | 1,949 | 2,266 | |
| Equity attributable to shareholders of the Parent Company | 2,838 | 2,539 | 2,677 | |
| Non-controlling interests | - | - | - | |
| Total equity | 2,838 | 2,539 | 2,677 | |
| Liabilities | ||||
| Non-current liabilities | ||||
| Non-current interest-bearing liabilities | 3 | 1,933 | 1,805 | 2,021 |
| Non-current leasing liabilities | 210 | 240 | 217 | |
| Derivative instruments financial | 3 | - | 3 | 4 |
| Derivative instruments operational | 3 | - | 4 | 1 |
| Provisions for pensions | 3 | 3 | 3 | |
| Other provisions | 8 | 12 | 9 | |
| Deferred tax liabilities | 169 | 169 | 169 | |
| Other non-current liabilities | 75 | 73 | 74 | |
| Total non-current liabilities | 2,399 | 2,309 | 2,497 | |
| Current liabilities | ||||
| Current interest-bearing liabilities | 0 | - | - | |
| Current leasing liabilities | 64 | 63 | 70 | |
| Derivative instruments financial | 3 | - | - | - |
| Derivative instruments operational | 3 | - | 15 | 3 |
| Trade payables | 3 | 1,570 | 1,556 | 1,498 |
| Tax liabilities | 60 | 38 | 51 | |
| Other current liabilities | 3 | 64 | 73 | 82 |
| Accrued expenses and prepaid income | 847 | 715 | 769 | |
| Total current liabilities | 2,605 | 2,460 | 2,471 | |
| Total equity and liabilities | 7,841 | 7,309 | 7,646 |
Consolidated statement of changes in equity
Equity attributable to shareholders of the Parent Company
| KSEK | Share capital | Other contributed capital | Reserves | Retained earnings | Equity attributable to shareholders of the Parent Company | Non-controlling interests | Total equity |
|---|---|---|---|---|---|---|---|
| Opening balance 2025-01-01 | 1 | 420 | 304 | 1,886 | 2,611 | 0 | 2,611 |
| Income for the year | 367 | 367 | 367 | ||||
| Other comprehensive income for the year, net after tax | -152 | 8 | -144 | -144 | |||
| Total comprehensive income | -152 | 375 | 223 | 223 | |||
| Dividends to shareholders | -163 | -163 | -163 | ||||
| Long-term incentive program (LTIP) | 7 | 7 | 7 | ||||
| Repurchase of own shares | |||||||
| Total transactions with the owners | -163 | 7 | -157 | -157 | |||
| Closing balance 2025-12-31 | 1 | 257 | 152 | 2,266 | 2,677 | - | 2,677 |
| Opening balance 2026-01-01 | 1 | 257 | 152 | 2,266 | 2,677 | 0 | 2,677 |
| Income for the period | 101 | 101 | 101 | ||||
| Other comprehensive income, net after tax | 78 | -1 | 78 | 78 | |||
| Total comprehensive income | 78 | 100 | 179 | 179 | |||
| Dividends to shareholders | - | - | - | ||||
| Long-term incentive program (LTIP) | 4 | 4 | 4 | ||||
| Repurchase of own shares | -21 | -21 | -21 | ||||
| Total transactions with the owners | - | - | -18 | -18 | - | -18 | |
| Closing balance 2026-03-31 | 1 | 257 | 230 | 2,349 | 2,838 | 2,838 |
Consolidated statement of cash flows
| MSEK | Q1 | R12 | Full-year | ||
|---|---|---|---|---|---|
| 2026 | 2025 | 25/26 | 2025 | ||
| Operating activities | |||||
| Operating income | 167 | 124 | 646 | 603 | |
| Adjustment for non-cash items | 110 | 110 | 464 | 464 | |
| Paid finance items, net | -35 | -33 | -149 | -146 | |
| Paid tax | -17 | -30 | -67 | -80 | |
| Cash flow from operating activities before changes in operating capital | 224 | 171 | 893 | 840 | |
| Changes in inventories and biological assets | 76 | 15 | -2 | -63 | |
| Changes in operating receivables | -221 | -127 | -173 | -79 | |
| Changes in operating payables | 88 | 125 | 135 | 172 | |
| Changes in working capital | -57 | 14 | -39 | 31 | |
| Cash flow from operating activities | 168 | 185 | 854 | 871 | |
| Investing activities | |||||
| Acquisition and divestment of operations/asset | - | 0 | -16 | -16 | |
| Investments in rights of use assets | - | -2 | -1 | -3 | |
| Investments in intangible assets | -22 | -25 | -82 | -85 | |
| Investment in property, plant, and equipment | -111 | -196 | -613 | -698 | |
| Cash flow from used in investing activities | -133 | -223 | -712 | -802 | |
| Financing activities | |||||
| New loan | 110 | 138 | 310 | 338 | |
| Repayment loan | -100 | - | -197 | -97 | |
| Change in overdraft facility | -134 | 6 | -6 | 134 | |
| Payments for amortisation of leasing liabilities | -18 | -17 | -70 | -69 | |
| Dividends to shareholders | - | - | -163 | -163 | |
| Repurchase of own shares | -21 | - | -21 | - | |
| Other | 16 | -27 | 12 | -31 | |
| Cash flow from financing activities | -148 | 100 | -137 | 111 | |
| Cash flow used in the period | -113 | 62 | 6 | 181 | |
| Cash and cash equivalents at the beginning of the period | 279 | 109 | 162 | 109 | |
| Exchange difference in cash and cash equivalents | 0 | -8 | -2 | -10 | |
| Cash flow used in the period | -113 | 62 | 6 | 181 | |
| Cash and cash equivalents at the end of the period | 166 | 162 | 166 | 279 |
INTRODUCTION CEO COMMENTS RESULTS SUSTAINABILITY SEGMENT FINANCIAL REPORT OTHER Scandi Standard AB (publ) interim report January - March 2026 | 14
Parent Company income statement
| MSEK | Q1 | R12 | Full-year | |
|---|---|---|---|---|
| 2026 | 2025 | 25/26 | 2025 | |
| Net sales | - | - | - | - |
| Operating expenses | 0 | 0 | 0 | 0 |
| Operating income | 0 | 0 | 0 | 0 |
| Finance net¹ | 4 | -1 | 175 | 171 |
| Income after finance net | 3 | -1 | 175 | 171 |
| Group contribution | - | - | 7 | 7 |
| Tax on income for the period | 0 | 0 | -1 | -1 |
| Income for the period¹ | 3 | -1 | 181 | 177 |
¹ Mainly dividend from subsidiaries
Parent Company statement of comprehensive income
| MSEK | Q1 | R12 | Full-year | |
|---|---|---|---|---|
| 2026 | 2025 | 25/26 | 2025 | |
| Income for the period | 3 | -1 | 181 | 177 |
| Other comprehensive income for the period, net of tax | - | - | - | - |
| Total comprehensive income for the period | 3 | -1 | 181 | 177 |
Parent Company balance sheet
| MSEK | March 31 | 31 Dec | |
|---|---|---|---|
| 2026 | 2025 | 2025 | |
| Assets | |||
| Fixed assets | |||
| Investments in subsidiaries | 938 | 938 | 938 |
| Deferred tax receivables | 0 | 0 | - |
| Total non-current assets | 938 | 938 | 938 |
| Current assets | |||
| Receivables from Group companies | 69 | 72 | 87 |
| Other current receivables | 0 | 0 | 0 |
| Cash and cash equivalents | 0 | - | - |
| Total current assets | 70 | 72 | 87 |
| Total assets | 1,007 | 1,010 | 1,025 |
| Equity and liabilities | |||
| Equity | |||
| Restricted equity | |||
| Share capital | 1 | 1 | 1 |
| Non-restricted equity | |||
| Share premium reserve | 256 | 420 | 256 |
| Retained earnings | 746 | 590 | 590 |
| Income for the period | 3 | -1 | 177 |
| Total equity | 1,006 | 1,010 | 1,024 |
| Current liabilities | |||
| Tax liabilities | 1 | - | 1 |
| Accrued expenses and prepaid income | - | 0 | - |
| Total current liabilities | 1 | 0 | 1 |
| TOTAL EQUITY AND LIABILITIES | 1,007 | 1,010 | 1,025 |
Notes to the condensed consolidated financial information
Note 1 Accounting policies
Scandi Standard applies International Financial Reporting Standards (IFRS) as adopted by the European Union. This report has been prepared in accordance with IAS 34, Interim Financial Reporting, the Swedish Annual Accounts Act and recommendation RFR 1, Supplementary accounting principles for Groups, issued by the Swedish Financial Reporting Board. The Parent Company's accounts have been prepared in accordance with the Swedish Annual Accounts Act and recommendation RFR 2, Accounting for legal entities, issued by the Swedish Financial Reporting Board. The application of the accounting and valuation principles is consistent with those described in Note 1 of the Annual Report 2025. IFRS standards and interpretations that have been changed or added and have become effective during 2026 have not had any material impact on the group's financial statements.
Amounts and dates
Unless otherwise stated, amounts are indicated in millions of Swedish kronor (MSEK). All comparative figures in this report refer to the corresponding period of the previous year unless otherwise stated. Rounding errors may occur.
Long-term incentive program
The Annual general meeting 2026 decided on the implementation of a long-term incentive program (LTIP 2026) for key employees, to promote the long-term value growth of the company and the Group, and to increase alignment between the interests of the individuals participating in the program and the company's shareholders. The program has essentially the same design as the long-term incentive program adopted at the annual general meeting 2025 (LTIP 2025), which in turn was based on the long-term incentive program adopted at the annual general meeting 2024 (LTIP 2024). The board of directors proposes only an adjustment to participant categories to introduce an additional category comprising the COO of Home Markets. The programs, which are equity-settled, share-based compensation plans are accounted for in accordance with IFRS 2, Share based Payments, and are expensed over the vesting period (3 years). At the end of each reporting period, the Group considers changes in the anticipated number of vested shares. Social charges related to the programs are recognized as cash-settled instruments. For more information about the Group's long-term incentive programs, see Notes 1 and 5 in the Annual Report 2025.
Average exchange rates
| 2026-03 | 2025-03 | |
|---|---|---|
| DKK/SEK | 1.43 | 1.51 |
| NOK/SEK | 0.94 | 0.96 |
| EUR/SEK | 10.69 | 11.23 |
Note 2 Segment information
Scandi Standard manages and monitors its business based on the segments Ready-to-cook, Ready-to-eat and Other. The operational segments are in line with the Groups operational structure, which is an integrated matrix organisation, i.e. managers are held responsible both for product segments and geographical markets. An integral part of the Company strategy for continued growth and value creation is to share best practice, capitalize on product development and drive scale efficiencies across the Group. Operations not included in the segments Ready-to-cook and Ready-to-eat, as well as corporate functions, are recognised as Other.
The responsibility for the Group's financial assets and liabilities, provisions for taxes, gains and losses on the re-measurement of financial instruments according to IFRS 9 and pension obligations according to IAS 19 are dealt with by the corporate functions and are not allocated to the segments
Note 3. Accounting and valuation of financial instruments
Scandi Standard's financial instruments, by classification and by level in the fair value hierarchy as per 31 December 2026 and for the comparison period, are shown in the tables below.
| March 31 2026, MSEK | Valued at amortised cost | Derivatives used in hedge accounting^{1} |
|---|---|---|
| Assets | ||
| Financial assets | 16 | - |
| Accounts receivable | 1,311 | - |
| Other current receivables | 24 | - |
| Derivative instruments financial | - | 11 |
| Derivative instruments operational | - | 7 |
| Cash and cash equivalents | 166 | - |
| Total financial assets | 1,517 | 18 |
| Liabilities | ||
| Non-current interest-bearing liabilities | 1,933 | - |
| Other non-current liabilities | - | - |
| Derivative instruments financial | - | - |
| Derivative instruments operational | - | - |
| Other current liabilities | 3 | - |
| Trade payables | 1,570 | - |
| Accrued expenses (non personnel related) | 462 | - |
| Total financial liabilities | 3,968 | - |
| March 31 2025, MSEK | Valued at amortised cost | Derivatives used in hedge accounting^{1} |
| --- | --- | --- |
| Assets | ||
| Financial assets | 22 | - |
| Accounts receivable | 1,125 | - |
| Other current receivables | 23 | - |
| Derivative instruments financial | - | 1 |
| Derivative instruments operational | - | - |
| Cash and cash equivalents | 162 | - |
| Total financial assets | 1,332 | 1 |
| Liabilities | - | - |
| Non-current interest-bearing liabilities | 1,805 | - |
| Other non-current liabilities | - | - |
| Derivative instruments financial | - | 3 |
| Derivative instruments operational | - | 19 |
| Other current liabilities | 13 | - |
| Trade payables | 1,556 | - |
| Accrued expenses (non personnel related) | 350 | - |
| Total financial liabilities | 3,723 | 22 |
1 The valuation of the Group's financial assets and liabilities is performed in accordance with the fair-value hierarchy:
Level 1. Quoted prices (unadjusted) in active markets for identical instruments.
Level 2. Data other than quoted prices included within level 1 that are observable for the asset or liability either directly as prices or indirectly as derived from prices.
Level 3. Non-observable data for the asset or liability.
As of 31 March 2026, and at the end of the comparison period the Group had financial derivatives (level 2) measured at fair value on the balance sheet. Interest rate swaps are valued using estimates of future discounted cash flows while the fair value of energy hedge contracts (operational derivates) is estimated based on current forward rates at the reporting date. As of 31 March 2026, the financial derivatives amounted to MSEK 11 (-2) and the operational derivatives amounted to MSEK 7 (-19).
For the Group's long-term borrowing, which as of 31 March 2026 amounted to MSEK 1,933 (1,805), fair value is considered to be equal to the amortised cost as the borrowings are held at floating market rates and hence the booked value will be approximated as the fair value.
For other financial instruments, fair value is estimated at cost adjusted for any impairment.
Note 4 Alternativ KPIs
The Scandi Standard Group uses the below alternative KPIs. The Group believes that the presented alternative KPIs are useful when reading the financial statements in order to understand the Group's ability to generate results before investments, assess the Group's opportunities to dividends and strategic investments and to assess the Group's ability to fulfil its financial obligations.
| MSEK | Q1 | R12 | Full-year | ||
|---|---|---|---|---|---|
| 2026 | 2025 | 25/26 | 2025 | ||
| Net sales | A | 3,684 | 3,376 | 14,392 | 14,083 |
| Income for the period | B | 101 | 66 | 401 | 367 |
| + Reversal of tax on income for the year | 31 | 18 | 99 | 86 | |
| Income after finance net | C | 132 | 84 | 501 | 452 |
| + Reversal of financial expenses | 36 | 41 | 149 | 153 | |
| - Reversal of financial income | -2 | -1 | -4 | -3 | |
| Operating profit (EBIT) | D | 167 | 124 | 646 | 603 |
| + Reversal of depreciation, amortisation and impairment | 107 | 109 | 445 | 448 | |
| + Reversal of share of income of associates | - | - | -3 | -3 | |
| EBITDA | E | 273 | 233 | 1,088 | 1,047 |
| Non-comparable items in income for the period (EBIT) | F | - | - | - | - |
| Adjusted income for the period (Adj. EBIT) | D+F | 167 | 124 | 646 | 603 |
| Adjusted operating margin (Adj. EBIT margin) | (D+F)/A | 4.5% | 3.7% | 4.5% | 4.3% |
| Non-comparable items in EBITDA | G | - | - | - | - |
| Adjusted EBITDA | E+G | 273 | 233 | 1,088 | 1,047 |
| Adjusted EBITDA margin % | (E+G)/A | 7.4% | 6.9% | 7.6% | 7.4% |
| MSEK | Q1 | R12 | Full-year | ||
| --- | --- | --- | --- | --- | --- |
| 2026 | 2025 | 25/26 | 2025 | ||
| Operating activities | |||||
| Operating profit (EBIT) | 167 | 124 | 646 | 603 | |
| Adjustment for non-cash items | - | - | - | ||
| + Reversal of depreciation, amortisation and impairment | 107 | 109 | 445 | 448 | |
| - Share of income of associates | - | - | -3 | -3 | |
| EBITDA | 273 | 233 | 1,088 | 1,047 | |
| Non-comparable items in EBITDA | G | - | - | - | - |
| Adjusted EBITDA | 273 | 233 | 1,088 | 1,047 | |
| MSEK | March 31 | 31 Dec | |||
| --- | --- | --- | --- | --- | |
| 2026 | 2025 | 2025 | |||
| Total assets | 7,841 | 7,309 | 7,646 | ||
| Non-current non-interest-bearing liabilities | |||||
| Deferred tax liabilities | -169 | -169 | -169 | ||
| Other non-current liabilities | -75 | -73 | -74 | ||
| Total non-current non-interest-bearing liabilities | -244 | -242 | -243 | ||
| Current non-interest-bearing liabilities | |||||
| Trade payables | -1,570 | -1,556 | -1,498 | ||
| Tax liabilities | -60 | -38 | -51 | ||
| Other current liabilities | -64 | -73 | -82 | ||
| Accrued expenses and prepaid income | -847 | -715 | -769 | ||
| Total current non-interest-bearing liabilities | -2,540 | -2,382 | -2,399 | ||
| Capital employed | 5,057 | 4,685 | 5,004 | ||
| Less: Cash and cash equivalents | -166 | -162 | -279 | ||
| Operating capital | 4,891 | 4,522 | 4,725 | ||
| Average capital employed | H | 4,871 | 4,503 | 4,846 | |
| Average operating capital | I | 4,707 | 4,420 | 4,652 | |
| Operating income (EBIT), R12M | J1 | 646 | 511 | 603 | |
| Adjusted operating income (Adj. EBIT), R12M | J2 | 646 | 511 | 603 | |
| Financial income, R12M | K | 4 | 4 | 3 | |
| Return on capital employed | (J1+K)/H | 13.3% | 11.4% | 12.5% | |
| Return on operating capital | J2/I | 13.7% | 11.6% | 13.0% | |
| Interest bearing liabilities | - | - | - | ||
| Non-current interest-bearing liabilities | 1,933 | 1,805 | 2,021 | ||
| Non-current leasing liabilities | 210 | 240 | 217 | ||
| Derivative instruments financial | -11 | 2 | 4 | ||
| Current leasing liabilities | 64 | 63 | 70 | ||
| Total interest-bearing liabilities | 2,196 | 2,110 | 2,311 | ||
| Less: Cash and cash equivalents | -166 | -162 | -279 | ||
| Net interest-bearing debt | 2,030 | 1,948 | 2,032 |
INTRODUCTION CEO COMMENTS RESULTS SUSTAINABILITY SEGMENT FINANCIAL REPORT OTHER
Scandi Standard AB (publ) interim report January – March 2026 | 18
Other information
Risks and uncertainties
Scandi Standards' risks and uncertainties are described on pages 47 – 99, and pages 125 – 128 in the Annual Report 2025, which is available at www.scandistandard.com
No other risk or significant changes have been added for the Group or the parent company, compared to the information given in the Annual Report 2025.
Events after the close of the period
No significant events after the close of the period.
Stockholm 28 April 2026
Jonas Tunestål
Managing director and CEO
The interim report has not been subject to review by the Company's auditors.
This is a translation of the original Swedish version published on www.scandistandard.com
Definitions
Adjusted income for the period
Income for the period adjusted for non-comparable items.
Animal welfare indicator (foot score)
Leading industry indicator for animal welfare. The score is measured according to industry standards, meaning assessing 100 feet per flock independent of flock size.
CAGR
Yearly average growth.
Capital employed
Total assets less non-interest-bearing liabilities, including deferred tax liabilities.
Average Capital employed
Average capital employed as of the two last years.
Adjusted return on capital employed (ROCE)
Adjusted operating income last twelve months (R12M) plus interest income divided by average capital employed.
Critical complaints
Includes recall from customers or consumers, presence of foreign objects in the product, allergens or incorrect content, or sell-by dates.
CO₂/kg product
Location-based method used for calculations. Emission factors from DEFRA 2025, AIB 2025, and IEA 2025 and supplier-specific or country average emissions factors for district heating and Bio-LPG. All production facilities are included, except for primary production in Lithuania. The scope covers more than 97 percent of Scandi Standard's Scope 1 and 2 emissions within energy and industrial activities.
COGS
Cost of goods sold.
Earnings per share (EPS)
Income for the period. attributable to the shareholders. divided by the average number of shares.
Adjusted earnings per share (EPS)
Adjusted income for the period attributable to the shareholders divided by the average number of shares.
EBIT
Operating income.
EBIT/kg
Operating income divided by processed chicken kg.
Adjusted operating income (Adj. EBIT)
Operating income (EBIT) adjusted for non-comparable items.
EBITA
Operating income before amortisation and impairment and share of income of associates.
Adjusted EBITA
Operating income before amortisation and impairment and share of income of associates. adjusted for non-comparable items.
Adjusted EBITA margin
Adjusted EBITA as a percentage of net sales.
EBITDA
Operating income before depreciation, amortisation and impairment and share of income of associates.
Adjusted EBITDA
Operating income before depreciation, amortisation and impairment and share of income of associates. adjusted for non-comparable items.
EBITDA margin
EBITDA as a percentage of net sales.
Adjusted EBITDA margin
Adjusted EBITDA as a percentage of net sales.
Equity to assets ratio
Equity in relation to Total assets.
Feed conversion rate (kg feed/kg live weight)
Includes only conventional chicken breeds (approximately 70% of the production). The figures are based on farmer's reported figures in all countries except in Sweden, where estimated country averages are used.
Grill weight, tonne
Grill weight is the weight of the gutted bird.
LTI per million hours worked
Injuries lead to absence at least the next day, per million hours worked.
Net interest-bearing debt (NIBID)
Interest-bearing debt excluding arrangement fees less cash and cash equivalents.
Net sales
Net sales is gross sales less sales discounts and joint marketing allowances.
Non-comparable items
Transactions or events that rarely occur or are unusual in ordinary business operations. and hence are unlikely to occur again.
Operating capital
Total assets less cash and cash equivalents and non-interest-bearing liabilities. including deferred tax liabilities.
Average operating capital
Average operating capital as of the two last years.
Operating cash flow
Cash flow from operating activities excluding paid finance items net and paid current income tax. with the addition of net capital expenditure and net increase in leasing assets.
Adjusted operating cash flow
Cash flow adjusted for non-comparable items.
Operating margin (EBIT margin)
Operating income (EBIT) as a percentage of net sales.
Adjusted operating margin (Adj. EBIT margin)
Adjusted operating income (Adj. EBIT) as a percentage of net sales.
Other operating expenses
Other operating expenses include marketing, Group personnel and other administrative costs.
Other operating revenues
Other operating revenue is revenue not related to sales of chicken such as rent of excess land/buildings to other users and payment by non-employees for use of the Company's canteens.
Production costs
Production costs include direct and indirect personnel costs related to production and other production-related costs.
Raw materials and consumable
Costs of raw materials and other consumables include the purchase costs of live chicken and other raw materials such as packaging etc.
Return on capital employed (ROCE)
Operating income last twelve months (R12M) plus interest income divided by average capital employed.
Return on equity
Income for the period last twelve months (R12M) divided by average total equity.
Return on operating capital (ROC)
Operating income last twelve months (R12M) divided by average operating capital.
Adjusted return on operating capital (ROC)
Adjusted operating income last twelve months (R12M) divided by average operating capital.
RTC
Ready-to-cook. Products that require cooking.
RTE
Ready-to-eat. Products that are cooked and may be consumed directly or after heating up.
R12M
Rolling twelve months.
Specific Explanatory items (exceptional items)
Transactions or events that do not qualify as non-comparable items as they are likely to occur from time to time in ordinary business. Disclosure about these items is useful to understand and assess the performance of the business.
Use of antibiotics
The proportion of flocks treated with antibiotics (%)
Working capital
Total inventory and operating receivables less non-interest-bearing current liabilities.
Scandi Standard AB (publ) interim report January – March 2026
Conference Call
A conference call for investors, analysts and media will be held on 28 April 2026 at 8.30 AM CET.
Dial-in numbers:
Sweden: +46 10 884 80 16
US: +1 646 664 1960
UK and other countries: +44 20 3936 2999
Slides used in the conference call can be downloaded at www.scandistandard.com under Investor Relations. A recording of the conference call will be available on www.scandistandard.com afterwards.
Further information
For further information, please contact:
Jonas Tunestål. Managing director and CEO and Fredrik Sylwan. CFO
Tel: +46 10 456 13 00
Henrik Heiberg, Head of M&A, Financing & IR
Tel: +47 917 47 724
This interim report comprises information which Scandi Standard is required to disclose pursuant to EU market abuse regulation. It was released for publication at 07:30 AM CET on 28 April 2026.
Financial calendar
Interim report for Q2 2026
17 July 2026
Interim report for Q3 2026
20 October 2026
Interim report for Q4 2026
4 February 2027
Forward looking statement
This report contains forward-looking information based on the current expectations of company management. Although management deems that the expectations presented by such forward-looking information are reasonable, no guarantee can be given that these expectations will prove correct. Accordingly, the actual future outcome could vary considerably compared with what is stated in the forward-looking information, due to such factors as, but not limited to, changed conditions regarding finances, market and competition, supply and productions constraints, changes in legal and regulatory requirements and other political measures, and fluctuations in exchange rates.
About Scandi Standard
Scandi Standard was founded in 2013 and is today the leading producer of chicken-based food products in the Nordic region and Ireland. The Group reaches millions of consumers, and its products are included in approximately one billion meals every year. The Group operates in Sweden, Norway, Denmark, Finland, Ireland, Lithuania and Netherlands with market leading positions in several of our local markets. Our home markets are characterised by a strong demand for locally produced food and our brands – Kronfågel, Danpo, Den Stolte Hane, Naapurin Maalaiskana and Manor Farm – are well established and have a strong position.
Through its production operations in Lithuania and its production facility in the Netherlands, the Group established an integrated value chain that enables efficient production, transparency, and continued growth. Export to international customers constitute an important part of the Group's growth strategy.
Scandi Standard has approximately 3,800 employees with annual sales of approximately SEK 14 billion. The company is listed on Nasdaq Stockholm.
Scandi Standard AB (publ)
Strandbergsgatan 55
112 51 Stockholm
Reg nr. 556921-0627
www.scandistandard.com
NAAPURIN MAALAISKANA
