Midsona (MSON) investor relations material

Executive summary

• Q2 net sales declined 5.7% year-over-year to SEK 865 million, with a 2% organic drop, mainly due to setbacks in the Nordics and fewer selling days; sales were flat when adjusted for trading days and Easter effect.

• Own organic brands returned to 1% organic growth, but overall sales and EBIT were below expectations; private label business grew strongly, especially in North and South Europe.

• Gross margin declined to 28.1% due to less favorable sales mix and factory efficiency issues; EBIT before items affecting comparability fell to SEK 4 million (0.5% margin), down from SEK 22 million.

• Cash flow from operations improved to SEK 5 million from SEK -19 million, mainly due to better working capital management; net debt leverage improved to 1.9x EBITDA.

• Fire at Spanish plant in July caused significant disruption, impacting SEK 75 million in sales, but most operations resumed quickly and insurance covers damages.

Financial highlights

• Q2 2025 net sales were SEK 865 million, down from SEK 918 million; organic change -2.0%.

• EBIT before items affecting comparability was SEK 4 million, down from SEK 22 million; EBIT margin 0.5% (2.4%).

• Gross margin declined to 28.1% from 28.9% year-over-year.

• Net debt/Adjusted EBITDA: 1.9x (improved from 2.3x); cash flow from operations SEK 5 million in Q2.

• H1 2025 net sales SEK 1,802 million (down from SEK 1,847 million); EBIT SEK 41 million (down from SEK 60 million); H1 EBIT margin 2.3%.

Outlook and guidance

• Short-term priorities include restoring Spanish production, regaining growth in Nordics, and leveraging growth in North Europe.

• Strategy targets 3–5% organic growth and EBIT margin above 8% through brand focus, efficiency, and selected market expansion.

• Outlook remains uncertain due to economic headwinds and market volatility, but long-term prospects are positive, supported by healthy and sustainable food trends.