AAK (AAK) Q3 2026 earnings summary

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.