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Visual21 Nov 2025
Data center suppliers
AAK (AAK) investor relations material
AAK Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Operating profit grew 9% at fixed FX and excluding the Hillside divestment, with strong profitability and targeted actions to strengthen volumes underway.
Sequential volume growth of 4%, but a 2% year-over-year decline, mainly due to the Hillside divestment and softness in Chocolate and Confectionery Fats.
Profitability remained strong, with operating profit per kilo reaching SEK 2.47, up 5% (12% at fixed FX), driven by internal optimization and high sales of specialty solutions.
Operating cash flow was SEK 542 million, with net debt/EBITDA at 0.61 and return on capital employed at 21.6%.
Focused initiatives and margin discipline are in place to drive volume growth and maintain profitability.
Financial highlights
Operating profit: SEK 1,260 million (+2% YoY excl. Hillside, +9% at fixed FX and excl. Hillside).
Volumes: 510,000 MT (-7% YoY, -2% YoY excl. Hillside), with sequential growth of 4%.
Operating profit per kilo improved to SEK 2.47, up 5% (12% at fixed FX), excluding Hillside.
Operating cash flow was SEK 542 million; free cash flow SEK 221 million.
CapEx for the quarter was SEK 321 million; full-year estimate remains SEK 1.25 billion.
Outlook and guidance
Management remains prudently optimistic about long-term potential and committed to 2030 aspiration.
Executing targeted initiatives to strengthen volume performance, focusing on commercial excellence and deeper customer engagement.
No material impact expected from West African shea kernel export restrictions due to diversified sourcing and local partnerships.
No material financial impact expected from recent operational incidents or supply chain disruptions.
Explain Q1-Q3 cash flow from operations decline
Detail volume growth initiatives
Nura JV's impact on cocoa butter alternatives?
Shea export ban: long-term asset impact?
CBE margin sustainability with lower cocoa prices?
Volume growth initiatives: expected timeline?
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Frequently asked questions
Experts in specialized fats and oils
AarhusKarlshamn, or AAK as they’re most commonly referred to, is a Swedish-Danish specialty oils and fats company that operates in the food and beverage industry. They provide solutions and ingredients to various sectors, including bakery, confectionery, dairy, and more. AAK specializes in the development and production of innovative fats and oils, with a focus on sustainability and responsible sourcing. AAK is headquartered in Malmö, Sweden and is listed on the Stockholm stock exchange.
Over 130 years of experience
AAK was born out of a merger between a Danish and a Swedish company called Aarhus united (the latter was in turn a conglomerate of different producers of specialty fats) and Karlshamn AB. The merger was completed in 2005 and the company decided to place their headquarters in Malmö on the southern tip of Sweden, just a short drive or train ride away from the Danish capital. The company jointly has a history spanning back to the late 1800’s and still has the same focus today: producing the best specialty fats and oils for their customers.
Some peers operating in the same market segment as AAK include names such as Bunge, Wilmar International, and Archer Daniels Midland Company.
The application of AAK’s products
As previously mentioned, AAK specializes in the production of high-quality fats and oils for various applications. Their product range includes vegetable oils, specialty fats, cocoa butter equivalents, and more. These ingredients are widely used in the food and beverage industry for applications such as bakery goods, confectionery, dairy products, and processed foods. For instance, their fats and oils are used to enhance the texture and flavor of baked goods, provide creaminess to dairy products, and create smooth chocolates. AAK's products are trusted by brands and manufacturers worldwide, ensuring consistent quality and functionality in their range of products
From Scandinavia to the world
The company may have their roots in Northern Europe, but has managed to expand their business to a global audience and customer base. Much of the company’s operations is conducted in European and North American markets, but AAK also has a strong presence in Asia.
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