Midsona Interim Report January–June 2026

April–June 2026 (second quarter)

• Net sales amounted to SEK 870 million (865), corresponding to a change of 0.5 percent (–5.7). The organic change in net sales amounted to –1.2 percent (–2.0).

• Gross profit amounted to SEK 250 million (242), corresponding to a margin of 28.7 percent (28.0), and gross profit, before items affecting comparability, amounted to SEK 254 million (243), corresponding to a margin of 29.3 percent (28.1).

• Operating profit/loss amounted to SEK 16 million (–7), corresponding to a margin of 1.8 percent (–0.8), and operating profit/loss, before items affecting comparability, amounted to SEK 20 million (4), corresponding to a margin of 2.3 percent (0.5).

• Profit/loss for the period amounted to SEK 12 million (–15), corresponding to earnings per share of SEK 0.08 (–0.10) before and after dilution.

• Cash flow from operating activities amounted to SEK 22 million (5).

• Midsona finalised the acquisition of the brand Risenta, one of Sweden's best-known healthy food brands, on 1 June.

January–June 2026 (six months)

• Net sales amounted to SEK 1,763 million (1,802), corresponding to a change of –2.2 percent (–2.4). The organic change in net sales amounted to –1.2 percent (–0.3).

• Gross profit amounted to SEK 516 million (510), corresponding to a margin of 29.3 percent (28.3), and gross profit, before items affecting comparability, amounted to SEK 520 million (511), corresponding to a margin of 29.5 percent (28.4).

• Operating profit/loss amounted to SEK 117 million (17), corresponding to a margin of 6.6 percent (0.9), and operating profit/loss, before items affecting comparability, amounted to SEK 65 million (41), corresponding to a margin of 3.7 percent (2.3). SEK 52 million (–24) of items affecting comparability were included in operating profit/loss, partly as a result of Midsona receiving an insurance compensation payment of SEK 57 million in March 2026 under its property insurance, for property damage linked to the fire at the production facility in Castellcir, Spain, in July 2025.

• Profit/loss for the period amounted to SEK 94 million (–8), corresponding to earnings per share of SEK 0.64 (–0.05) before and after dilution.

• Cash flow from operating activities amounted to SEK 56 million (40).

Comment by the CEO

Improved margins and increased investments for profitable growth
During the second quarter, we continued to implement our strategy, while we also significantly improved our results. As part of the implementation process, we increased our marketing investments in our strongest brands, which is a key component of our plan for profitable growth. We also successfully completed the acquisition of Risenta, and our focus is now on continuing the integration, with the aim being to incorporate the production equipment into our own operations during the fourth quarter.

During the quarter – which is seasonally the weakest of the year, with fewer invoicing days than the other three quarters – net sales amounted to SEK 870 million (865). The organic change amounted to –1.2 percent, while the corresponding figure for our own consumer brands was +2.3 percent, meaning a 4.0 percentage point improvement in the annual growth rate, which is fully in line with our strategy and proof that our measures are delivering results. Growth in organic products continued, and it was encouraging to also see clear organic growth in the health foods category, largely as a result of both of our innovation and marketing initiatives. The trend in contract manufacturing was more negative, partly as a result of the fire in Spain at the start of the third quarter of 2025, but also due to our clear focus on profitability before volume.

Operating profit, before items affecting comparability, increased to SEK 20 million (4), driven by a stronger gross margin and continued good cost control, together with savings realised from completed restructuring programmes. The higher gross margin was a consequence of improved net pricing, a favourable product mix and continued efficient production. The higher transport and packaging material costs, linked to developments in the Middle East – which we highlighted in our previous quarterly report – affected our results, but the impact has been manageable and in line with our expectations. During the period, we increased marketing investments in our strongest brands, which has gradually delivered results through increasing sales.

Cash flow from operating activities rose to SEK 22 million (5), and was negatively affected by the one-off effect of the takeover of Risenta’s inventory, as well as the typical seasonal increase in inventory levels. At the end of the quarter, net debt as a multiple of adjusted EBITDA amounted to 1.0x (1.9), indicating a significantly stronger financial position.

Improved profitability despite mixed market trends
In the Nordics, we continued our efforts to improve the product mix, through strong growth in our own consumer brands and a more selective approach to contract manufacturing, which contributed positively to profitability. Our investments in priority brands are continuing to yield results, our largest brand, Friggs, being a clear example. During the quarter, the organic products and health foods categories performed well, while there was a weaker performance for consumer health. Above all, the Mygga brand was adversely affected by an unusually mild mosquito season, which had a negative impact on our Nordic business. In contract manufacturing, work continued on strengthening the product mix, including by increasing the proportion of organic products. Organic net sales growth amounted to 0.5 percent. Operating profit, before items affecting comparability, amounted to SEK 38 million (25), as the previously announced cost savings programme continued to contribute to the improved profitability.

The sales performance for North Europe was weaker during the quarter, mainly due to lower sales of our own consumer brands, partly as a result of changes in promotional campaign patterns. Earnings performance was affected by a more negative sales mix; however, the transformation of the B2B business continued, with a focus on more profitable product and customer segments, which produced results in the form of more stable sales development and improved profitability. The organic change in net sales amounted to –3.7 percent. Operating profit, before items affecting comparability, amounted to SEK 5 million (5).

South Europe reported a better earnings performance for the quarter than for the corresponding period of the previous year. In France, our own consumer brands continued to perform strongly in the grocery trade, while the gross margin improved. In Spain, a more favourable product mix contributed to a marked improvement in profitability. Work on finalising the long-term plan for operations in Spain continued during the quarter, but some strategic considerations remain, which will be clarified during the third quarter. During the period, we also completed the alignment of the Spanish organisation with circumstances following the fire. During the period, we also completed the alignment of the Spanish organisation with circumstances following the fire. The organic change in net sales for South Europe amounted to –7.0 percent, as the fire continued to have a negative effect. Operating profit, before items affecting comparability, amounted to SEK 2 million (0).

A focus that is allowing us to deliver results in priority areas
During the second quarter, we improved our earnings compared with the previous year, but we still have important work ahead of us to reach our long-term goals. With half the year behind us, I can confirm that we are making progress with the implementation of our strategy, and that our initiatives are yielding results in several priority areas, not least through continued growth for our strongest brands. At the same time, we need to continue to bolster our performance, not least in North Europe, and a return to clear growth for own consumer brands is an important step in this process.

We have a clear direction and are moving forwards with implementation at a fast pace. With a strengthened financial position and a strategy that is gradually producing results, we are confident in our ability to continue to improve profitability and create long-term value.

Henrik Hjalmarsson
President and CEO