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AAK
AAK (AAK) investor relations material
AAK Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Operating profit grew 9% year-over-year at constant exchange rates, excluding the Hillside divestment and restructuring costs, despite a challenging volume environment and pressured consumer demand, especially in chocolate markets.
Q4 operating profit rose 7% year-on-year at constant FX and excluding one-offs, but declined 2% including currency effects; volumes fell 2-3% year-on-year, excluding Hillside.
Profitability improved, with operating profit per kilo at SEK 2.45, up 5% year-on-year and 9% at fixed FX.
Board proposes an ordinary dividend of SEK 5.50 per share (+10% YoY), an extraordinary dividend of SEK 3.85 per share, and a SEK 1 billion/year share buyback program for three years starting 2026.
ROCE stood at 20.9%, excluding one-time restructuring costs.
Financial highlights
Q4 operating profit was SEK 1,242 million, down 2% year-over-year, but flat excluding Hillside and currency effects.
Full-year operating profit was SEK 4,675 million, down 5% year-over-year; excluding items affecting comparability and Hillside, it rose 2%.
Q4 operating cash flow was SEK 288 million; full-year operating cash flow reached SEK 862 million.
Free cash flow for Q4 was -SEK 47 million, impacted by seasonal sourcing and higher raw material costs.
Net debt/EBITDA stood at 0.60, reflecting a strong balance sheet.
Outlook and guidance
Management remains prudently optimistic about long-term prospects, targeting profitability above SEK 3 per kilo and volume growth outpacing the market by 2030.
CapEx guidance for 2026 is SEK 1.5 billion, up from SEK 1.3 billion in 2025.
Fit-to-Win cost optimization program is ahead of schedule, with SEK 150 million in savings already realized and SEK 300 million targeted by mid-2026.
Focus remains on disciplined execution, portfolio strengthening, and sustainable growth aligned with the 2030 Aspiration.
Justify capital distribution plans given leverage increase
Volume recovery strategy for 2030 Aspiration
Specialty solutions' role in future profit per kilo
Sustain CCF margins with lower cocoa, rising shea?
How to balance M&A with new capital returns?
Volume growth strategy: EBIT vs market share?
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Next AAK earnings date
Q1 202628 Apr, 2026
AAK
Next AAK earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Experts in specialized fats and oils
AarhusKarlshamn, or AAK as they’re most commonly referred to, is a Swedish-Danish specialty oils and fats company that operates in the food and beverage industry. They provide solutions and ingredients to various sectors, including bakery, confectionery, dairy, and more. AAK specializes in the development and production of innovative fats and oils, with a focus on sustainability and responsible sourcing. AAK is headquartered in Malmö, Sweden and is listed on the Stockholm stock exchange.
Over 130 years of experience
AAK was born out of a merger between a Danish and a Swedish company called Aarhus united (the latter was in turn a conglomerate of different producers of specialty fats) and Karlshamn AB. The merger was completed in 2005 and the company decided to place their headquarters in Malmö on the southern tip of Sweden, just a short drive or train ride away from the Danish capital. The company jointly has a history spanning back to the late 1800’s and still has the same focus today: producing the best specialty fats and oils for their customers.
Some peers operating in the same market segment as AAK include names such as Bunge, Wilmar International, and Archer Daniels Midland Company.
The application of AAK’s products
As previously mentioned, AAK specializes in the production of high-quality fats and oils for various applications. Their product range includes vegetable oils, specialty fats, cocoa butter equivalents, and more. These ingredients are widely used in the food and beverage industry for applications such as bakery goods, confectionery, dairy products, and processed foods. For instance, their fats and oils are used to enhance the texture and flavor of baked goods, provide creaminess to dairy products, and create smooth chocolates. AAK's products are trusted by brands and manufacturers worldwide, ensuring consistent quality and functionality in their range of products
From Scandinavia to the world
The company may have their roots in Northern Europe, but has managed to expand their business to a global audience and customer base. Much of the company’s operations is conducted in European and North American markets, but AAK also has a strong presence in Asia.
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