Scandi Standard — Call Transcript 2026

Good morning, everyone, and welcome to this presentation of Scandi Standard's result for Q1 2026. 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 pleased to have him by my side today. I'm also glad to report the strong growth and result in the quarter. The next slide, please. We report Q1 2026 with strong growth and in net sales and margin. We have 9% growth in net sales and increasing volumes, supported by growth across all countries, channels, and segments. Sales are supported by continuous strong underlying demand. EBIT is up 35%, solid improvements in Ready-to-Cook. We have low Ready-to-Eat margin but a positive outlook. Improvement program continued with full force, supported by significant investments in 2026, and the integration of Lithuania and Netherlands are progressing well. In general, we have a strong outlook for the business. Next slide, please. Now we move into the growth and value drivers and, the reason why we see a strong demand. It's 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. On the graphs on the right-hand side, you can see long-term growth in chicken benefiting from substitutions from other proteins like pork and beef. As you can see in the top bullet, we're estimating 3% volume CAGR in the Nordics and Ireland. Next slide, please. One of the three value drivers is the affordability, and it's benefiting from other proteins just because it's sustainable and affordable. Price has always been important for consumers, and the focus has increased even more in the current environment of high food prices. Beef prices are increasing and are becoming more and more expensive, which chicken is benefiting from, but also the long-term trend of switching proteins from red meat to poultry. Chicken is affordable in all segments, and that gives us further opportunities to drive long-term volume value creation. We see further opportunities to drive more volumes out of the chicken due to its affordability relative to peers. That you can see on the right-hand side in the graphs at the top. Next slide, please. On this slide, we present our EBIT per kilo measure, and EBIT per kilo is a good measurement of value creation for our business. In Q1 2026, EBIT per kilos was SEK 2.22 compared to SEK 1.73 last year. That is an increase of 29%. Our home markets are contributing well, and Oosterwolde will be an addition for us reaching our 2027 goals. We're expecting to take another material step in 2026. In the different colors in the diagram, you can see the development in different segments. As you can see, RTE is a very small part of the earnings, which gives us fundament for future growth when recovering prices and ramping up our new RTE capacity. Next slide, please. Now we're moving into the segments, and the table shows the reconciliation of our segments. Strong net sales growth in all markets and strong EBIT contribution from Ready-to-Cook, whereas Ready-to-Eat still has low results in the quarter. As always, we want to remind you of the category other includes our ingredients business and our corporate costs. Next slide, please. Here you can see the summary of our sustainability scorecard, and we are transparent on multiple parameters. Q1 shows mixed results, partly driven by exceptional cold winter this year. You see slightly higher numbers in the quarter on antibiotic use, linked to some challenges in our Irish and Lithuanian operations, but we expect a positive trend during 2026. Next slide, please. If we look at the segment Ready-to-Cook, and that's another step forward with 10% increase in net sales. We have 5% increase in chicken processed, our grill weight, and we have a positive volume and mix effect. EBIT is SEK 151 million compared to last year's SEK 93 million, and the margin is 5.3% compared to 3.6% last year. It is broad improvements across all markets and channels, and I'm glad to see that our structure and improvement programs are yielding results. If we move into next slide, please. We'll move to the feed prices, and we have now been seeing fairly stable feed prices for some quarters. In quarter one, the prices declined slightly versus previous year, but there are still uncertainties, and we need to be prepared for further volatility. We also want, as always, to highlight that feed costs are 1/3 of our cost base and that the short production cycle compared to other proteins enable us to be more agile in the supply chain. Generally, we look at feed costs and other costs, such as packaging and energy and transport. We carefully follow the effect of the Middle East crisis with a view to pass on cost increases to our clients. Next slide, please. Then we're moving into the export prices, and we see volatile export prices. In 2025, volatility were driven by supply issues, and that was mainly bird flu issues, Newcastle in Poland, and bird flu in Brazil. Q1 also to mention is seasonally our weakest quarter. That's the effect of the Christmas season, while the chicken consumption or poultry consumption is low. When we compare prices versus last year's, and prices are up 2%, and we also see that current prices is above Q1 2026 levels. Our aim is to reduce exposure to volatile markets, so we're looking for long-term partnership, optimized S&OP, and an integration benefits with our Ready-to-Eat business. Next slide, please. On this slide, you can see the channel development more in detail. Through these details, you can notice the increase in both food service and retail in the quarter. In general, we're seeing strong demand growth in all of our markets in the quarter. Next slide, please. This slide is to remind you of our strong market position of all our five home markets, and the countries are highly consolidated. These markets have large hurdles for new entrants. They can individually be regarded as semi-closed market due to the strong consumer preference for domestic produce. Due to our strong market position, our own supply decision have a meaningful impact on market balance, which has proven to be strong instrument in periods with volatile markets. Note that each market, however, also includes consumer segments less sensitive to provenance. Next slide, please. Here you can see our Ready-to-Cook plants. As we always mention, we should note that 11 million chicken in Lithuania is just one shift. If the market have a positive momentum, we have the possibility to scale up another shift and double the production. Next slide, please. We move into Ready-to-Eat, and the headline is low result and positive outlook. We see gradual margin recovery underway. 10% growth in net sales, and that is driven by strong recovery in food service demand. What we see is a significant drop in EBIT versus Q1 2025. Part of it is driven by a planned maintenance stop in Farre during the first quarter. It's also structural. It takes longer time to pass through increased raw material costs. We're on track with our sequential start-up in Netherlands, successful kebab processing in factory A, outperforming our internal targets. We're also looking into double capacity during the second half of 2026 on the kebab production. In the factory C, we will do the trial runs as planned in the second half 2026. Next slide, please. Here you can see the figures. It's of course very encouraging to see growth in food service after several periods of weak demand in Ready-to-Eat. Growth in the retail channel continued to be very strong. Ready-to-Eat will be an important long-term tool in developing EBIT per kilo. More specifically, I will talk about that later in our strategic pillars. It is about increasing the value of our protein. Next slide, please. This slide is a reminder of the strong historic organic growth in Ready-to-Eat business the latest 10 years. I'm confident that it will continue that trend. There are two main types of businesses. Three-quarters is breaded products on the European market, and 1/4 is integrated local business in Sweden, Norway, and Finland. It gives us, normalized, a high return on capital employed, an average EBIT margin of 6% the last five years. In the quarter, we only had 2.7% for the reasons described earlier, which also shows the potential going forward. It is low capital employed compared to Ready-to-Cook. As you remember, we lost the continental contract in 2023, but since December 2023, we have growth quarter by quarter. Next slide, please. We're also expecting a healthy market growth in Europe over the coming years. Market players are divided into tiers, European players, regional players, and local players. Scandi Standard has been a large regional player with 36,000 tons product weight in 2024, and that is about 5% of the European market share. There's been a stagnant market after COVID-19 and inflation and some European overcapacity. We see the expected growth to 2030 is about 120 tons. Maybe you can change the slides for us Anna? Next slide, please. Just one second. Well, there. Next slide. 19. Good. This is the reason why we acquired the Oosterwolde plant in Q1 2025, and we acquired that in idle state, and there has been a fire in factory B under previous ownership. The start-up of factory A in Q3 2025 after refurbishment, and that increased our capacity for popular and profitable kebab products that we're producing. Factory C is being prepared for the second half 2026 of a start-up of trial products. Factory C has two of Europe's largest and most efficient breaded products lines with a capacity of 50,000 ton annual capacity. One of the few with advanced form product capability, and it's tailored to meet criteria of the largest clients. We are expecting this as a significant long-term growth platform for Scandi Standard. If you move into next slide, please. Here we show our four main processing plants in Scandi Standard, and the two European plants is Farre plant in Denmark and our Oosterwolde plant in Netherlands. Stokka in Norway and Honkajoki in Finland are serving our local markets. I hand over now to Fredrik Sylwan. Thank you, Jonas, and good morning, everyone. Next slide, please. As Jonas mentioned, Q1 was a very strong quarter. We see a positive development where top line was driven by both RTC and RTE, supported by strong underlying EBIT growth in RTC, partly slowed down by RTE, which is normal when raw material prices increase. We expect the RTE profitability to recover during the coming quarters. In total, EBIT is up 35% in the quarter with almost 90 basis points margin improvement. Q1 last year includes start-up costs in Lithuania amounting to SEK 17 million. Adjusted for that effect, it is clear that the underlying performance is very strong. Finance net is down 14% versus previous year, and the cost for increased bank loan is more than offset by lower interest rates. On the back of the reduced positive impact from interest rate swaps have expired, so we don't see that positive effect during this quarter. The effective tax rate is higher than last year, and this is due to correction of capitalized tax losses in the Netherlands, and the effective tax rate is expected to return to previous level. Feed efficiency remains stable and at a strong level. As Jonas mentioned earlier, lost time injuries is up during the quarter. Next slide, please. Capital employed increased year-on-year from SEK 4.5 billion to SEK 4.9 billion, reflecting acquisition activity and integration ramp up. Return on capital employed improved to 13.3%, which is almost 2 percentage points up despite higher capital employed, indicating that incremental capital is being deployed efficiently. Our return on equity also strengthened to 14.9% from 10.7%, driven by improved profitability and disciplined capital allocation. The equity ratio increased to 36.2% from 34.7%. As said, 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 maintain flexibility for future investments. Next slide, please. Operating cash flow was SEK 69 million in the quarter, primarily driven by strong EBITDA together with reduced CapEx as the Oosterwolde acquisition last year was an asset deal. Other operating items are driven primarily by FX impact on personnel costs. Paid tax is below previous year due to less tax paid in both Norway and Sweden. Other items are impacted by FX on interest-bearing debt, as well as the stock buyback linked to the 2025-year long-term incentive program. Our net interest bearing debt is close to flat versus year-end. Reported leverage landed at 1.9, which is below our internal aim of 2.5. Next slide, please. Working capital remains low in the quarter, despite unfavorable impact from stronger sales and a low level exiting 2025. We see a 7% inventory decrease versus year-end and almost flat versus Q1 last year, despite having a higher level of live birds, as Lithuania was basically not in the base last year. Other working capital consists mainly of personnel related costs, such as VAT. Our target for working capital as a percentage of sales adjusted for financing remains at 6%. In Q1, this metric stood at 4.4%, including financing adjustments, meaning that we are at an efficient and low working capital level for the quarter. Next slide, please. For this year, we expect CapEx to increase to approximately SEK 650 million, which is driven by focus on three main areas, which are the same as last time. The first one is increased chicken farming capacity in Lithuania, then debottlenecking and increased capabilities. The third one, finalize the Netherlands for the start-up of factory C. As we ramp up factory C, we expect an increase in working capital, which will start in the middle of the second half of this year. We also expect finance costs to be around 7% of our net interest-bearing debt, which includes cost for leasing, factoring and refinancing. The blended effective tax rate is expected to be approximately 19%. Next slide, please, and back to you, Jonas. Thank you, Fredrik. This slide, I want to talk about one of our cornerstones and license for us to operate. There are three key areas when it comes to creating trust for what we do. It is responsible animal welfare, safety for consumers and employees, and nutritious products. This is closely linked to our strategic pillars. If we move into next slide. Those of you who have followed us for a while have seen these pillars before. These are the four strategic pillars that will support us achieving our goals. It is about increase the value of our protein, e.g. taking out more value out of the bird and processing more and utilizing more of the bird. It is about ramping up efficiency, and that is ramping up efficiency in the whole value chain end to end. There's a lot of gains to do with that focus, and that with integrated sustainability. Doing this in every step along the way as one company, making us constantly better together. It emphasize the collective effort of shared goals and team cooperation, and that leads to improved performance and outcome. If we move into next slides, we then will show the slide there and remind you of our targets for 2027. You can see them at the right-hand side. We are expecting strong growth over the coming years. We have set the targets 2027 to 5%, to 7% net sales growth. We have targeted an EBIT margin in excess of 6% by 2027, and we're also measuring the progress in terms of EBIT per kilo, for which we have support and targets of SEK 3, as presented in former slides. Next slide, please. We also want to remind you of, and this slide is to remind that we are structurally working with improved ESG work and improve ourselves in ESG ratings. We have an A in the CDP rating for climate. There's only a few companies that has achieved A- rating, an even smaller group with an A rating. The high scores reflects our standards and the sustainability nature of our business. If we move into next slide, once again, we want to show you our EBIT per kilo measure, and EBIT per kilo is an important measure for our value creation. As you can see, the Ready-to-Eat part of the EBIT per kilo is very small part of it today. The potential of growing our Ready-to-Eat business in the future is an important part for us to increase our EBIT per kilo. If we move into next slide, please. This is to summarize the outlook. Strengthen organic growth trend. It is another material step on our margin journey. Ready-to-Cook, we have strong improvement momentum. Ready-to-Eat, we have a positive outlook after a low period. Our improvement program are continuing with full force, supported by significant investments in 2026. We are well-positioned for further consolidation and expecting a strong outlook for 2026. With that said, we are moving to next slide and open up for Q&A. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. To remove your question, press star followed by two. Again, to ask a question, press star one. As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking a question. We'll pause here briefly as questions are registered. Our first question comes from Daniel Schmidt with Danske Bank. You may proceed. Yes, hello. Do you hear me? Yes. Hi, Daniel. Good morning. Yes, okay, good. Good morning. A couple of questions from me. You clearly perform well again on the group. Ready-to-Eat is still sort of sluggish when it comes to margin performance. Of course I do understand that you had that maintenance stop that also impacted. You also talk about longer lead times to pass on raw material costs. On that topic. We are of course in a situation now where the world is quite uncertain, and it has an impact on commodity prices in general and maybe also soaring fertilizer prices. Of course, the lead time is quite long. What do you see there, and what do you expect in terms of eventually passing those extra costs on down the line? I would say, if we take on the cost side, that will reflect the Ready-to-Cook part. The thing that you mentioned about fertilizers and so on, that is a long-term thing. Our focus is that we see at the moment stable feed costs. We see of course, as everyone increasing oil prices and costs for transport and plastics and so on, but we have a really close monitoring that and focus to pass those costs further to the customers. I think we have a good model for that. If we're linking it to the Ready-to-Eat part, it has more been driven by the fact that we have such a strong demand for our Ready-to-Cook raw material. The sales out of them, there's been a lack of poultry, and that of course optimized the Ready-to-Cook business, but keep some short-term challenges with the Ready-to-Eat business because that's the raw material into Ready-to-Eat. What we have been focusing on is to increase the efficiency in our Ready-to-Eat part and of course pass the prices through, but they have a strong link to what the demand is in Ready-to-Cook. There is a little bit longer lead time as stated. For us, it's more about the high demand for Ready-to-Cook, so they will come after a while. The cost base, we are following that really close and expect to pass those costs through. We don't see anything on our big cost parameter yet on the feed prices. Of course, it is, as you say, if fertilizer prices are high, that can have an effect for the crops that will be harvested next year and so on. We are monitoring it. I understand that these two channels are sort of dependent on each other in terms of raw material cost and so on. The fertilizer prices and then hence the feed prices is of course something that could come later, maybe this year or start of next year. What makes you sort of confident that you won't see longer lead times to pass that cost on as well, now that you have seen it in RTE? Yeah. Because the RTE sourcing or changing. Let me give an example to give it more practical. If we have a high demand for minced meat because of the minced meat and red meat is really high. Then we sell the Ready-to-Cook raw material offcuts as minced meat and drive value out of that. That's also one raw material into our Ready-to-Eat. Then that product is not available. Then you need to change that to another product due to the high demand of offcuts to ready to minced meat. Then we need to change the recipes and push the prices through because we need to use another raw material. The Ready-to-Eat business is more linked to the high demand in Ready-to-Cook. Those costs we need to pass through because the raw material is utilized better in Ready-to-Cook at the moment. That's one example, more than the cost base back in Ready-to-, in terms of higher feed costs. If, that was one practical example. Basically, sort of the Ready-to-Eat input base is more complicated maybe, and maybe you also feel that you have a stronger pricing power in Ready-to-Cook if you start to see feed prices going up. Yeah, exactly. That's where it starts. Okay. You also talk about, of course, high inflation driving people to look for more affordable choices. Of course, that's been very true for some years now, but we actually have seen food inflation hitting zero in Sweden in March, and it might take off again, given the talk that we just had on fertilizer prices, but that's gonna be further down the line. Yes. Do you feel that, with food price inflation hitting zero in March and probably not a big change in the coming months, is that something that could change the behavior of the Nordic consumer? I think that we if we take the Nordic consumer and including Ireland in that, we see a structural change to poultry. Of course, that's a short-term effect because the minced meat prices, especially on beef, are really high, but there's some structural change from red meat into white meat. Even if there's not high meat prices, that's two effects that are driving in a positive way for us at the moment, but the structural has been for a while, and it seems to increase. Okay. No change in momentum despite food inflation coming down? Not that we can foresee now. No. Okay. Maybe also back to the last question on input costs. Fuel costs have gone up quite a lot on the back of the situation in Middle East. How big part of sort of your cost base is related to fuel prices? I cannot specify the exact number for you because it's only a part of our fuel prices that actually they call the DMT that are changing. I cannot say that exact percentage by heart, but it's a minor part compared to the other input costs. Yeah. Okay. Okay, thank you, guys. Thank you. Thank you. There are no questions waiting at this time. So once again, if you'd like to ask a question, please press star followed by one on your telephone keypad. Good. We have a follow-up question from Daniel Schmidt with the Danske Bank. You may proceed. Thank you. I might as well continue then. We did talk about the VAT cut coming through by the 1st of April in Sweden when you reported last time, and that was still ahead of us back then. Any sort of reflections now? It's been basically close to a month since that happened. Pardon? The lower VAT from April 1st in Sweden. Have you seen any- Yeah. Okay. Any reflections on sort of, Oh, yeah. Oh, sorry. Yeah. Actually, we see a high demand from the market, but we've seen that before the VAT was lowered, and we still see a high demand. Our challenge at the moment is actually to be able to provide the consumers with chicken due to some lower volumes. We see high demand for chicken even before. No, we haven't seen any change in consumer behavior that we can see after the change. Maybe on the sort of a political question, given that this has become such a hot potato in Sweden when it comes to food prices and the lowering of VAT and it's a special commission that's gonna follow the pricing in Sweden, and it's election year on top of that. Politicians are trying to make a thing out of it. Do you feel in any way that sort of your counterparts, i.e. retailers in Sweden are more forcefully trying to push prices if you need to come through with price increases or any change to that dynamic? I think that of course there's competitors in the retail that want to have the best offers as possible, and there are competitors around us that wants to create the best offer. Of course there's always tough discussions when it comes to price negotiations and with the sensitivity of consumer that is always a discussion. I think and as I said before I think we have a good model where we actually can present the costs, and I think it has also been proved in media that when the cost comes it's the cost that we are pushing forward. I think that model is actually working pretty well. Of course, it's always a tough discussion when it comes to prices. That's the nature of it. Yeah. That's okay. Thank you so much. That's all for me. Thank you. Thank you. We currently have no further questions, so I'll pass the conference back over to Jonas for closing remarks. Thank you very much. I want to thank you all of you for listening in to our quarter report. I will wish you all a good day, and thank you very much for joining. Thank you very much.

Speaker 3: Good morning, everyone, and welcome to this presentation of Scandi Standard's result for Q1 2026. 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 pleased to have him by my side today. I'm also glad to report the strong growth and result in the quarter. The next slide, please. We report Q1 2026 with strong growth and in net sales and margin. We have 9% growth in net sales and increasing volumes, supported by growth across all countries, channels, and segments. Sales are supported by continuous strong underlying demand. EBIT is up 35%, solid improvements in Ready-to-Cook. We have low Ready-to-Eat margin but a positive outlook. Good morning, everyone, and welcome to this presentation of Scandi Standard's result for Q1 2026. good morning everyone and welcome to this presentation of scandi standard's result for q1 2026 My name is Jonas Tunestål, and I'm the CEO and Managing Director of Scandi Standard. 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 pleased to have him by my side today. by my side i have fredrik sylwan our cfo and i'm pleased to have him by my side today I'm also glad to report the strong growth and result in the quarter. i'm also glad to report the strong growth and result in the quarter The next slide, please. the next slide please We report Q1 2026 with strong growth and in net sales and margin. we report q1 2026 with strong growth and in net sales and margin We have 9% growth in net sales and increasing volumes, supported by growth across all countries, channels, and segments. we have 9% growth in net sales and increasing volumes supported by growth across all countries channels and segments Sales are supported by continuous strong underlying demand. sales are supported by continuous strong underlying demand EBIT is up 35%, solid improvements in Ready-to-Cook. ebit is up 35% solid improvements in ready-to-cook We have low Ready-to-Eat margin but a positive outlook. we have low ready-to-eat margin but a positive outlook Improvement program continued with full force, supported by significant investments in 2026, and the integration of Lithuania and Netherlands are progressing well. In general, we have a strong outlook for the business. Next slide, please. Now we move into the growth and value drivers and, the reason why we see a strong demand. It's 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. On the graphs on the right-hand side, you can see long-term growth in chicken benefiting from substitutions from other proteins like pork and beef. As you can see in the top bullet, we're estimating 3% volume CAGR in the Nordics and Ireland. Next slide, please. Improvement program continued with full force, supported by significant investments in 2026, and the integration of Lithuania and Netherlands are progressing well. improvement program continued with full force supported by significant investments in 2026 and the integration of lithuania and netherlands are progressing well In general, we have a strong outlook for the business. in general we have a strong outlook for the business Next slide, please. next slide please Now we move into the growth and value drivers and, the reason why we see a strong demand. now we move into the growth and value drivers and the reason why we see a strong demand It's related to these three value drivers for chicken: responsible, safe, and nutritious; convenient, versatile, and tasteful; and affordable because it's sustainable. it's 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. next slide please Here you can see the strong historical and ongoing consumer trend for chicken. here you can see the strong historical and ongoing consumer trend for chicken On the graphs on the right-hand side, you can see long-term growth in chicken benefiting from substitutions from other proteins like pork and beef. on the graphs on the right-hand side you can see long-term growth in chicken benefiting from substitutions from other proteins like pork and beef As you can see in the top bullet, we're estimating 3% volume CAGR in the Nordics and Ireland. as you can see in the top bullet we're estimating 3% volume cagr in the nordics and ireland Next slide, please. next slide please One of the three value drivers is the affordability, and it's benefiting from other proteins just because it's sustainable and affordable. Price has always been important for consumers, and the focus has increased even more in the current environment of high food prices. Beef prices are increasing and are becoming more and more expensive, which chicken is benefiting from, but also the long-term trend of switching proteins from red meat to poultry. Chicken is affordable in all segments, and that gives us further opportunities to drive long-term volume value creation. We see further opportunities to drive more volumes out of the chicken due to its affordability relative to peers. That you can see on the right-hand side in the graphs at the top. Next slide, please. One of the three value drivers is the affordability, and it's benefiting from other proteins just because it's sustainable and affordable. one of the three value drivers is the affordability and it's benefiting from other proteins just because it's sustainable and affordable Price has always been important for consumers, and the focus has increased even more in the current environment of high food prices. price has always been important for consumers and the focus has increased even more in the current environment of high food prices Beef prices are increasing and are becoming more and more expensive, which chicken is benefiting from, but also the long-term trend of switching proteins from red meat to poultry. beef prices are increasing and are becoming more and more expensive which chicken is benefiting from but also the long-term trend of switching proteins from red meat to poultry Chicken is affordable in all segments, and that gives us further opportunities to drive long-term volume value creation. chicken is affordable in all segments and that gives us further opportunities to drive long-term volume value creation We see further opportunities to drive more volumes out of the chicken due to its affordability relative to peers. we see further opportunities to drive more volumes out of the chicken due to its affordability relative to peers That you can see on the right-hand side in the graphs at the top. that you can see on the right-hand side in the graphs at the top Next slide, please. next slide please On this slide, we present our EBIT per kilo measure, and EBIT per kilo is a good measurement of value creation for our business. In Q1 2026, EBIT per kilos was SEK 2.22 compared to SEK 1.73 last year. That is an increase of 29%. Our home markets are contributing well, and Oosterwolde will be an addition for us reaching our 2027 goals. We're expecting to take another material step in 2026. In the different colors in the diagram, you can see the development in different segments. As you can see, RTE is a very small part of the earnings, which gives us fundament for future growth when recovering prices and ramping up our new RTE capacity. Next slide, please. On this slide, we present our EBIT per kilo measure, and EBIT per kilo is a good measurement of value creation for our business. on this slide we present our ebit per kilo measure and ebit per kilo is a good measurement of value creation for our business In Q1 2026, EBIT per kilos was SEK 2.22 compared to SEK 1.73 last year. in q1 2026 ebit per kilos was sek 2.22 compared to sek 1.73 last year That is an increase of 29%. that is an increase of 29% Our home markets are contributing well, and Oosterwolde will be an addition for us reaching our 2027 goals. our home markets are contributing well and oosterwolde will be an addition for us reaching our 2027 goals We're expecting to take another material step in 2026. we're expecting to take another material step in 2026 In the different colors in the diagram, you can see the development in different segments. in the different colors in the diagram you can see the development in different segments As you can see, RTE is a very small part of the earnings, which gives us fundament for future growth when recovering prices and ramping up our new RTE capacity. as you can see rte is a very small part of the earnings which gives us fundament for future growth when recovering prices and ramping up our new rte capacity Next slide, please. next slide please Now we're moving into the segments, and the table shows the reconciliation of our segments. Strong net sales growth in all markets and strong EBIT contribution from Ready-to-Cook, whereas Ready-to-Eat still has low results in the quarter. As always, we want to remind you of the category other includes our ingredients business and our corporate costs. Next slide, please. Here you can see the summary of our sustainability scorecard, and we are transparent on multiple parameters. Q1 shows mixed results, partly driven by exceptional cold winter this year. You see slightly higher numbers in the quarter on antibiotic use, linked to some challenges in our Irish and Lithuanian operations, but we expect a positive trend during 2026. Next slide, please. If we look at the segment Ready-to-Cook, and that's another step forward with 10% increase in net sales. Now we're moving into the segments, and the table shows the reconciliation of our segments. now we're moving into the segments and the table shows the reconciliation of our segments Strong net sales growth in all markets and strong EBIT contribution from Ready-to-Cook, whereas Ready-to-Eat still has low results in the quarter. strong net sales growth in all markets and strong ebit contribution from ready-to-cook whereas ready-to-eat still has low results in the quarter As always, we want to remind you of the category other includes our ingredients business and our corporate costs. as always we want to remind you of the category other includes our ingredients business and our corporate costs Next slide, please. next slide please Here you can see the summary of our sustainability scorecard, and we are transparent on multiple parameters. here you can see the summary of our sustainability scorecard and we are transparent on multiple parameters Q1 shows mixed results, partly driven by exceptional cold winter this year. q1 shows mixed results partly driven by exceptional cold winter this year You see slightly higher numbers in the quarter on antibiotic use, linked to some challenges in our Irish and Lithuanian operations, but we expect a positive trend during 2026. you see slightly higher numbers in the quarter on antibiotic use linked to some challenges in our irish and lithuanian operations but we expect a positive trend during 2026 Next slide, please. next slide please If we look at the segment Ready-to-Cook, and that's another step forward with 10% increase in net sales. if we look at the segment ready-to-cook and that's another step forward with 10% increase in net sales We have 5% increase in chicken processed, our grill weight, and we have a positive volume and mix effect. EBIT is SEK 151 million compared to last year's SEK 93 million, and the margin is 5.3% compared to 3.6% last year. It is broad improvements across all markets and channels, and I'm glad to see that our structure and improvement programs are yielding results. If we move into next slide, please. We'll move to the feed prices, and we have now been seeing fairly stable feed prices for some quarters. In quarter one, the prices declined slightly versus previous year, but there are still uncertainties, and we need to be prepared for further volatility. We have 5% increase in chicken processed, our grill weight, and we have a positive volume and mix effect. we have 5% increase in chicken processed our grill weight and we have a positive volume and mix effect EBIT is SEK 151 million compared to last year's SEK 93 million, and the margin is 5.3% compared to 3.6% last year. ebit is sek 151 million compared to last year's sek 93 million and the margin is 5.3% compared to 3.6% last year It is broad improvements across all markets and channels, and I'm glad to see that our structure and improvement programs are yielding results. it is broad improvements across all markets and channels and i'm glad to see that our structure and improvement programs are yielding results If we move into next slide, please. if we move into next slide please We'll move to the feed prices, and we have now been seeing fairly stable feed prices for some quarters. we'll move to the feed prices and we have now been seeing fairly stable feed prices for some quarters In quarter one, the prices declined slightly versus previous year, but there are still uncertainties, and we need to be prepared for further volatility. in quarter one the prices declined slightly versus previous year but there are still uncertainties and we need to be prepared for further volatility We also want, as always, to highlight that feed costs are 1/3 of our cost base and that the short production cycle compared to other proteins enable us to be more agile in the supply chain. Generally, we look at feed costs and other costs, such as packaging and energy and transport. We carefully follow the effect of the Middle East crisis with a view to pass on cost increases to our clients. Next slide, please. Then we're moving into the export prices, and we see volatile export prices. In 2025, volatility were driven by supply issues, and that was mainly bird flu issues, Newcastle in Poland, and bird flu in Brazil. Q1 also to mention is seasonally our weakest quarter. That's the effect of the Christmas season, while the chicken consumption or poultry consumption is low. We also want, as always, to highlight that feed costs are 1/3 of our cost base and that the short production cycle compared to other proteins enable us to be more agile in the supply chain. we also want as always, to highlight that feed costs are 1/3 of our cost base and that the short production cycle compared to other proteins enable us to be more agile in the supply chain Generally, we look at feed costs and other costs, such as packaging and energy and transport. generally we look at feed costs and other costs such as packaging and energy and transport We carefully follow the effect of the Middle East crisis with a view to pass on cost increases to our clients. we carefully follow the effect of the middle east crisis with a view to pass on cost increases to our clients Next slide, please. next slide please Then we're moving into the export prices, and we see volatile export prices. then we're moving into the export prices and we see volatile export prices In 2025, volatility were driven by supply issues, and that was mainly bird flu issues, Newcastle in Poland, and bird flu in Brazil. in 2025 volatility were driven by supply issues and that was mainly bird flu issues newcastle in poland and bird flu in brazil Q1 also to mention is seasonally our weakest quarter. q1 also to mention is seasonally our weakest quarter That's the effect of the Christmas season, while the chicken consumption or poultry consumption is low. that's the effect of the christmas season while the chicken consumption or poultry consumption is low When we compare prices versus last year's, and prices are up 2%, and we also see that current prices is above Q1 2026 levels. Our aim is to reduce exposure to volatile markets, so we're looking for long-term partnership, optimized S&OP, and an integration benefits with our Ready-to-Eat business. Next slide, please. On this slide, you can see the channel development more in detail. Through these details, you can notice the increase in both food service and retail in the quarter. In general, we're seeing strong demand growth in all of our markets in the quarter. Next slide, please. This slide is to remind you of our strong market position of all our five home markets, and the countries are highly consolidated. These markets have large hurdles for new entrants. When we compare prices versus last year's, and prices are up 2%, and we also see that current prices is above Q1 2026 levels. when we compare prices versus last year's and prices are up 2% and we also see that current prices is above q1 2026 levels Our aim is to reduce exposure to volatile markets, so we're looking for long-term partnership, optimized S&OP, and an integration benefits with our Ready-to-Eat business. our aim is to reduce exposure to volatile markets so we're looking for long-term partnership optimized s&op and an integration benefits with our ready-to-eat business Next slide, please. next slide please On this slide, you can see the channel development more in detail. on this slide you can see the channel development more in detail Through these details, you can notice the increase in both food service and retail in the quarter. through these details you can notice the increase in both food service and retail in the quarter In general, we're seeing strong demand growth in all of our markets in the quarter. in general we're seeing strong demand growth in all of our markets in the quarter Next slide, please. next slide please This slide is to remind you of our strong market position of all our five home markets, and the countries are highly consolidated. this slide is to remind you of our strong market position of all our five home markets and the countries are highly consolidated These markets have large hurdles for new entrants. these markets have large hurdles for new entrants They can individually be regarded as semi-closed market due to the strong consumer preference for domestic produce. Due to our strong market position, our own supply decision have a meaningful impact on market balance, which has proven to be strong instrument in periods with volatile markets. Note that each market, however, also includes consumer segments less sensitive to provenance. Next slide, please. Here you can see our Ready-to-Cook plants. As we always mention, we should note that 11 million chicken in Lithuania is just one shift. If the market have a positive momentum, we have the possibility to scale up another shift and double the production. Next slide, please. We move into Ready-to-Eat, and the headline is low result and positive outlook. We see gradual margin recovery underway. They can individually be regarded as semi-closed market due to the strong consumer preference for domestic produce. they can individually be regarded as semi-closed market due to the strong consumer preference for domestic produce Due to our strong market position, our own supply decision have a meaningful impact on market balance, which has proven to be strong instrument in periods with volatile markets. due to our strong market position our own supply decision have a meaningful impact on market balance which has proven to be strong instrument in periods with volatile markets Note that each market, however, also includes consumer segments less sensitive to provenance. note that each market however also includes consumer segments less sensitive to provenance Next slide, please. next slide please Here you can see our Ready-to-Cook plants. here you can see our ready-to-cook plants As we always mention, we should note that 11 million chicken in Lithuania is just one shift. as we always mention we should note that 11 million chicken in lithuania is just one shift If the market have a positive momentum, we have the possibility to scale up another shift and double the production. if the market have a positive momentum we have the possibility to scale up another shift and double the production Next slide, please. next slide please We move into Ready-to-Eat, and the headline is low result and positive outlook. we move into ready-to-eat and the headline is low result and positive outlook We see gradual margin recovery underway. we see gradual margin recovery underway 10% growth in net sales, and that is driven by strong recovery in food service demand. What we see is a significant drop in EBIT versus Q1 2025. Part of it is driven by a planned maintenance stop in Farre during the first quarter. It's also structural. It takes longer time to pass through increased raw material costs. We're on track with our sequential start-up in Netherlands, successful kebab processing in factory A, outperforming our internal targets. We're also looking into double capacity during the second half of 2026 on the kebab production. In the factory C, we will do the trial runs as planned in the second half 2026. Next slide, please. Here you can see the figures. 10% growth in net sales, and that is driven by strong recovery in food service demand. 10% growth in net sales and that is driven by strong recovery in food service demand What we see is a significant drop in EBIT versus Q1 2025. what we see is a significant drop in ebit versus q1 2025 Part of it is driven by a planned maintenance stop in Farre during the first quarter. part of it is driven by a planned maintenance stop in farre during the first quarter It's also structural. it's also structural It takes longer time to pass through increased raw material costs. it takes longer time to pass through increased raw material costs We're on track with our sequential start-up in Netherlands, successful kebab processing in factory A, outperforming our internal targets. we're on track with our sequential start-up in netherlands successful kebab processing in factory a outperforming our internal targets We're also looking into double capacity during the second half of 2026 on the kebab production. we're also looking into double capacity during the second half of 2026 on the kebab production In the factory C, we will do the trial runs as planned in the second half 2026. in the factory c we will do the trial runs as planned in the second half 2026 Next slide, please. next slide please Here you can see the figures. here you can see the figures It's of course very encouraging to see growth in food service after several periods of weak demand in Ready-to-Eat. Growth in the retail channel continued to be very strong. Ready-to-Eat will be an important long-term tool in developing EBIT per kilo. More specifically, I will talk about that later in our strategic pillars. It is about increasing the value of our protein. Next slide, please. This slide is a reminder of the strong historic organic growth in Ready-to-Eat business the latest 10 years. I'm confident that it will continue that trend. There are two main types of businesses. Three-quarters is breaded products on the European market, and 1/4 is integrated local business in Sweden, Norway, and Finland. It gives us, normalized, a high return on capital employed, an average EBIT margin of 6% the last five years. It's of course very encouraging to see growth in food service after several periods of weak demand in Ready-to-Eat. it's of course very encouraging to see growth in food service after several periods of weak demand in ready-to-eat Growth in the retail channel continued to be very strong. growth in the retail channel continued to be very strong Ready-to-Eat will be an important long-term tool in developing EBIT per kilo. ready-to-eat will be an important long-term tool in developing ebit per kilo More specifically, I will talk about that later in our strategic pillars. more specifically i will talk about that later in our strategic pillars It is about increasing the value of our protein. it is about increasing the value of our protein Next slide, please. next slide please This slide is a reminder of the strong historic organic growth in Ready-to-Eat business the latest 10 years. this slide is a reminder of the strong historic organic growth in ready-to-eat business the latest 10 years I'm confident that it will continue that trend. i'm confident that it will continue that trend There are two main types of businesses. there are two main types of businesses Three-quarters is breaded products on the European market, and 1/4 is integrated local business in Sweden, Norway, and Finland. three-quarters is breaded products on the european market and 1/4 is integrated local business in sweden norway and finland It gives us, normalized, a high return on capital employed, an average EBIT margin of 6% the last five years. it gives us normalized a high return on capital employed an average ebit margin of 6% the last five years In the quarter, we only had 2.7% for the reasons described earlier, which also shows the potential going forward. It is low capital employed compared to Ready-to-Cook. As you remember, we lost the continental contract in 2023, but since December 2023, we have growth quarter by quarter. Next slide, please. We're also expecting a healthy market growth in Europe over the coming years. Market players are divided into tiers, European players, regional players, and local players. Scandi Standard has been a large regional player with 36,000 tons product weight in 2024, and that is about 5% of the European market share. There's been a stagnant market after COVID-19 and inflation and some European overcapacity. We see the expected growth to 2030 is about 120 tons. In the quarter, we only had 2.7% for the reasons described earlier, which also shows the potential going forward. in the quarter we only had 2.7% for the reasons described earlier which also shows the potential going forward It is low capital employed compared to Ready-to-Cook. it is low capital employed compared to ready-to-cook As you remember, we lost the continental contract in 2023, but since December 2023, we have growth quarter by quarter. as you remember we lost the continental contract in 2023 but since december 2023 we have growth quarter by quarter Next slide, please. next slide please We're also expecting a healthy market growth in Europe over the coming years. Market players are divided into tiers, European players, regional players, and local players. we're also expecting a healthy market growth in europe over the coming years. market players are divided into tiers european players regional players and local players Scandi Standard has been a large regional player with 36,000 tons product weight in 2024, and that is about 5% of the European market share. scandi standard has been a large regional player with 36,000 tons product weight in 2024 and that is about 5% of the european market share There's been a stagnant market after COVID-19 and inflation and some European overcapacity. there's been a stagnant market after covid-19 and inflation and some european overcapacity We see the expected growth to 2030 is about 120 tons. we see the expected growth to 2030 is about 120 tons Maybe you can change the slides for us Anna? Next slide, please. Maybe you can change the slides for us Anna? maybe you can change the slides for us anna Next slide, please. next slide please

Speaker 4: Just one second. Well, there. Just one second. just one second Well, there. well there

Speaker 3: Next slide. 19. Good. This is the reason why we acquired the Oosterwolde plant in Q1 2025, and we acquired that in idle state, and there has been a fire in factory B under previous ownership. The start-up of factory A in Q3 2025 after refurbishment, and that increased our capacity for popular and profitable kebab products that we're producing. Factory C is being prepared for the second half 2026 of a start-up of trial products. Factory C has two of Europe's largest and most efficient breaded products lines with a capacity of 50,000 ton annual capacity. One of the few with advanced form product capability, and it's tailored to meet criteria of the largest clients. Next slide. 19. next slide 19 Good. good This is the reason why we acquired the Oosterwolde plant in Q1 2025, and we acquired that in idle state, and there has been a fire in factory B under previous ownership. this is the reason why we acquired the oosterwolde plant in q1 2025 and we acquired that in idle state and there has been a fire in factory b under previous ownership The start-up of factory A in Q3 2025 after refurbishment, and that increased our capacity for popular and profitable kebab products that we're producing. the start-up of factory a in q3 2025 after refurbishment and that increased our capacity for popular and profitable kebab products that we're producing Factory C is being prepared for the second half 2026 of a start-up of trial products. factory c is being prepared for the second half 2026 of a start-up of trial products Factory C has two of Europe's largest and most efficient breaded products lines with a capacity of 50,000 ton annual capacity. factory c has two of europe's largest and most efficient breaded products lines with a capacity of 50,000 ton annual capacity One of the few with advanced form product capability, and it's tailored to meet criteria of the largest clients. one of the few with advanced form product capability and it's tailored to meet criteria of the largest clients We are expecting this as a significant long-term growth platform for Scandi Standard. If you move into next slide, please. Here we show our four main processing plants in Scandi Standard, and the two European plants is Farre plant in Denmark and our Oosterwolde plant in Netherlands. Stokka in Norway and Honkajoki in Finland are serving our local markets. I hand over now to Fredrik Sylwan. We are expecting this as a significant long-term growth platform for Scandi Standard. we are expecting this as a significant long-term growth platform for scandi standard If you move into next slide, please. if you move into next slide please Here we show our four main processing plants in Scandi Standard, and the two European plants is Farre plant in Denmark and our Oosterwolde plant in Netherlands. here we show our four main processing plants in scandi standard and the two european plants is farre plant in denmark and our oosterwolde plant in netherlands Stokka in Norway and Honkajoki in Finland are serving our local markets. stokka in norway and honkajoki in finland are serving our local markets I hand over now to Fredrik Sylwan. i hand over now to fredrik sylwan

Speaker 2: Thank you, Jonas, and good morning, everyone. Next slide, please. As Jonas mentioned, Q1 was a very strong quarter. We see a positive development where top line was driven by both RTC and RTE, supported by strong underlying EBIT growth in RTC, partly slowed down by RTE, which is normal when raw material prices increase. We expect the RTE profitability to recover during the coming quarters. In total, EBIT is up 35% in the quarter with almost 90 basis points margin improvement. Q1 last year includes start-up costs in Lithuania amounting to SEK 17 million. Adjusted for that effect, it is clear that the underlying performance is very strong. Finance net is down 14% versus previous year, and the cost for increased bank loan is more than offset by lower interest rates. Thank you, Jonas, and good morning, everyone. thank you jonas and good morning everyone Next slide, please. next slide please As Jonas mentioned, Q1 was a very strong quarter. as jonas mentioned q1 was a very strong quarter We see a positive development where top line was driven by both RTC and RTE, supported by strong underlying EBIT growth in RTC, partly slowed down by RTE, which is normal when raw material prices increase. we see a positive development where top line was driven by both rtc and rte supported by strong underlying ebit growth in rtc partly slowed down by rte which is normal when raw material prices increase We expect the RTE profitability to recover during the coming quarters. we expect the rte profitability to recover during the coming quarters In total, EBIT is up 35% in the quarter with almost 90 basis points margin improvement. in total ebit is up 35% in the quarter with almost 90 basis points margin improvement Q1 last year includes start-up costs in Lithuania amounting to SEK 17 million. q1 last year includes start-up costs in lithuania amounting to sek 17 million Adjusted for that effect, it is clear that the underlying performance is very strong. adjusted for that effect it is clear that the underlying performance is very strong Finance net is down 14% versus previous year, and the cost for increased bank loan is more than offset by lower interest rates. finance net is down 14% versus previous year and the cost for increased bank loan is more than offset by lower interest rates On the back of the reduced positive impact from interest rate swaps have expired, so we don't see that positive effect during this quarter. The effective tax rate is higher than last year, and this is due to correction of capitalized tax losses in the Netherlands, and the effective tax rate is expected to return to previous level. Feed efficiency remains stable and at a strong level. As Jonas mentioned earlier, lost time injuries is up during the quarter. Next slide, please. Capital employed increased year-on-year from SEK 4.5 billion to SEK 4.9 billion, reflecting acquisition activity and integration ramp up. Return on capital employed improved to 13.3%, which is almost 2 percentage points up despite higher capital employed, indicating that incremental capital is being deployed efficiently. On the back of the reduced positive impact from interest rate swaps have expired, so we don't see that positive effect during this quarter. on the back of the reduced positive impact from interest rate swaps have expired so we don't see that positive effect during this quarter The effective tax rate is higher than last year, and this is due to correction of capitalized tax losses in the Netherlands, and the effective tax rate is expected to return to previous level. the effective tax rate is higher than last year and this is due to correction of capitalized tax losses in the netherlands and the effective tax rate is expected to return to previous level Feed efficiency remains stable and at a strong level. feed efficiency remains stable and at a strong level As Jonas mentioned earlier, lost time injuries is up during the quarter. as jonas mentioned earlier lost time injuries is up during the quarter Next slide, please. next slide please Capital employed increased year-on-year from SEK 4.5 billion to SEK 4.9 billion, reflecting acquisition activity and integration ramp up. capital employed increased year-on-year from sek 4.5 billion to sek 4.9 billion reflecting acquisition activity and integration ramp up Return on capital employed improved to 13.3%, which is almost 2 percentage points up despite higher capital employed, indicating that incremental capital is being deployed efficiently. return on capital employed improved to 13.3% which is almost 2 percentage points up despite higher capital employed indicating that incremental capital is being deployed efficiently Our return on equity also strengthened to 14.9% from 10.7%, driven by improved profitability and disciplined capital allocation. The equity ratio increased to 36.2% from 34.7%. As said, 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 maintain flexibility for future investments. Next slide, please. Operating cash flow was SEK 69 million in the quarter, primarily driven by strong EBITDA together with reduced CapEx as the Oosterwolde acquisition last year was an asset deal. Other operating items are driven primarily by FX impact on personnel costs. Paid tax is below previous year due to less tax paid in both Norway and Sweden. Our return on equity also strengthened to 14.9% from 10.7%, driven by improved profitability and disciplined capital allocation. our return on equity also strengthened to 14.9% from 10.7% driven by improved profitability and disciplined capital allocation The equity ratio increased to 36.2% from 34.7%. the equity ratio increased to 36.2% from 34.7% As said, the company remains well- capitalized and within our targeted capital structure. as said 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 maintain flexibility for future investments. as always we continue to monitor our leverage position to ensure financial stability and maintain flexibility for future investments Next slide, please. next slide please Operating cash flow was SEK 69 million in the quarter, primarily driven by strong EBITDA together with reduced CapEx as the Oosterwolde acquisition last year was an asset deal. operating cash flow was sek 69 million in the quarter primarily driven by strong ebitda together with reduced capex as the oosterwolde acquisition last year was an asset deal Other operating items are driven primarily by FX impact on personnel costs. other operating items are driven primarily by fx impact on personnel costs Paid tax is below previous year due to less tax paid in both Norway and Sweden. paid tax is below previous year due to less tax paid in both norway and sweden Other items are impacted by FX on interest-bearing debt, as well as the stock buyback linked to the 2025-year long-term incentive program. Our net interest bearing debt is close to flat versus year-end. Reported leverage landed at 1.9, which is below our internal aim of 2.5. Next slide, please. Working capital remains low in the quarter, despite unfavorable impact from stronger sales and a low level exiting 2025. We see a 7% inventory decrease versus year-end and almost flat versus Q1 last year, despite having a higher level of live birds, as Lithuania was basically not in the base last year. Other working capital consists mainly of personnel related costs, such as VAT. Our target for working capital as a percentage of sales adjusted for financing remains at 6%. Other items are impacted by FX on interest-bearing debt, as well as the stock buyback linked to the 2025-year long-term incentive program. other items are impacted by fx on interest-bearing debt as well as the stock buyback linked to the 2025-year long-term incentive program Our net interest bearing debt is close to flat versus year-end. our net interest bearing debt is close to flat versus year-end Reported leverage landed at 1.9, which is below our internal aim of 2.5. reported leverage landed at 1.9 which is below our internal aim of 2.5 Next slide, please. next slide please Working capital remains low in the quarter, despite unfavorable impact from stronger sales and a low level exiting 2025. working capital remains low in the quarter despite unfavorable impact from stronger sales and a low level exiting 2025 We see a 7% inventory decrease versus year-end and almost flat versus Q1 last year, despite having a higher level of live birds, as Lithuania was basically not in the base last year. we see a 7% inventory decrease versus year-end and almost flat versus q1 last year despite having a higher level of live birds as lithuania was basically not in the base last year Other working capital consists mainly of personnel related costs, such as VAT. other working capital consists mainly of personnel related costs such as vat Our target for working capital as a percentage of sales adjusted for financing remains at 6%. our target for working capital as a percentage of sales adjusted for financing remains at 6% In Q1, this metric stood at 4.4%, including financing adjustments, meaning that we are at an efficient and low working capital level for the quarter. Next slide, please. For this year, we expect CapEx to increase to approximately SEK 650 million, which is driven by focus on three main areas, which are the same as last time. The first one is increased chicken farming capacity in Lithuania, then debottlenecking and increased capabilities. The third one, finalize the Netherlands for the start-up of factory C. As we ramp up factory C, we expect an increase in working capital, which will start in the middle of the second half of this year. We also expect finance costs to be around 7% of our net interest-bearing debt, which includes cost for leasing, factoring and refinancing. In Q1, this metric stood at 4.4%, including financing adjustments, meaning that we are at an efficient and low working capital level for the quarter. in q1 this metric stood at 4.4% including financing adjustments meaning that we are at an efficient and low working capital level for the quarter Next slide, please. next slide please For this year, we expect CapEx to increase to approximately SEK 650 million, which is driven by focus on three main areas, which are the same as last time. for this year we expect capex to increase to approximately sek 650 million which is driven by focus on three main areas which are the same as last time The first one is increased chicken farming capacity in Lithuania, then debottlenecking and increased capabilities. the first one is increased chicken farming capacity in lithuania then debottlenecking and increased capabilities The third one, finalize the Netherlands for the start-up of factory C. the third one finalize the netherlands for the start-up of factory c As we ramp up factory C, we expect an increase in working capital, which will start in the middle of the second half of this year. as we ramp up factory c we expect an increase in working capital which will start in the middle of the second half of this year We also expect finance costs to be around 7% of our net interest-bearing debt, which includes cost for leasing, factoring and refinancing. we also expect finance costs to be around 7% of our net interest-bearing debt which includes cost for leasing factoring and refinancing The blended effective tax rate is expected to be approximately 19%. Next slide, please, and back to you, Jonas. The blended effective tax rate is expected to be approximately 19%. the blended effective tax rate is expected to be approximately 19% Next slide, please, and back to you, Jonas. next slide please and back to you jonas

Speaker 3: Thank you, Fredrik. This slide, I want to talk about one of our cornerstones and license for us to operate. There are three key areas when it comes to creating trust for what we do. It is responsible animal welfare, safety for consumers and employees, and nutritious products. This is closely linked to our strategic pillars. If we move into next slide. Those of you who have followed us for a while have seen these pillars before. These are the four strategic pillars that will support us achieving our goals. It is about increase the value of our protein, e.g. taking out more value out of the bird and processing more and utilizing more of the bird. It is about ramping up efficiency, and that is ramping up efficiency in the whole value chain end to end. Thank you, Fredrik. thank you fredrik This slide, I want to talk about one of our cornerstones and license for us to operate. this slide i want to talk about one of our cornerstones and license for us to operate There are three key areas when it comes to creating trust for what we do. there are three key areas when it comes to creating trust for what we do It is responsible animal welfare, safety for consumers and employees, and nutritious products. it is responsible animal welfare safety for consumers and employees and nutritious products This is closely linked to our strategic pillars. this is closely linked to our strategic pillars If we move into next slide. if we move into next slide Those of you who have followed us for a while have seen these pillars before. those of you who have followed us for a while have seen these pillars before These are the four strategic pillars that will support us achieving our goals. these are the four strategic pillars that will support us achieving our goals It is about increase the value of our protein, e.g. taking out more value out of the bird and processing more and utilizing more of the bird. it is about increase the value of our protein e.g taking out more value out of the bird and processing more and utilizing more of the bird It is about ramping up efficiency, and that is ramping up efficiency in the whole value chain end to end. it is about ramping up efficiency and that is ramping up efficiency in the whole value chain end to end There's a lot of gains to do with that focus, and that with integrated sustainability. Doing this in every step along the way as one company, making us constantly better together. It emphasize the collective effort of shared goals and team cooperation, and that leads to improved performance and outcome. If we move into next slides, we then will show the slide there and remind you of our targets for 2027. You can see them at the right-hand side. We are expecting strong growth over the coming years. We have set the targets 2027 to 5%, to 7% net sales growth. There's a lot of gains to do with that focus, and that with integrated sustainability. there's a lot of gains to do with that focus and that with integrated sustainability Doing this in every step along the way as one company, making us constantly better together. doing this in every step along the way as one company making us constantly better together It emphasize the collective effort of shared goals and team cooperation, and that leads to improved performance and outcome. it emphasize the collective effort of shared goals and team cooperation and that leads to improved performance and outcome If we move into next slides, we then will show the slide there and remind you of our targets for 2027. if we move into next slides we then will show the slide there and remind you of our targets for 2027 You can see them at the right-hand side. you can see them at the right-hand side We are expecting strong growth over the coming years. we are expecting strong growth over the coming years We have set the targets 2027 to 5%, to 7% net sales growth. we have set the targets 2027 to 5%, to 7% net sales growth We have targeted an EBIT margin in excess of 6% by 2027, and we're also measuring the progress in terms of EBIT per kilo, for which we have support and targets of SEK 3, as presented in former slides. Next slide, please. We also want to remind you of, and this slide is to remind that we are structurally working with improved ESG work and improve ourselves in ESG ratings. We have an A in the CDP rating for climate. There's only a few companies that has achieved A- rating, an even smaller group with an A rating. The high scores reflects our standards and the sustainability nature of our business. We have targeted an EBIT margin in excess of 6% by 2027, and we're also measuring the progress in terms of EBIT per kilo, for which we have support and targets of SEK 3 , as presented in former slides. we have targeted an ebit margin in excess of 6% by 2027 and we're also measuring the progress in terms of ebit per kilo for which we have support and targets of sek 3 as presented in former slides Next slide, please. next slide please We also want to remind you of, and this slide is to remind that we are structurally working with improved ESG work and improve ourselves in ESG ratings. we also want to remind you of and this slide is to remind that we are structurally working with improved esg work and improve ourselves in esg ratings We have an A in the CDP rating for climate. we have an a in the cdp rating for climate There's only a few companies that has achieved A- rating, an even smaller group with an A rating. there's only a few companies that has achieved a- rating an even smaller group with an a rating The high scores reflects our standards and the sustainability nature of our business. the high scores reflects our standards and the sustainability nature of our business If we move into next slide, once again, we want to show you our EBIT per kilo measure, and EBIT per kilo is an important measure for our value creation. As you can see, the Ready-to-Eat part of the EBIT per kilo is very small part of it today. The potential of growing our Ready-to-Eat business in the future is an important part for us to increase our EBIT per kilo. If we move into next slide, please. This is to summarize the outlook. Strengthen organic growth trend. It is another material step on our margin journey. Ready-to-Cook, we have strong improvement momentum. Ready-to-Eat, we have a positive outlook after a low period. Our improvement program are continuing with full force, supported by significant investments in 2026. If we move into next slide, once again, we want to show you our EBIT per kilo measure, and EBIT per kilo is an important measure for our value creation. if we move into next slide once again we want to show you our ebit per kilo measure and ebit per kilo is an important measure for our value creation As you can see, the Ready-to-Eat part of the EBIT per kilo is very small part of it today. as you can see the ready-to-eat part of the ebit per kilo is very small part of it today The potential of growing our Ready-to-Eat business in the future is an important part for us to increase our EBIT per kilo. the potential of growing our ready-to-eat business in the future is an important part for us to increase our ebit per kilo If we move into next slide, please. if we move into next slide please This is to summarize the outlook. this is to summarize the outlook Strengthen organic growth trend. strengthen organic growth trend It is another material step on our margin journey. it is another material step on our margin journey Ready-to-Cook, we have strong improvement momentum. ready-to-cook we have strong improvement momentum Ready-to-Eat, we have a positive outlook after a low period. ready-to-eat we have a positive outlook after a low period Our improvement program are continuing with full force, supported by significant investments in 2026. our improvement program are continuing with full force supported by significant investments in 2026 We are well-positioned for further consolidation and expecting a strong outlook for 2026. With that said, we are moving to next slide and open up for Q&A. We are well-positioned for further consolidation and expecting a strong outlook for 2026. we are well-positioned for further consolidation and expecting a strong outlook for 2026 With that said, we are moving to next slide and open up for Q&A. with that said we are moving to next slide and open up for q&a

Speaker 4: Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. To remove your question, press star followed by two. Again, to ask a question, press star one. As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking a question. We'll pause here briefly as questions are registered. Our first question comes from Daniel Schmidt with Danske Bank. You may proceed. Thank you. thank you If you would like to ask a question, please press star followed by one on your telephone keypad. if you would like to ask a question please press star followed by one on your telephone keypad To remove your question, press star followed by two. to remove your question press star followed by two Again, to ask a question, press star one. again to ask a question press star one As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking a question. as a reminder if you are using a speakerphone please remember to pick up your handset before asking a question We'll pause here briefly as questions are registered. we'll pause here briefly as questions are registered Our first question comes from Daniel Schmidt with Danske Bank. our first question comes from daniel schmidt with danske bank You may proceed. you may proceed

Speaker 1: Yes, hello. Do you hear me? Yes, hello. yes hello Do you hear me? do you hear me

Speaker 3: Yes. Hi, Daniel. Good morning. Yes. yes Hi, Daniel. hi daniel Good morning. good morning

Speaker 1: Yes, okay, good. Good morning. A couple of questions from me. You clearly perform well again on the group. Ready-to-Eat is still sort of sluggish when it comes to margin performance. Of course I do understand that you had that maintenance stop that also impacted. You also talk about longer lead times to pass on raw material costs. On that topic. Yes, okay, good. yes okay good Good morning. good morning A couple of questions from me. a couple of questions from me You clearly perform well again on the group. you clearly perform well again on the group Ready-to-Eat is still sort of sluggish when it comes to margin performance. ready-to-eat is still sort of sluggish when it comes to margin performance Of course I do understand that you had that maintenance stop that also impacted. of course i do understand that you had that maintenance stop that also impacted You also talk about longer lead times to pass on raw material costs. you also talk about longer lead times to pass on raw material costs On that topic. on that topic We are of course in a situation now where the world is quite uncertain, and it has an impact on commodity prices in general and maybe also soaring fertilizer prices. Of course, the lead time is quite long. What do you see there, and what do you expect in terms of eventually passing those extra costs on down the line? We are of course in a situation now where the world is quite uncertain, and it has an impact on commodity prices in general and maybe also soaring fertilizer prices. we are of course in a situation now where the world is quite uncertain and it has an impact on commodity prices in general and maybe also soaring fertilizer prices Of course, the lead time is quite long. of course the lead time is quite long What do you see there, and what do you expect in terms of eventually passing those extra costs on down the line? what do you see there and what do you expect in terms of eventually passing those extra costs on down the line

Speaker 3: I would say, if we take on the cost side, that will reflect the Ready-to-Cook part. The thing that you mentioned about fertilizers and so on, that is a long-term thing. Our focus is that we see at the moment stable feed costs. We see of course, as everyone increasing oil prices and costs for transport and plastics and so on, but we have a really close monitoring that and focus to pass those costs further to the customers. I think we have a good model for that. If we're linking it to the Ready-to-Eat part, it has more been driven by the fact that we have such a strong demand for our Ready-to-Cook raw material. I would say, if we take on the cost side, that will reflect the Ready-to-Cook part. i would say if we take on the cost side that will reflect the ready-to-cook part The thing that you mentioned about fertilizers and so on, that is a long-term thing. the thing that you mentioned about fertilizers and so on that is a long-term thing Our focus is that we see at the moment stable feed costs. our focus is that we see at the moment stable feed costs We see of course, as everyone increasing oil prices and costs for transport and plastics and so on, but we have a really close monitoring that and focus to pass those costs further to the customers. we see of course as everyone increasing oil prices and costs for transport and plastics and so on but we have a really close monitoring that and focus to pass those costs further to the customers I think we have a good model for that. i think we have a good model for that If we're linking it to the Ready-to-Eat part, it has more been driven by the fact that we have such a strong demand for our Ready-to-Cook raw material. if we're linking it to the ready-to-eat part it has more been driven by the fact that we have such a strong demand for our ready-to-cook raw material The sales out of them, there's been a lack of poultry, and that of course optimized the Ready-to-Cook business, but keep some short-term challenges with the Ready-to-Eat business because that's the raw material into Ready-to-Eat. What we have been focusing on is to increase the efficiency in our Ready-to-Eat part and of course pass the prices through, but they have a strong link to what the demand is in Ready-to-Cook. There is a little bit longer lead time as stated. For us, it's more about the high demand for Ready-to-Cook, so they will come after a while. The cost base, we are following that really close and expect to pass those costs through. The sales out of them, there's been a lack of poultry, and that of course optimized the Ready-to-Cook business, but keep some short-term challenges with the Ready-to-Eat business because that's the raw material into Ready-to-Eat. the sales out of them there's been a lack of poultry and that of course optimized the ready-to-cook business but keep some short-term challenges with the ready-to-eat business because that's the raw material into ready-to-eat What we have been focusing on is to increase the efficiency in our Ready-to-Eat part and of course pass the prices through, but they have a strong link to what the demand is in Ready-to-Cook. what we have been focusing on is to increase the efficiency in our ready-to-eat part and of course pass the prices through but they have a strong link to what the demand is in ready-to-cook There is a little bit longer lead time as stated. there is a little bit longer lead time as stated For us, it's more about the high demand for Ready-to-Cook, so they will come after a while. for us it's more about the high demand for ready-to-cook so they will come after a while The cost base, we are following that really close and expect to pass those costs through. the cost base we are following that really close and expect to pass those costs through We don't see anything on our big cost parameter yet on the feed prices. Of course, it is, as you say, if fertilizer prices are high, that can have an effect for the crops that will be harvested next year and so on. We are monitoring it. We don't see anything on our big cost parameter yet on the feed prices. we don't see anything on our big cost parameter yet on the feed prices Of course, it is, as you say, if fertilizer prices are high, that can have an effect for the crops that will be harvested next year and so on. of course it is as you say if fertilizer prices are high that can have an effect for the crops that will be harvested next year and so on We are monitoring it. we are monitoring it

Speaker 1: I understand that these two channels are sort of dependent on each other in terms of raw material cost and so on. The fertilizer prices and then hence the feed prices is of course something that could come later, maybe this year or start of next year. What makes you sort of confident that you won't see longer lead times to pass that cost on as well, now that you have seen it in RTE? I understand that these two channels are sort of dependent on each other in terms of raw material cost and so on. i understand that these two channels are sort of dependent on each other in terms of raw material cost and so on The fertilizer prices and then hence the feed prices is of course something that could come later, maybe this year or start of next year. the fertilizer prices and then hence the feed prices is of course something that could come later maybe this year or start of next year What makes you sort of confident that you won't see longer lead times to pass that cost on as well, now that you have seen it in RTE? what makes you sort of confident that you won't see longer lead times to pass that cost on as well now that you have seen it in rte

Speaker 3: Yeah. Because the RTE sourcing or changing. Let me give an example to give it more practical. If we have a high demand for minced meat because of the minced meat and red meat is really high. Then we sell the Ready-to-Cook raw material offcuts as minced meat and drive value out of that. That's also one raw material into our Ready-to-Eat. Then that product is not available. Then you need to change that to another product due to the high demand of offcuts to ready to minced meat. Then we need to change the recipes and push the prices through because we need to use another raw material. The Ready-to-Eat business is more linked to the high demand in Ready-to-Cook. Yeah. yeah Because the RTE sourcing or changing. because the rte sourcing or changing Let me give an example to give it more practical. let me give an example to give it more practical If we have a high demand for minced meat because of the minced meat and red meat is really high. Then we sell the Ready-to-Cook raw material offcuts as minced meat and drive value out of that. if we have a high demand for minced meat because of the minced meat and red meat is really high. then we sell the ready-to-cook raw material offcuts as minced meat and drive value out of that That's also one raw material into our Ready-to-Eat. that's also one raw material into our ready-to-eat Then that product is not available. then that product is not available Then you need to change that to another product due to the high demand of offcuts to ready to minced meat. then you need to change that to another product due to the high demand of offcuts to ready to minced meat Then we need to change the recipes and push the prices through because we need to use another raw material. then we need to change the recipes and push the prices through because we need to use another raw material The Ready-to-Eat business is more linked to the high demand in Ready-to-Cook. the ready-to-eat business is more linked to the high demand in ready-to-cook Those costs we need to pass through because the raw material is utilized better in Ready-to-Cook at the moment. That's one example, more than the cost base back in Ready-to-, in terms of higher feed costs. If, that was one practical example. Those costs we need to pass through because the raw material is utilized better in Ready-to-Cook at the moment. those costs we need to pass through because the raw material is utilized better in ready-to-cook at the moment That's one example, more than the cost base back in Ready-to-, in terms of higher feed costs. that's one example more than the cost base back in ready-to- in terms of higher feed costs If, that was one practical example. if that was one practical example

Speaker 1: Basically, sort of the Ready-to-Eat input base is more complicated maybe, and maybe you also feel that you have a stronger pricing power in Ready-to-Cook if you start to see feed prices going up. Basically, sort of the Ready-to-Eat input base is more complicated maybe, and maybe you also feel that you have a stronger pricing power in Ready-to-Cook if you start to see feed prices going up. basically sort of the ready-to-eat input base is more complicated maybe and maybe you also feel that you have a stronger pricing power in ready-to-cook if you start to see feed prices going up

Speaker 3: Yeah, exactly. That's where it starts. Yeah, exactly. yeah exactly That's where it starts. that's where it starts

Speaker 1: Okay. You also talk about, of course, high inflation driving people to look for more affordable choices. Of course, that's been very true for some years now, but we actually have seen food inflation hitting zero in Sweden in March, and it might take off again, given the talk that we just had on fertilizer prices, but that's gonna be further down the line. Okay. okay You also talk about, of course, high inflation driving people to look for more affordable choices. you also talk about of course high inflation driving people to look for more affordable choices Of course, that's been very true for some years now, but we actually have seen food inflation hitting zero in Sweden in March, and it might take off again, given the talk that we just had on fertilizer prices, but that's gonna be further down the line. of course that's been very true for some years now but we actually have seen food inflation hitting zero in sweden in march and it might take off again given the talk that we just had on fertilizer prices but that's gonna be further down the line

Speaker 3: Yes. Yes. yes

Speaker 1: Do you feel that, with food price inflation hitting zero in March and probably not a big change in the coming months, is that something that could change the behavior of the Nordic consumer? Do you feel that, with food price inflation hitting zero in March and probably not a big change in the coming months, is that something that could change the behavior of the Nordic consumer? do you feel that with food price inflation hitting zero in march and probably not a big change in the coming months is that something that could change the behavior of the nordic consumer

Speaker 3: I think that we if we take the Nordic consumer and including Ireland in that, we see a structural change to poultry. Of course, that's a short-term effect because the minced meat prices, especially on beef, are really high, but there's some structural change from red meat into white meat. Even if there's not high meat prices, that's two effects that are driving in a positive way for us at the moment, but the structural has been for a while, and it seems to increase. I think that we if we take the Nordic consumer and including Ireland in that, we see a structural change to poultry. i think that we if we take the nordic consumer and including ireland in that we see a structural change to poultry Of course, that's a short-term effect because the minced meat prices, especially on beef, are really high, but there's some structural change from red meat into white meat. of course that's a short-term effect because the minced meat prices especially on beef are really high but there's some structural change from red meat into white meat Even if there's not high meat prices, that's two effects that are driving in a positive way for us at the moment, but the structural has been for a while, and it seems to increase. even if there's not high meat prices that's two effects that are driving in a positive way for us at the moment but the structural has been for a while and it seems to increase

Speaker 1: Okay. No change in momentum despite food inflation coming down? Okay. okay No change in momentum despite food inflation coming down? no change in momentum despite food inflation coming down

Speaker 3: Not that we can foresee now. No. Not that we can foresee now. not that we can foresee now No. no

Speaker 1: Okay. Maybe also back to the last question on input costs. Fuel costs have gone up quite a lot on the back of the situation in Middle East. How big part of sort of your cost base is related to fuel prices? Okay. okay Maybe also back to the last question on input costs. maybe also back to the last question on input costs Fuel costs have gone up quite a lot on the back of the situation in Middle East. fuel costs have gone up quite a lot on the back of the situation in middle east How big part of sort of your cost base is related to fuel prices? how big part of sort of your cost base is related to fuel prices

Speaker 3: I cannot specify the exact number for you because it's only a part of our fuel prices that actually they call the DMT that are changing. I cannot say that exact percentage by heart, but it's a minor part compared to the other input costs. I cannot specify the exact number for you because it's only a part of our fuel prices that actually they call the DMT that are changing. i cannot specify the exact number for you because it's only a part of our fuel prices that actually they call the dmt that are changing I cannot say that exact percentage by heart, but it's a minor part compared to the other input costs. i cannot say that exact percentage by heart but it's a minor part compared to the other input costs

Speaker 1: Yeah. Okay. Okay, thank you, guys. Yeah. yeah Okay. okay Okay, thank you, guys. okay thank you guys

Speaker 3: Thank you. Thank you. thank you

Speaker 4: Thank you. There are no questions waiting at this time. So once again, if you'd like to ask a question, please press star followed by one on your telephone keypad. Thank you. thank you There are no questions waiting at this time. there are no questions waiting at this time So once again, if you'd like to ask a question, please press star followed by one on your telephone keypad. so once again if you'd like to ask a question please press star followed by one on your telephone keypad

Speaker 3: Good. Good. good

Speaker 4: We have a follow-up question from Daniel Schmidt with the Danske Bank. You may proceed. We have a follow-up question from Daniel Schmidt with the Danske Bank. we have a follow-up question from daniel schmidt with the danske bank You may proceed. you may proceed

Speaker 1: Thank you. I might as well continue then. We did talk about the VAT cut coming through by the 1st of April in Sweden when you reported last time, and that was still ahead of us back then. Any sort of reflections now? It's been basically close to a month since that happened. Thank you. thank you I might as well continue then. i might as well continue then We did talk about the VAT cut c oming through by the 1st of April in Sweden when you reported last time, and that was still ahead of us back then. we did talk about the vat cut c oming through by the 1st of april in sweden when you reported last time and that was still ahead of us back then Any sort of reflections now? any sort of reflections now It's been basically close to a month since that happened. it's been basically close to a month since that happened

Speaker 3: Pardon? Pardon? pardon

Speaker 2: The lower VAT from April 1st in Sweden. Have you seen any- The lower VAT from April 1st in Sweden. the lower vat from april 1st in sweden Have you seen any- have you seen any-

Speaker 3: Yeah. Okay. Yeah. yeah Okay. okay

Speaker 2: Any reflections on sort of, Any reflections on sort of, any reflections on sort of

Speaker 3: Oh, yeah. Oh, sorry. Oh, yeah. oh yeah Oh, sorry. oh sorry

Speaker 2: Yeah. Yeah. yeah

Speaker 3: Actually, we see a high demand from the market, but we've seen that before the VAT was lowered, and we still see a high demand. Our challenge at the moment is actually to be able to provide the consumers with chicken due to some lower volumes. We see high demand for chicken even before. No, we haven't seen any change in consumer behavior that we can see after the change. Actually, we see a high demand from the market, but we've seen that before the VAT was lowered, and we still see a high demand. actually we see a high demand from the market but we've seen that before the vat was lowered and we still see a high demand Our challenge at the moment is actually to be able to provide the consumers with chicken due to some lower volumes. our challenge at the moment is actually to be able to provide the consumers with chicken due to some lower volumes We see high demand for chicken even before. we see high demand for chicken even before No, we haven't seen any change in consumer behavior that we can see after the change. no we haven't seen any change in consumer behavior that we can see after the change

Speaker 1: Maybe on the sort of a political question, given that this has become such a hot potato in Sweden when it comes to food prices and the lowering of VAT and it's a special commission that's gonna follow the pricing in Sweden, and it's election year on top of that. Politicians are trying to make a thing out of it. Do you feel in any way that sort of your counterparts, i.e. retailers in Sweden are more forcefully trying to push prices if you need to come through with price increases or any change to that dynamic? Maybe on the sort of a political question, given that this has become such a hot potato in Sweden when it comes to food prices and the lowering of VAT and it's a special commission that's gonna follow the pricing in Sweden, and it's election year on top of that. maybe on the sort of a political question given that this has become such a hot potato in sweden when it comes to food prices and the lowering of vat and it's a special commission that's gonna follow the pricing in sweden and it's election year on top of that Politicians are trying to make a thing out of it. politicians are trying to make a thing out of it Do you feel in any way that sort of your counterparts, i.e. retailers in Sweden are more forcefully trying to push prices if you need to come through with price increases or any change to that dynamic? do you feel in any way that sort of your counterparts i.e retailers in sweden are more forcefully trying to push prices if you need to come through with price increases or any change to that dynamic

Speaker 3: I think that of course there's competitors in the retail that want to have the best offers as possible, and there are competitors around us that wants to create the best offer. Of course there's always tough discussions when it comes to price negotiations and with the sensitivity of consumer that is always a discussion. I think and as I said before I think we have a good model where we actually can present the costs, and I think it has also been proved in media that when the cost comes it's the cost that we are pushing forward. I think that model is actually working pretty well. Of course, it's always a tough discussion when it comes to prices. That's the nature of it. I think that of course there's competitors in the retail that want to have the best offers as possible, and there are competitors around us that wants to create the best offer. i think that of course there's competitors in the retail that want to have the best offers as possible and there are competitors around us that wants to create the best offer Of course there's always tough discussions when it comes to price negotiations and with the sensitivity of consumer that is always a discussion. of course there's always tough discussions when it comes to price negotiations and with the sensitivity of consumer that is always a discussion I think and as I said before I think we have a good model where we actually can present the costs, and I think it has also been proved in media that when the cost comes it's the cost that we are pushing forward. i think and as i said before i think we have a good model where we actually can present the costs and i think it has also been proved in media that when the cost comes it's the cost that we are pushing forward I think that model is actually working pretty well. i think that model is actually working pretty well Of course, it's always a tough discussion when it comes to prices. of course it's always a tough discussion when it comes to prices That's the nature of it. that's the nature of it

Speaker 1: Yeah. That's okay. Thank you so much. That's all for me. Yeah. yeah That's okay. that's okay Thank you so much. thank you so much That's all for me. that's all for me

Speaker 3: Thank you. Thank you. thank you

Speaker 4: Thank you. We currently have no further questions, so I'll pass the conference back over to Jonas for closing remarks. Thank you. thank you We currently have no further questions, so I'll pass the conference back over to Jonas for closing remarks. we currently have no further questions so i'll pass the conference back over to jonas for closing remarks

Speaker 3: Thank you very much. I want to thank you all of you for listening in to our quarter report. I will wish you all a good day, and thank you very much for joining. Thank you very much. thank you very much I want to thank you all of you for listening in to our quarter report. i want to thank you all of you for listening in to our quarter report I will wish you all a good day, and thank you very much for joining. i will wish you all a good day and thank you very much for joining

Speaker 2: Thank you very much. Thank you very much. thank you very much