Lantmännen (LM) Tertial 3 2025 summary

Executive summary

• Operating income for 2025, adjusted for items affecting comparability, was MSEK 2,108, slightly below 2024's MSEK 2,166, driven by a strong Swedish harvest and cost savings initiatives.

• Net sales rose 2.8% year-over-year to MSEK 59,931, with growth in the Agriculture and Food Divisions offsetting declines in Energy.

• The divestment of Swecon was completed in January 2026, with an expected capital gain of SEK 4.2 billion, and Swecon is now reported as a discontinued operation.

• A record dividend of MSEK 1,280 is proposed, with an extra dividend of MSEK 750 approved, conditional on the Swecon sale.

• Impairment losses of MSEK 1,169 were recognized, mainly in Lantmännen Cerealia, due to weak earnings.

Financial highlights

• Net sales: MSEK 59,931 (up 2.8% year-over-year).

• Adjusted operating income: MSEK 2,108 (down from MSEK 2,166 in 2024).

• Adjusted income after financial items: MSEK 1,675 (MSEK 1,690 in 2024).

• Net income for the period: MSEK 84 (MSEK 1,496 in 2024), impacted by significant impairments.

• Cash flow before financing activities: MSEK -1,811 (MSEK -558 in 2024).

Outlook and guidance

• Efficiency improvements and investments position the group for future growth and resilience.

• The group expects continued benefits from cost savings and recent acquisitions, with a focus on food security and climate initiatives.