Scandi Standard (SCST) Q3 2025 earnings summary

Executive summary

• Achieved record EBIT in Q3 2025, up 21% year-over-year, with 11% net sales growth driven by strong demand and volume increases across countries and segments.

• Ready-to-Cook segment delivered significant EBIT growth, while Ready-to-Eat bottomed out with sequential improvements expected.

• Successful integration and ramp-up of Lithuanian operations and earlier-than-expected startup of the Netherlands RTE plant, with further ramp-up planned for 2026.

• Strategic investments in efficiency, capacity, and sustainability, especially in Sweden, Ireland, Denmark, Lithuania, and the Netherlands.

Financial highlights

• Q3 2025 net sales: SEK 3,723 million (up 11%); EBIT: SEK 185 million (up 21%); EBIT margin: 5.0% (up from 4.6%).

• Ready-to-Cook net sales up 13% to SEK 2,873 million; EBIT up 43% to SEK 159 million; margin at 5.5%.

• Ready-to-Eat net sales up 5% to SEK 713 million; EBIT down to SEK 17 million due to input cost pressures; margin at 2.4%.

• Operating cash flow Q3: SEK 189 million; leverage at 2.2x, below internal target.

• Dividend per share increased to SEK 2.50, up 9% year-over-year.

Outlook and guidance

• Ready-to-Eat profitability expected to recover as price increases are implemented.

• Material progress anticipated in Q4 2025 and 2026, with Netherlands and Lithuanian expansions; Factory C in the Netherlands set for startup in H1 2026.

• 2027 targets: 5%-7% net sales growth, EBIT margin above 6%, EBIT per kg above SEK 3, and >15% ROCE.

• Total 2025 capex expected at SEK 450 million, with some investments deferred to 2026.

• Blended effective tax rate expected at 20%.