Thank you. Good morning, everyone, and welcome to this presentation of Scandi Standard's results for Q4 2025.

My name is Jonas Tunestål, and I'm the CEO and Managing Director of Scandi Standard. By my side, I have Fredrik Sylwan, our CFO, and I'm really pleased to have him by my side today.

I'm also glad to report a strong quarter and result. Next slide, please.

In Q4 2025, we see a strong growth in net sales and margins. We have 9% growth, and that is mainly driven by substitutions from other proteins long-term.

We see this underlying growth in poultry and chicken. We have managed to do a 46% increase in EBIT, and the margins is up to 4.5%.

That is based on a solid improvements in our ready-to-cook business. We also have net sales growth in ready-to-eat, and but we have gradual margin improvement and recovery underway.

Our integrations of our acquired entities are also on track. We have a dividend proposal of 3.30 SEK per share, and that is up 32% compared to last year.

Our outlook for 2026 is strong. Next slide, please.

Here's the reason why we see a strong demand. It is related to these three value drivers for chicken: responsible, safe, and nutritious; convenient, versatile, and tasteful; and affordable because it's sustainable.

Next slide, please. Here you can see the strong historical and ongoing consumer trend for chicken.

The latest 10 years, that's been 50% growth. We see a 3% volume CAGR in the Nordics and Ireland going forward.

As you can see on the graph on the right, it is a substitution from other proteins. You can see on the right-hand side the growth of 3% in poultry.

Next slide, please. Chicken is an affordable product.

Price has always been important for consumers, and chicken is affordable across all segments. This is an interesting thing: fillets, that is the highest priced part on the chicken, is competitively priced versus average and low-end cuts in other proteins.

Next slide, please. On this slide, we want to present our EBIT per kilo measure.

EBIT per kilo is a good measurement of value creation for our business. We see a positive momentum towards our 2027 target of 3 SEK per kilo.

In quarter four 2025, our EBIT per kilo is 2.03, and that is compared to the 1.55 in the same quarter last year. That's an 31% increase.

We need to bear in mind that Q4 is seasonally the weakest quarter in, and seasonally weakest quarter in Scandi Standard. We are expecting another material steps in 2026.

Next slide, please. Then we move into ready-to-cook.

We see material progress in ready-to-cook. Here you can see the segments.

We see strong net sales growth in nearly all markets. There are lower net sales in Finland due to the exiting of a loss-making contract that we have mentioned a couple of quarters now.

Then if you look into the Norwegian numbers, there's been some technical accounting adjustments in the quarter linked to our ERP implementation. That's impacting top line, but Norway is contributing well in Scandi Standard in the quarter.

We also want to remind you of the category Other that includes our ingredients business and our corporate costs. Next slide, please.

Here you can see our sustainability scorecard. We are transparent on multiple parameters, and I'm glad that most of them show a positive trend.

You see slightly higher numbers in the quarter on antibiotic use, and that is linked to some challenges in our Irish production. Next slide, please.

If we move to ready-to-cook, that's another solid step forward: 9% increase in net sales; we have 11% increase in chicken processed, alltså our grill weight; and we see a positive volume and price mix effects. It is this is our strongest segment.

We have an EBIT of 120 million SEK compared to 63 million last year. We move the margin to 4.6 compared to 2.6 last year.

We need to remind you also that there were a 40 million startup costs in Lithuania in Q4 2024. It is a broad improvement across all markets and channels and structured improvement programs that are now yielding results.

Next slide, please. When we move over to the to the feed costs, we see minor softening of feed prices, but they are fairly stable.

There are still uncertainties. It is a volatile, uncertain markets, we need to be prepared for further volatility.

Our model that that most of the input costs are linked to top line, we feel that we have a good security in in the feed costs. Also worth to mention is that we have limited trade with US and China.

Feed cost, that is 1/3 of our cost base. Feed cost has a major impact of Scandi Standard's results.

Next slide, please. We see increased export prices.

They're up 4% compared to Q4 2024, but slightly decreased compared to Q3 '25. We are expecting volatile pricing in 2026.

That is linked to that there are a lot of avian influenza in in Eastern Europe that will maybe affect the supply. It's also the volatility will continue over the year, but the underlying growth in demand for chicken continues quarter-by-quarter.

Next slide, please. Then in this slide, you can see the channel development more in detail.

Through this detail, you can notice the increase in both food service and retail in the quarter. In general, we've been seeing strong demand growth in several of our markets in the quarter.

Next slide, please. This slide is to remind you of our strong market position in all our home five home markets, and the countries are highly consolidated.

The markets have large hurdles for new entrants. They can individually be regarded as semi-closed markets due to the strong consumer preference for domestic produce.

Due to our strong market position, our own supply decisions have a meaningful impact on the market, which has helped us during the recovery process from inflation. Note that each market, however, also includes consumer segments with sensitive to to provenance.

Next slide, please. This slide is just to show our ready-to-cook plants.

You can see on the right-hand corner, Lithuania and Joniškis, there we produce 11 million chicken, but we're planning for double that volume with another shift in the future. When the demand we can when we when we have the demand, then we will increase the supply in Lithuania.

Next slide, please. If we move into ready-to-eat, we have gradual margin recovery underway.

We have a good growth in that segment: 11% growth in net sales, and that is driven by the strong recovery in the food service demand. We also have a significant drop in EBIT versus Q4 2024, and that is the delay in passing through increased raw material costs.

When we have increased results and and sales prices in our ready-to-cook segment, that also means higher input costs in our ready-to-eat. We are passing those price increases through, we will see gradual improvement, and that is expected during 2026.

Worth notice is that we in in January have an and maintenance stop in in our big ready-to-eat plant in Farre to change some equipment to increase our efficiency going forward. We are really on track with our sequential startup in Netherlands.

We are already producing kebab on in factory A on our first line there. The second line, kebab line, will be up and running in in June, and then we will gradually ramp up the new factory C and those two big lines in in in Q4 2026.

Next slide, please. Here you can see it in figures.

It's, of course, very encouraging to see the growth in food service after several periods of weak demand in ready-to-eat. Growth in retail channel continue to be very strong, and ready-to-eat will be an important long-term tool on developing EBIT per kilo, more specifically to increase the value of our protein.

Next slide, please. This slide is a reminder of our strong historic organic growth in ready-to-eat in the latest 10 years, and I'm confident that we will continue that trend.

There were setback in 2023 to the first half of 2025. That was a general drop in the QSR demand post-COVID.

We had this loss of this large continental European QSR contract, and we at the same time, we saw strong increases in raw material prices during 2025. The inflection point from quarter three, we're encouraging in turning into European higher European QSR demand, and we are in process of passing through the increased cost.

The average EBIT margin is 6% 6% the latest five years. Next slide, please.

There is a healthy market growth expected for the breaded products. You can see the market players are divided into tiers for the European players, the regional players, and the local players.

Scandi Standard has been a large regional player with 36,000 tonnes product weight in 2024, that's about 5% of our European market. The production platform was not competitive for the top tier.

If we move into next slide. That's why we made the acquisition in Oosterwolde, and that will take Scandi Standard breaded activities up to the top tier.

The Oosterwolde plant was acquired in Q1 2025, and it was in idle state. There had been a fire in factory B under previous ownership.

Then we have started up factory A in Q3, and that has increased our capacity for our popular kebab products. We see a strong demand for kebab products in our different markets.

Then factory C will be prepared for start of a ramp-up in the first half of 2026, but we will go commercial in Q4 2026. That will have the two largest, the most efficient breaded product lines in in Europe.

That will be a long-term significant growth platform for Scandi Standard. If we move into next slide, please.

Here you can see our main processing plants in ready-to-eat. We have our plant in Farre producing have a capacity of 50,000 tonnes, the same capacity in in Oosterwolde, and then we have our local ready-to-eat plants in Stokke in Norway and Honkajoki in Finland.

With that, I will hand over to you, Fredrik Sylwan.

Thank you, Jonas, and good morning, everyone. As Jonas mentioned, Q4 was very strong, in fact our strongest fourth quarter ever, but also Q4 is our second strongest quarter ever across all quarters during the seasonally weakest quarter, which is very, very positive to see.

Top line is growing, both driven by RTC and RTE, supported by strong underlying EBIT growth in our ready-to-cook segment, partly offset by ready-to-eat, which is normal when bird and raw material prices increase. Ready-to-eat profitability has started to recover and is also expected to continue during the coming quarters.

In total, EBIT is up 46% in the quarter with a 110 basis points margin improvement, keeping in mind that Q4 last year includes the startup costs in Lithuania of 14 million SEK. Adjusted for that effect, it is clear that the underlying performance is very strong.

Finance net is 13% lower than last year, and the cost for increased bank loan is more than offset by lower interest rates, but also we have reduced positive impact from our interest rate swaps that have expired. Tax expenses are slightly below last year, but the effective tax rate is significantly lower, and the main driver is the utilization of previously non-deductible interest costs in Sweden.

Next slide, please. Capital employed increased year-on-year from 4.7 to 5.0 billion SEK, reflecting acquisition activity and integration ramp-up.

Return on capital employed improved by 70 basis points to 12.5% despite our higher capital employed. That indicates that incremental capital is being deployed efficiently.

Return on equity strengthened to almost 14%, mainly driven by improved profitability. Equity ratio decreased somewhat from 36% to 35%, primarily driven by increased investment activity.

While the decline is modest, the company remains well capitalized and within our targeted capital structure. As always, we continue to monitor our leverage position to ensure financial stability and to maintain flexibility for future investments.

Next slide, please. Our EBITDA is now north of 1 billion SEK rolling 12, which is a milestone for us as a company.

Operating cash flow was almost 200 million SEK in the quarter, primarily driven by strong profitability and positive working capital effect. It's partly offset by increased capital expenditures, mainly in Sweden, Denmark, and the Netherlands.

The capex in Sweden and Denmark are mainly linked to efficiency and capacity, while in the Netherlands is focused on making the factory production ready. Paid tax is below previous year due to tax refund in Sweden this year linked to 2024.

Other items are positively impacted by currency effect on our interest-bearing debt. All in all, for the quarter, we managed to reduce our net interest-bearing debt by 160 million, giving us a reported leverage at 1.9, which is well below our internal aim of 2.5.

Next slide, please. Working capital remains low in the quarter.

We do see 2% inventory increase versus year-end, which is driven by a higher level of live birds, keeping in mind that Lithuania was basically not in base last year. Our target for working capital as a percentage of net sales adjusted for financing remains at 6%, and in Q4 this metric stood at 3.7%, including the financing adjustments, meaning that we are at an efficient and low working capital level for the quarter.

Next slide, please. Total capital expenditures for 2025 was close to 450 million SEK, excluding the acquisitions carried out in the Netherlands and Lithuania in the beginning of the year, of which totaling approximately 330 million SEK.

For '26, we expect our capex to increase to approximately 650 million SEK, which will mainly be focused on increased chicken farming capacity in Lithuania, debottlenecking and increased capabilities in ready-to-cook segment, and last but not least, finalize the Netherlands for the startup of factory C. As we ramp up factory C, we expect increased working capital, which will start mid of 2026.

The blended effective tax rate is expected to be approximately 20%. Next slide, please, and back to you, Jonas.

Thank you, Fredrik. Next, I would like to talk about our cornerstones and license to operate.

There are these three areas when it comes to creating trust to what we do. It is about responsible animal welfare, and there, I think it's important we have a strong heritage of animal welfare up in the Nordics.

We are working continuously together with our farmers and all our suppliers to actually continuously improve in that area every day. Then we have the safety for consumers and employees, and it's also a super important area for us and create the bottom trust that is important in the food industry.

Then chicken is a nutritious product. These three areas are closely linked to our strategic pillars.

If we move into next slide, please. For those of you that has been watching this presentation for a while, you have seen these four pillars before, but they are super important for our ways of working.

Increase the value of protein, that is about taking out more value out of every chicken, everything from the consumer product to the things that can go into biogas or rendering products. It is about climbing what we call the poultry ladder, and that is to take out the most value of every product.

Then we have ramp up of our efficiency. Ramp up our efficiency, that means the efficiency end-to-end that starts out at the farms and it ends at the consumer.

That is an important topic that we're working with in several different angles to increase the efficiency all through our value chain. When it comes to the pillar of sustainability, we call that integrated sustainability, and that is that we are working with sustainability in all means integrated in our business.

It's not a separate pillar, it is a pillar that we work in with all our customers and internally in Scandi Standard all the time. Then we have the fourth pillar, better together.

That means taking out the strength of actually being one Scandi Standard. We are very local in the market that we are, but we will take out the strength of being one Scandi Standard, both in terms of benchmarking, best practice, and using the competence all across markets when it comes to innovations and so forth.

If we move into next slide, please. On this slide, we want to remind you of our 2027 targets, and you can see them on the right-hand side.

We are expecting strong growth over the coming years, and we set a target 2027 of organic net sales growth of 5% to 7%. We want to exceed EBIT percent above 6% and a ROCE above 15.

We want to reduce our CO2 emissions with 42% and have an antibiotic use below 1%. Then we want to work with the LTIFR below 15, and we want to have the employee satisfaction above 75.

This is our 2027 target, and I think that we have built a strong foundation to be able to manage to reach them by the end of 2027. Next slide, please.

When we come to the sustainability and the ESG rating, we can proudly present that we have once again get the climate A in the CDP rating. For us, it's important to have this structured approach to ESG topics and go for facts, and I think that we are progressing really well in that area.

Next slide, please. In order to reach our target for EBIT margin, we need to increase our EBIT per kilo from the current 2.03 up to the target that we have at 3 SEK per kilo.

We are taking material steps. If we look at this quarter four, we are at 2.03 compared to the 1.55 last year.

That is about climbing the value ladder, and it's balancing supply to domestic fillet demand. It is value creation through increased consumer convenience, differentiation, and branding opportunities, and utilize further part of the protein in our ingredients business.

We also see a large efficiency potential in the value chain, and that is the pillar where we talk about increased efficiency end-to-end. The ultimate measure for how much value we can take out of our chicken is the EBIT per kilo measurement.

If we move on to next slide. If we summarize it all and give you an outlook, we see this strengthen organic growth trend.

We have taken another material step in our margin journey. Performance in ready-to-cook is progressing well.

We have gradually recovery expected in ready-to-eat. We are preparing capacity for long-term growth.

We're also confident and make a proposal to increase the dividend by 32%. With that, we're well positioned for further consolidation.

That was all from us, with that, we open up for Q&A.

Yes, good morning, Jonas and Fredrik. Hope you can hear me.

I was just thinking about the Swedish market. You have been growing close to 10% or above 10% there for five quarters in a row now, and I was just wondering what you think the market growth is in the Swedish market.

Then secondly, what do you think is going to happen with demand when the Swedish government lowers the VAT on food by the 1st of April?

The first question about the growth in the Swedish market, I think that will be an underlying growth around the numbers that we have said in the presentation, about this 5% growth. When it comes to the VAT part, it is a temporary set down in VAT that is going to get back again.

We are not sure what the outcome will be, but it will be the same for all food. We are not expecting any consumption increase out of that.

That may be some changes in the channels because the reduction of VAT is linked to retail and takeaway and not in the restaurant. Maybe that will be some sort of change, but it will be the same for all food.

That is our expectation. We're expecting this growth that we have in our financial targets as well, a 5% growth in Sweden.

I find that very strange. Why don't you expect any impact on demand if you lower a tax by 6 percentage points?

Because I think that when it's equal to everything that is sold, then it will be lower for the other things that people eat as well. It's not a lowering for our poultry in specific.

It's lowering for beef and pork and plant-based and other proteins as well. Maybe we will see some changes in the channels, and that can, of course, create some growth because we have a stronger foothold in retail than we have in food service.

Maybe also higher presence of Swedish meat in retail.

Empirical evidence shows, if you look at Europe, when this has been made in different countries, that there is a price elasticity of -0.5. Why shouldn't that happen in Sweden?

I don't get that.

No, it may. We haven't estimated in our forecast, but it's the first time we try it in Sweden, there maybe positive effects.

What I can agree on with you at least is that we don't see the negative effect of the prices going down to the consumer.

No, I think it's just sort of then if there's anyone that's might be losing out, it's of course the Swedish government, but they, of course, hope that this will lead to more consumption.

It's a long discussion about the VAT reduction, but let's see what the effects will be. They are also putting in some government committee that will follow this and follow the price changes and follow the consumption, let's see what the effects will be.

We are not calculated in our prognosis, at least.

No, no, absolutely. They will be sort of followed up in terms of price decreases, but it's only tax, so that's why I don't really get why it should be really positive, I think.

It will not be negative for us with lower prices in retail and lower tax. That's for sure, and I also think that it's important measure they do that they actually see that the prices will go down to the consumers well, and hopefully that will have a positive effect of consumption.

It will be equal all. Okay.

Okay. Sort of you said that the market growth in Sweden has been 5%, and you've been growing close to 10% now for five quarters in a row, or above 10% in some quarters.

Why do you think that is?

I think that there's a couple of different things, but I think that the thing that we're talking about taking more value out of the protein, I think the journey that we do in our Swedish business, we are doing a really good journey on that. Because it's not about processing more kilos only, it's also about taking out more value out of it.

Both up to the RTE segment, but major part is in the RTC segment, actually, where we debone more, where we actually take more as pre-prepared meat, where we actually able to take out more value. I think that Kronfågel is doing a great job there at the moment.

I think that we can expect a really good work in that area even into 2026.

Thank you. That's all for me.

Thank you very much, everyone. Thank you for listening in.

It was no more questions, we will close this meeting for now. Thank you very much, everyone.

Thank you.