High demand and improved efficiency drive increased profit
April - June 2025
- Chicken processed (grill weight) amounted to 73 (69) thousand tonnes which corresponds to a 6 per cent increase
- EBIT/kg amounted to SEK 1.88 (1.83)
- Net sales amounted to MSEK 3,543 (3,350). At constant exchange rates, the increase was 10 per cent
- Operating income (EBIT) increased by 9 per cent to MSEK 138 (127), corresponding to a margin of 3.9 (3.8) per cent
- Income for the period amounted to MSEK 84 (71). Earnings per share amounted to SEK 1.29 (1.09)
- Operating cash flow was MSEK -150 (169), which includes the acquisition of poultry farms in Lithuania
January - June 2025
- Chicken processed (grill weight) amounted to 145 (139) thousand tonnes which corresponds to a 4 per cent increase
- EBIT/kg amounted to SEK 1.80 (1.78)
- Net sales amounted to MSEK 6,919 (6,510). At constant exchange rates, the increase was 9 per cent
- Operating income (EBIT) increased by 5 per cent to MSEK 262 (248), corresponding to a margin of 3.8 (3.8) per cent
- Income for the period amounted to 151 (141) MSEK. Earnings per share amounted to SEK 2.31 (2.16)
- Operating cash flow was MSEK -142 (99), which includes the acquisition of poultry farms in Lithuania and the RTE-plant in Netherlands
Significant events during the quarter
- The acquisition of six chicken farms in Lithuania has been completed. The purchase price amounted to approximately MSEK 200.
- At the Annual General Meeting of Scandi Standard held on 29 April 2025, a dividend of SEK 2.50 per share was approved. The dividend is being paid in two instalments: the first was distributed during the second quarter, and the second is scheduled for the third quarter of 2025.
Key metrics1)
| MSEK | Q2 2025 | Q2 2024 | ? | H1 2025 | H1 2024 | ? | R12M | 2024 |
| Net sales | 3,543 | 3,350 | 6% | 6,919 | 6,510 | 6% | 13,433 | 13,024 |
| EBITDA | 246 | 231 | 7% | 479 | 456 | 5% | 954 | 931 |
| Operating income (EBIT) | 138 | 127 | 9% | 262 | 248 | 5% | 522 | 509 |
| EBITDA margin % | 6.9% | 6.9% | 0.0ppt | 6.9% | 7.0% | -0.1ppt | 7.1% | 7.1% |
| EBIT margin % | 3.9% | 3.8% | 0.1ppt | 3.8% | 3.8% | 0.0ppt | 3.9% | 3.9% |
| Income after finance net | 105 | 90 | 16% | 189 | 178 | 6% | 365 | 354 |
| Income for the period | 84 | 71 | 18% | 151 | 141 | 7% | 284 | 275 |
| Earnings per share, SEK | 1.29 | 1.09 | 18% | 2.31 | 2.16 | 7% | 4.35 | 4.20 |
| Return on capital employed % | 11.1% | 10.8% | 0.3ppt | 11.1% | 10.8% | 0.3ppt | 11.1% | 11.8% |
| Return on equity % | 11.1% | 11.4% | -0.3ppt | 11.1% | 11.4% | -0.3ppt | 11.1% | 11.0% |
| Operating cash flow | -150 | 169 | -189% | -142 | 99 | -243% | 201 | 443 |
| Net interest-bearing debt | 2,288 | 1,796 | 27% | 2,288 | 1,796 | 27% | 2,288 | 1,935 |
| NIBD/Adj. EBITDA | 2.4 | 2.0 | 22% | 2.4 | 2.0 | 22% | 2.4 | 2.1 |
| Chicken processed (tonne gw) | 73,366 | 69,209 | 6% | 145,141 | 139,342 | 4% | 285,667 | 279,868 |
| EBIT/kg | 1.88 | 1.83 | 2% | 1.80 | 1.78 | 1% | 1.83 | 1.82 |
| Lost time injuries (LTI) per million hours worked | 15.1 | 34.0 | -56% | 14.5 | 29.1 | -50% | 19.6 | 27.0 |
| Feed efficiency (kg feed/live weight) | 1.50 | 1.48 | 1% | 1.50 | 1.49 | 1% | 1.50 | 1.49 |
1) For details about alternative KPIs, see note 4.
For definitions of key figures, see page 21.
CEO Comments
We observed a positive development during the second quarter, reporting improved operating income of MSEK 138 (127). Net sales growth and the increase in operating income amounted to 6 and 9 per cent, respectively. The increased earnings were driven by our continuous improvement efforts combined with growing demand for chicken, especially in our home markets. Operations in Lithuania also posted a positive operating income for the second quarter, earlier than forecast. The rapid earnings growth here was due to the high demand for chicken and the acquisition of chicken farms in Lithuania. The preparations to start up the production facility in Oosterwolde, the Netherlands, are proceeding as planned. The facility is expected to be operational by the fourth quarter of 2025.
Ready-to-cook (RTC) reported an 6 per cent increase in net sales and amounted to MSEK 2,706 (2,546). Strong demand, with increased volumes in several of our sales channels, drove growth in the quarter. Operating income amounted to MSEK 115 (98). Scandi Standard has a well-established presence in the Nordic countries and Ireland, meeting the potential in these markets by investing in improvements to capacity and efficiency in combination with developing the production processes.
As previously announced, we acquired chicken farms in Lithuania to meet increased demand as well as to manage rising prices. We expect to be self-sufficient in terms of birds in Lithuania when the farms reach full production during the third quarter.
Ready-to-eat (RTE) posted a 4 per cent increase to a total of MSEK 710 (686) in net sales and operating income amounted to MSEK 23 (38). The segment continues to grow. As a consequence of the rise in chicken prices, while price adjustments for customers will be implemented with a delay during coming quarters, we anticipate a short-term negative trend in earnings. To increase our long-term efficiency and capacity and to contribute to continued growth within the segment, we continued to relocate production within the Nordic countries in the quarter. Quick Service Restaurant (QSR) is a stable and important customer segment for Scandi Standard and we expect good growth over time. Our investment in the Netherlands production plant gives us favourable conditions for meeting future demand in the segment.
Ingredients part within category Other has considerable long-term potential to add to Scandi Standard's profitability and we are continuing to develop our capacity to process more of the bird. Income for the period doubled for the segment, amounting to MSEK 10 (5), proof of our ability to develop the segment.
Feed optimisation and positive LTI trend
The development in lost time injury frequency rate (LTI) continued to improve, with a result of 15.1 (34.0). This gratifying trend is due to our systematic work to increase knowledge and to strengthen work environment processes throughout Scandi Standard. Preventing workplace injuries is a priority and the long-term work has led to our consistent positive trend since 2021. Scandi Standard's science-based climate targets stipulate that we are to reduce the Group's emissions from energy and industry 42 per cent, and Forest and Agriculture Guidelines (FLAG) emissions 30.3 per cent, by 2030. Reducing this is an important target given that our carbon footprint is largely connected to the soy in bird feed. Within the framework of a Group-wide project for the feed of tomorrow, we conducted research in several of our markets during the quarter with the aim of optimising feed to benefit the chickens as well as the climate.
Financial.position
Net interest-bearing debt (NIBD) increased MSEK 341 to MSEK 2,288 in the quarter, primarily impacted by the acquisition of farms in Lithuania, increased working capital due to the timing of cash inflows from trade receivable and dividend distribution. The net debt/equity ratio increased in line with the above but remained within the structural framework of the company's financial targets. Investments totalled MSEK 316 (105), of which MSEK 200 pertained to the acquisition of farms in Lithuania. In addition to the acquisitions of the RTE factory in Netherlands and the farms in Lithuania, we estimate that total investment in 2025 will amount to MSEK 550, primarily focused on efficiency improvements, capacity expansion within Ready-to-Cook, and completing the RTE facility in Oosterwolde.
Strategy and outlook
We reported good growth, improved operating income and growing demand for chicken during the second quarter. To meet demand, we are continuing to invest and raise efficiency across our operations, with a particular focus on strengthening our domestic markets. In parallel, we are creating a competitive offering for customers in other markets, with a larger share of own production in the value chain, production operations in Lithuania and our RTE facility in the Netherlands. The acquired facilities, along with the farms, comprise key components in our shift toward increased integration in our value chain, with stringent requirements for sustainability, transparency and control from farm to finished product. Accordingly, it is gratifying that operations in Lithuania are already generating positive operating income and that the establishment of the production facility in Netherlands is progressing at full speed.
In an operating environment full of geopolitical uncertainty, our markets are stable and developments outside Europe have limited impact on our operations. The geographic diversity of Scandi Standard together with our local roots provide us with a solid foundation in an uncertain global climate and I can confidently state that demand for chicken, a tasty, affordable and sustainable protein, remains strong and will continue to drive our growth. To meet this growing demand, we are continuing to strengthen our capacity and implement our previously established plans. At the same time, we are maintaining our focus on improving animal welfare, streamlining our local operations and deepening collaboration throughout the Group. Following another quarter of progress and improved earnings, I feel confident that we are well-positioned to reach our long-term financial goals and sustainability goals.
Stockholm, 17 July 2025
Jonas Tunestål,
Managing Director and CEO,
Scandi Standard
Conference Call
A conference call for investors, analysts and media will be held on 17 July 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 and the Securities Markets Act. It was released for publication at 07:30 AM CET on 17 July 2025.
Financial calendar
| Interim report for Q3 2025 | October 23 2025 |
| Interim report for Q4 2025 | February 5 2026 |
| Interim report for Q1 2026 | April 28 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 3.400 employees with annual sales of more than SEK 13 billion.
