Lantmännen (LM) Tertial 2 2026 summary

Executive summary

• Operating income for May–August 2026, adjusted for comparability, reached MSEK 1,483, up from MSEK 995 year-over-year, driven by strong Energy and Agriculture Divisions and cost savings.

• Net sales for the period rose 8.5% to MSEK 21,130, with all divisions contributing to growth.

• The Swecon Division was divested in February 2026, generating a gain of SEK 4.3 billion and is now reported as discontinued operations.

• Major investments included a new grain facility in Uddevalla and ongoing construction of a plant-based protein facility in Lidköping.

Financial highlights

• Net sales for Jan–Aug 2026 totaled MSEK 41,482, up 5.9% year-over-year.

• Adjusted operating income for Jan–Aug was MSEK 2,035 (1,358), with an adjusted operating margin of 4.9% (3.5%).

• Income after financial items, adjusted, was MSEK 1,867 (1,062) for Jan–Aug.

• Cash flow before financing activities for Jan–Aug was MSEK 5,782 (–436), mainly due to the Swecon divestment.

• Equity ratio improved to 51.0% (44.0%).

Outlook and guidance

• The external environment remains uncertain due to geopolitical tensions and climate impacts, but Swedish growing conditions are favorable.

• Higher energy and input costs are expected to drive food prices up.

• Continued investments in Swedish food production and infrastructure are planned.