Lantmännen (LM) Tertial 2 2025 summary

Executive summary

• Adjusted operating income for May–August 2025 was MSEK 995, up from MSEK 938 year-over-year, driven by a large Swedish harvest, savings program effects, and business acquisitions/divestments.

• Net sales for the period were MSEK 19,479, a 3.2% decline from the previous year, mainly due to currency effects and lower organic growth.

• Swecon Division was classified as a discontinued operation following a divestment agreement with Volvo Construction Equipment.

Financial highlights

• Adjusted operating income for May–August: MSEK 995 (938); unadjusted: MSEK 655 (1,008).

• Adjusted income after financial items: MSEK 844 (744); unadjusted: MSEK 504 (814).

• Net income for continuing operations: MSEK 439 (684).

• Cash flow before financing activities: MSEK -95 (33).

• Equity ratio: 44.0% (44.1%).

• Net debt/EBITDA: 2.3 (2.2).

Outlook and guidance

• Ongoing savings program targeting SEK 0.5 billion in cost reductions is on track, with effects already visible.

• Market conditions remain challenging for farmers due to high input costs and falling grain prices, despite a strong harvest.

• Continued investment in sustainable food production and infrastructure, including new facilities and plant-based protein production.