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AAK (AAK) investor relations material
AAK Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary17 Jul, 2025
Executive summary
Operating profit increased 16% at fixed FX, excluding one-time restructuring and divestment impacts, despite a 2% volume decline, driven by improved product mix and operational efficiency.
Profitability remained strong, with operating profit per kilo at SEK 2.37, and ROCE at 21.9%, both excluding restructuring costs.
Operating cash flow was SEK 524 million, and net debt/EBITDA was 0.63, reflecting a strong balance sheet.
SEK 250 million restructuring cost recognized in Q2 for the Fit to Win program.
The company remains committed to its 2030 aspiration of SEK 3+ operating profit per kilo and outgrowing the underlying market on volumes.
Financial highlights
Operating profit per kilo reached SEK 2.37, up 8% YoY (11% in one source), and operating profit (excl. IAC) was SEK 1,162 million, up 16% YoY at fixed FX.
Q2 2025 net sales increased 2% to SEK 11,300 million, with negative currency effects of SEK 1,065 million.
Net debt to EBITDA was 0.63 after the annual dividend payment; free cash flow was SEK 157 million.
CapEx for the quarter was SEK 376 million, with full-year guidance of SEK 1,250 million.
Earnings per share (excl. IAC) rose to SEK 3.26 from SEK 3.11.
Outlook and guidance
Management remains prudently optimistic about long-term growth, focusing on commercial execution and customer engagement.
The Fit to Win program is on track to deliver SEK 300 million in annual savings by mid-2026, with SEK 50 million expected in 2025.
Continued commitment to 2030 targets: profitability above SEK 3/kg, double-digit operating profit growth, and volume growth outpacing the market.
No material impact expected from recent fire incident or U.S. tariff changes; ongoing optimization and innovation programs to support future growth.
Assess impact of raw material price increases.
Explain the decline in Bakery segment volumes.
Detail Fit-to-Win's impact on H2 2025 results.
What is driving the TP&F volume growth?
How will AAK balance centralization vs control?
Estimate EBIT per kilo improvement potential.
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Q3 202523 Oct, 2025
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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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