Significantly improved profitability and continued growth for Scandi Standard
October - December 2025
January - December 2025
Significant events during the quarter and after the quarter
Key metrics1)
| MSEK | Q4 2025 | Q4 2024 | Δ | 2025 | 2024 | Δ |
| Net sales | 3,441 | 3,170 | 9% | 14,083 | 13,024 | 8% |
| EBITDA | 273 | 219 | 24% | 1,047 | 931 | 13% |
| Operating income (EBIT) | 156 | 107 | 46% | 603 | 509 | 18% |
| EBITDA margin % | 7.9% | 6.9% | 1.0ppt | 7.4% | 7.1% | 0.3ppt |
| EBIT margin % | 4.5% | 3.4% | 1.2ppt | 4.3% | 3.9% | 0.4ppt |
| Income after finance net | 117 | 62 | 88% | 452 | 354 | 28% |
| Income for the period | 96 | 40 | 143% | 367 | 275 | 34% |
| Earnings per share, SEK | 1.47 | 0.61 | 142% | 5.61 | 4.20 | 33% |
| Return on capital employed % | 12.5% | 11.8% | 0.7ppt | 12.5% | 11.8% | 0.7ppt |
| Return on equity % | 13.9% | 11.0% | 2.9ppt | 13.9% | 11.0% | 2.9ppt |
| Operating cash flow | 197 | 127 | -55% | 243 | 443 | -45% |
| Net interest-bearing debt | 2,032 | 1,935 | 5% | 2,032 | 1,935 | 5% |
| NIBD/Adj. EBITDA | 1.9 | 2.1 | -7% | 1.9 | 2.1 | -7% |
| Chicken processed (tonne gw) | 76,917 | 69,057 | 11% | 300,670 | 279,868 | 7% |
| EBIT/kg (SEK) | 2.03 | 1.55 | 31% | 2.00 | 1.82 | 10% |
| Lost time injuries (LTI) per million hours worked 2) | 19.5 | 25.1 | -22% | 17.4 | 27.1 | -36% |
| Feed efficiency (kg feed/live weight) | 1.48 | 1.49 | 0% | 1.49 | 1.49 | 0% |
1) For details about alternative KPIs, see note 4. For definitions of key figures, see page 21.
2) Comparative figures have been adjusted to previously published results.
CEO Comments
Scandi Standard continued to perform well in the fourth quarter and reported improved operating income of MSEK 156 (107), up 46 per cent, and 9 per cent higher net sales. The structural demand for chicken is high, and the investments we are making in Europe, combined with our focus on raising efficiency and developing our domestic markets, position us favourably for continued expansion and improved profitability. We enter a new year with a stronger organisation and a clear objective and are focused fully on continuing to grow Scandi Standard's operations in an attractive product segment with considerable market potential.
Ready-to-cook (RTC) grew net sales 9 per cent to MSEK 2,604 (2,399) and operating income increased to MSEK 120 (63). This represented an increase of 90 per cent and is our best ever result for a fourth quarter. The positive performance was driven by strong demand in Scandi Standard's domestic markets and the effects of the investments we implemented to increase capacity and improve production efficiency. These measures had clear positive impacts on profitability, and we continue to invest in developing our offering and our local brands. In Lithuania, the first phase of the ongoing integration and optimisation programme has been completed, and we are now proceeding with the next phase to further increase capacity and efficiency in the value chain.
Ready-to-eat (RTE) reported an increase in net sales of 11 per cent to MSEK 716 (644) while operating income, in line with our expectations and in accordance with previous announcements, declined MSEK 27 (40). Prices for customers continued to be adjusted during the period to compensate for rising raw material prices. We expect income and profitability to be clearly impacted by these measures in the quarters ahead. Concurrently, demand continued to strengthen in the Foodservice sales channel, which further improves our outlook for a gradual earnings improvement.
Our Ready-to-eat facility in the Netherlands comprises an important platform for Scandi Standard's long-term growth. The first production line is now in stable operation and work with other lines is proceeding according to plan.
Ingredients part within category Other performed positively and the segment reported income of MSEK 9 (4) for the quarter, primarily due to higher volumes and normalised prices. The segment has healthy potential to generate stable earnings for the company over time.
`A' rating from the CDP for the second consecutive year
We are proud that Scandi Standard, for the second consecutive year and as one of few Swedish companies, was awarded an `A' rating for our climate efforts from the investor rating organisation CDP. The assessment confirms that our initiatives within the area are well anchored in clear governance, transparent reporting and tangible measures throughout the value chain. These efforts are based on science-based targets and an established transition plan, and are integrated in daily operations and financial processes, which strengthens Scandi Standard's opportunities to continue reducing climate impact moving forward.
Financial position
The Group's net interest-bearing debt increased by MSEK 97 compared with previous year and declined from MSEK 160 to MSEK 2,032 during the quarter. The operating cash flow for the quarter amounted to MSEK 197 (127), where we saw a positive effect thanks to improved EBITDA and strengthened working capital. Total investments amounted to MSEK 132 (111) for the period, and approximately MSEK 450 (367) for the full-year 2025, excluding the acquisitions of the RTE facility in the Netherlands and the farms in Lithuania. Investments primarily focused on Ready-to-cook operations with the aim of strengthening efficiency in our domestic markets but also included investments in development and increased efficiency in Ready-to-eat as well as the continued commissioning of the facility in the Netherlands. In 2026, we expect Scandi Standard's investments to amount to a total of approximately MSEK 650. The investments will primarily be concentrated on the completion of our Netherlands facility, flow optimisation and increased capacity at our two largest RTC facilities, and the construction of new farms in Lithuania.
Strategy and outlook
In the fourth quarter, Scandi Standard has, in line with the company's long-term strategy, continued to strengthen both its organisation and its operations. Today, we have more efficient operations, attractive positions in our domestic markets and a growing European presence through establishments in Lithuania and the Netherlands. Together with the high demand for chicken, this provides us with growth opportunities in a market with significant potential.
Looking back on 2025, I can say that we have taken several important steps forward. We have significantly strengthened our profitability while continuing to invest in increased efficiency in our home markets. Through the acquisition of new RTE capacity in the Netherlands and securing raw material supplies through our establishment in Lithuania, we have created a stable platform for continued development. With these initiatives, I am convinced that we are on the right track to achieve our long-term goals. Work continues at full speed and provides us with good conditions for strong financial development in 2026 as well.
Finally, I would like to extend my thanks to all of our employees, customers, suppliers and shareholders. Our successful initiatives have enabled us to further strengthen Scandi Standard and significantly increase returns to our owners.
Stockholm, 5 February 2026
Jonas Tunestål,
Managing Director and CEO,
Scandi Standard
Conference Call
A conference call for investors, analysts and media will be held on 5 February 2025 at 8.30 AM CET.
Dial-in numbers:
UK: 020 3936 2999
Sweden: 010 884 80 16
US: +1 646 664 1960
Other countries: +44 20 3936 2999
Slides used in the conference call can be downloaded at www.scandistandard.com under Investor Relations. A recording of the conference call will be available on www.scandistandard.com afterwards.
Further information
For further information. please contact:
Jonas Tunestål. Managing director and CEO and Fredrik Sylwan. CFO
Tel: +46 10 456 13 00
Henrik Heiberg. Head of M&A. Financing & IR
Tel: +47 917 47 724
This interim report comprises information which Scandi Standard is required to disclose pursuant to EU market abuse regulation. It was released for publication at 07:30 AM CET on 5 February 2026.
Financial calendar
| Interim report for Q1 2026 | April 28 2026 |
| Annual General Meeting | April 28 2026 |
| Interim report for Q2 2026 | July 17 2026 |
| Interim report for Q3 2026 | October 20 2026 |
Forward-looking statement
This report contains forward-looking information based on the current expectations of company management. Although management deems that the expectations presented by such forward-looking information are reasonable, no guarantee can be given that these expectations will prove correct. Accordingly, the actual future outcome could vary considerably compared with what is stated in the forward-looking information, due to such factors as, but not limited to, changed conditions regarding finances, market and competition, supply and productions constraints, changes in legal and regulatory requirements and other political measures, and fluctuations in exchange rates.
About Scandi Standard
Scandi Standard was founded in 2013 and is today the leading producer of chicken-based food products in the Nordic region and Ireland. The Group operates in Sweden, Norway, Denmark, Finland, Ireland, Lithuania and Netherlands with market leading positions in several of our local markets. Our home markets are characterised by a strong demand for locally produced food and our brands - Kronfågel, Danpo, Den Stolte Hane, Naapurin Maalaiskana and Manor Farm - are well established and have a strong position.
Scandi Standard also has production operations in Lithuania and a plant in Netherlands. We export to international customers as a part of our global growth strategy.
We are approximately 3.700 employees with annual sales of approx.. SEK 14 billion.