Lantmännen (LM) Tertial 1 2026 summary

Executive summary

• Operating income (adjusted) rose to MSEK 552 from MSEK 362 year-over-year for the first four months of 2026, with all divisions improving income.

• Net sales increased 3.4% to MSEK 20,352, driven by organic growth and acquisitions.

• Swecon Division was divested in February, generating a SEK 4.3 billion gain and is now excluded from continuing operations.

• Strategic investments included the acquisition of Leipurin and increased ownership in Tillväxtbolaget.

• An extra dividend of MSEK 750 was paid, and a record dividend of MSEK 1,280 was approved after the period.

Financial highlights

• Net sales: MSEK 20,352 (up 3.4% year-over-year).

• Operating income: MSEK 192 (MSEK 362 prior year); adjusted operating income: MSEK 552 (MSEK 362 prior year).

• Income after financial items: MSEK 91 (MSEK 218 prior year); adjusted: MSEK 451 (MSEK 218 prior year).

• Cash flow before financing: MSEK 5,432 (MSEK -341 prior year), reflecting Swecon divestment.

• Net income for the period: MSEK 77 (MSEK 182 prior year).

Outlook and guidance

• Geopolitical and economic uncertainty, energy market disruptions, and cost pressures persist.

• Opportunities seen in increased focus on self-sufficiency and domestic food production.

• 2026 Swedish harvest expected to be weaker than normal due to adverse weather.