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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
AAK
AAK (AAK) investor relations material
AAK Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary23 Oct, 2026
Executive summary
Q3 volumes were flat YoY at 509 KMT and net sales rose 4% to SEK 11,910m; operating profit fell 8% to SEK 1,154m as profitability weakened across all three business areas.
Strong cash generation and low net debt/EBITDA supported financial flexibility while strategic investments and efficiency initiatives continued.
Financial highlights
Q3 net sales rose 4% to SEK 11,910m, including SEK 115m positive currency translation; sales rose 3% at fixed FX.
Operating profit was SEK 1,154m, down 8% reported and 10% at fixed FX; profit for the period fell 8% to SEK 839m and diluted EPS was SEK 3.21 versus SEK 3.49.
Operating profit per kilo was SEK 2.27, down 8% reported and 10% at fixed FX; volumes were flat YoY.
Operating cash flow was SEK 1,496m in Q3 and SEK 3,972m Q1–Q3; free cash flow was SEK 1,094m in Q3 and close to SEK 2.9bn Q1–Q3.
Q3 CapEx was SEK 402m and Q1–Q3 investing cash outflow was SEK 1,091m; full-year 2026 CapEx is expected at ~SEK 1.5bn.
Outlook and guidance
Long-term targets remain average annual operating profit growth of ~10%, volume growth ahead of the underlying market, and operating profit per kilo above SEK 3 by 2030.
Priorities include disciplined execution, profitability improvement, volume growth, commercial excellence, procurement savings and operational efficiency; some initiatives are underway, with others ramping up in 2027.
Fit-to-Win annual cost-reduction run rate rose to SEK 250m from SEK 200m; the SEK 300m target had not yet been reached, and roughly three-quarters of the SEK 250m run rate was reflected in 2026.
CCF contracting conditions were holding up well, with no material change in pricing conditions expected; no specific quarterly or annual earnings forecast was given.
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Latest events from AAK
- Q2 2026 delivered resilient cash flow and strong balance sheet despite softer profitability.AAK
Q2 2026 - Volumes and profit rose, with strong cash flow and ongoing cost and sustainability initiatives.AAKQ1 2026
- Profitability improved despite lower volumes; higher dividends and share buyback proposed.AAKQ4 2025
- Strong Q3 profit growth and resilient margins despite FX and volume pressures; outlook remains positive.AAKQ3 2025
- 2030 profitability target raised to SEK 3+ per kilo, driven by innovation and specialty growth.AAKCMD 2024
- Q3 delivered 4% volume growth, strong profit gains, and strategic refocus on Europe.AAKQ3 2024
- Operating profit rose 27% on 4% volume growth, with strong gains in key segments and robust sustainability progress.AAKQ2 2024
- Operating profit rose 1% year-over-year, with strong margins and new cost savings program.AAKQ1 2025
- Operating profit up 11% in Q4, dividend raised 35%, and leverage improved.AAKQ4 2024
Next AAK earnings date
Q4 20265 Feb, 2027
AAK
Next AAK earnings date
Q4 20265 Feb, 2027
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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
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.