Another strong quarter with increased sales and improved earnings
July - September 2025
- Chicken processed (grill weight) amounted to 79 (71) thousand tonnes which corresponds to a 10 per cent increase
- EBIT/kg amounted to SEK 2.36 (2.15)
- Net sales amounted to MSEK 3,723 (3,343). At constant exchange rates, the increase was 14 per cent
- Operating income (EBIT) increased by 21 per cent to MSEK 185 (153), corresponding to a margin of 5.0 (4.6) per cent
- Income for the period amounted to MSEK 120 (94). Earnings per share amounted to SEK 1.83 (1.44)
- Operating cash flow was MSEK 189 (216)
January - September 2025
- Chicken processed (grill weight) amounted to 224 (211) thousand tonnes which corresponds to a 6 per cent increase
- EBIT/kg amounted to SEK 2.00 (1.91)
- Net sales amounted to MSEK 10,642 (9,853). At constant exchange rates, the increase was 10 per cent
- Operating income (EBIT) increased by 11 per cent to MSEK 447 (402), corresponding to a margin of 4.2 (4.1) per cent
- Income for the period amounted to 271 (235) MSEK. Earnings per share amounted to SEK 4.14 (3.60)
- Operating cash flow was MSEK 46 (316), which includes the acquisition of poultry farms in Lithuania and the RTE-plant in Netherlands
Significant events during the quarter
- During the quarter, the first line of the production facility in the Netherlands entered operation. To ensure high utilization rates for the second and third production lines, a process of refurbishment, ramp-up and optimisation is in progress, and the lines are expected to enter operation in the middle of the first half of 2026.
- 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 was distributed during the second quarter, respectively during the third quarter
Key metrics1)
| MSEK | Q3 2025 | Q3 2024 | ? | 9M 2025 | 9M 2024 | ? | R12M | 2024 |
| Net sales | 3,723 | 3,343 | 11% | 10,642 | 9,853 | 8% | 13,812 | 13,024 |
| EBITDA | 296 | 256 | 16% | 775 | 712 | 9% | 994 | 931 |
| Operating income (EBIT) | 185 | 153 | 21% | 447 | 402 | 11% | 554 | 509 |
| EBITDA margin % | 8.0% | 7.7% | 0.3pt | 7.3% | 7.2% | 0.1ppt | 7.2% | 7.1% |
| EBIT margin % | 5.0% | 4.6% | 0.4ppt | 4.2% | 4.1% | 0.1ppt | 4.0% | 3.9% |
| Income after finance net | 147 | 115 | 28% | 336 | 292 | 15% | 398 | 354 |
| Income for the period | 120 | 94 | 28% | 271 | 235 | 15% | 310 | 275 |
| Earnings per share, SEK | 1.83 | 1.44 | 27% | 4.14 | 3.60 | 15% | 4.74 | 4.20 |
| Return on capital employed % | 11.8% | 11.7% | 0.1ppt | 11.8% | 11.7% | 0.1ppt | 11.8% | 11.8% |
| Return on equity % | 12.0% | 12.1% | -0.1ppt | 12.0% | 12.1% | -0.1ppt | 12.0% | 11.0% |
| Operating cash flow | 189 | 216 | -8% | 46 | 316 | -85% | 174 | 443 |
| Net interest-bearing debt | 2,192 | 1,696 | 29% | 2,192 | 1,696 | 29% | 2,192 | 1,935 |
| NIBD/Adj. EBITDA | 2.2 | 1.8 | 19% | 2.2 | 1.8 | 19% | 2.2 | 2.1 |
| Chicken processed (tonne gw) | 78,612 | 71,468 | 10% | 223,753 | 210,811 | 6% | 292,810 | 279,868 |
| EBIT/kg | 2.36 | 2.15 | 10% | 2.00 | 1.91 | 7% | 1.89 | 1.82 |
| Lost time injuries (LTI) per million hours worked2) | 20.5 | 25.4 | -19% | 16.6 | 27.6 | -40% | 18.5 | 27.1 |
| Feed efficiency (kg feed/live weight) 2) | 1.48 | 1.49 | -1% | 1.49 | 1.49 | 0% | 1.49 | 1.49 |
1) For details about alternative KPIs, see note 4. For definitions of key figures, see page 21.
2) Comparative figures have been adjusted to previously published results.
CEO Comments
In summing up a successful third quarter, Scandi Standard improved operating income to MSEK 185 (153), an increase of 21 per cent, and 11 per cent higher net sales. Our deliberate work with improvement continues, at the same time as market demand for chicken remains strong. Scandi Standard is growing in the domestic markets and posting showing solid development in earnings and margins. Our Netherlands production facility has entered operation ahead of schedule and our chicken farms in Lithuania are in full production. In conclusion, we took several important steps toward reaching our financial targets in the quarter.
Ready-to-cook (RTC) grew net sales by 13 per cent to MSEK 2,873 (2,536). Operating income amounted to MSEK 159 (111), up 43 per cent. Growth and the earnings improvement in the quarter continued to be driven by strong demand, with increased volumes in several of our sales channels. Seasonally, the third quarter is the strongest and we are experiencing a long-term trend where increasing numbers of consumers are choosing to put chicken on the barbecue. The business area performed over expectations, driven by strong demand in our domestic markets as well as by our deliberate improvement program focused particularly on Sweden, Ireland and Denmark. The program includes production process investment and streamlining, and it is gratifying to see how, within just a short period in each country, the measures have contributed to noticeable improvements in earnings.
Our chicken farms in Lithuania have entered full production, and we are gradually introducing processes and procedures to ensure Scandi Standard's high standards of animal welfare and sustainability.
Ready-to-eat (RTE) reported increased net sales of 5 per cent to a total of MSEK 713 (677) in parallel with operating income declining to MSEK 17 (44). While the segment continues to grow, earnings have been negatively impacted in the short term by the rising price of chicken raw material and the previously communicated start-up costs in the Netherlands. We expect the price adjustments implemented toward customers to positively impact the coming quarters, and we expect to gradually return profitability to previous levels. Quick Service Restaurant (QSR) remains a stable and important customer segment for Scandi Standard, and we have further expanded the customer base in the quarter. Our production facility in the Netherlands entered operation during the quarter with a first production line. To ensure high utilization rates for the second and third production lines, a process of refurbishment, ramp-up and optimisation is in progress, and the lines are expected to enter operation in the middle of the first half of 2026.
Ingredients part within category Other comprises one area where we are continuing to develop our opportunities to process more of the bird to leverage existing potential in the segment. In the third quarter, segment earnings increased to MSEK 18 (10), primarily driven by volume and enhanced operational efficiency.
Climate transition plan - from words to action
Scandi Standard's Climate Transition Plan was adopted at the end of 2024. This year, we have started implementing the plan in the form of a number of ongoing projects at our facilities, with the aim of reducing our emissions from own operations. One example is our third-quarter initiation of a test replacement of fossil gas with BioLPG in the operations in Ireland for the remainder of 2025. We can already see that this will result in lower Scope 1 emissions for 2025. I believe that this showcases how we are able to go from words to action in our work with sustainability and to actively reduce emissions from own operations.
Financial.position
During the quarter, interest-bearing net debt decreased MSEK 97 to MSEK 2,192 mainly driven by strong earnings. In addition, the second dividend payment for the year was distributed and total investments amounted to MSEK 113 (66). For the full-year 2025, after excluding the acquisition of the RTE facility in the Netherlands and farms in Lithuania, investments are expected to amount to approximately MSEK 450. Our focus is set on raising efficiency, expanding our Ready-to-cook capacity and continuing the commissioning of the RTE facility in the Netherlands.
Strategy and outlook
Scandi Standard strives to be at the forefront of a high-quality chicken production with a reduced carbon footprint, and we are proud to have ended yet another quarter during which we have taken important steps toward our targets for 2027. Our journey continues and we have no intentions of slowing down. We are confident that the demand for and consumption of chicken will remain healthy going forward. As part of meeting this positive trend, we are developing and scaling up our new operations in Lithuania and the Netherlands in the coming quarters while we remain focused on strengthening our internal processes and continuing improvement initiatives in our domestic markets. This clear strategy means that we are strengthening our positions both in our local markets and in the European market while concurrently laying the foundations for continued growth.
Following another strong quarter, I would like to extend my appreciation to our customers, suppliers, shareholders and employees who have contributed to the development of Scandi Standard. I expect this strong trend to continue through the fourth quarter and in 2026. This confirms my conviction that we have the ability to attain our ambitious financial and sustainability targets, which will in turn create the preconditions for increasing value and yields for our shareholders.
Stockholm, 23 October 2025
Jonas Tunestål,
Managing Director and CEO,
Scandi Standard
Conference Call
A conference call for investors, analysts and media will be held on 23 October 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. It was released for publication at 07:30 AM CET on 23 October 2025.
Financial calendar
| Interim report for Q4 2025 | February 5 2026 |
| Interim report for Q1 2026 | April 28 2026 |
| Annual General Meeting | April 28 2026 |
| Interim report for Q2 2026 | July 17 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 3.700 employees with annual sales of approx.. SEK 14 billion.