Midsona Interim Report January-September 2026

July–September 2026 (third quarter)

• Net sales amounted to SEK 910 million (895), corresponding to a change of 1.7 percent (–2.6). The organic change in net sales amounted to –3.7 percent (–0.4).

• Gross profit amounted to SEK 263 million (207), corresponding to a margin of 29.0 percent (23.1), and gross profit, before items affecting comparability, amounted to SEK 264 million (257), corresponding to a margin of 29.0 percent (28.7).

• Operating profit/loss amounted to SEK 47 million (0), corresponding to a margin of 5.2 percent (0.0), and operating profit/loss, before items affecting comparability, amounted to SEK 46 million (45), corresponding to a margin of 5.0 percent (5.0).

• Profit/loss for the period amounted to SEK 39 million (–15), corresponding to earnings per share of SEK 0.27 (–0.11) before and after dilution.

• Cash flow from operating activities amounted to SEK 57 million (48).

January–September 2026 (nine months)

• Net sales amounted to SEK 2,673 million (2,697), corresponding to a change of –0.9 percent (–2.5). The organic change in net sales amounted to –2.1 percent (–0.3).

• Gross profit amounted to SEK 779 million (717), corresponding to a margin of 29.2 percent (26.6), and gross profit, before items affecting comparability, amounted to SEK 784 million (768), corresponding to a margin of 29.3 percent (28.5).

• Operating profit/loss amounted to SEK 164 million (17), corresponding to a margin of 6.1 percent (0.6), and operating profit/loss, before items affecting comparability, amounted to SEK 111 million (86), corresponding to a margin of 4.1 percent (3.2). Operating profit/loss included SEK 53 million (–69) of items affecting comparability, partly as a result of Midsona receiving SEK 64 million of insurance compensation payments under its property insurance, for property damage, and its business interruption insurance, both linked to the fire at the production facility in Castellcir, Spain, in July 2025.

• Profit/loss for the period amounted to SEK 133 million (–23), corresponding to earnings per share of SEK 0.91 (–0.16) before and after dilution.

• Cash flow from operating activities amounted to SEK 113 million (88).

Comment by the CEO

Our strategy is guiding us; now we need to accelerate the implementation
As I sum up the third quarter, I am pleased with the improved result, but at the same time must conclude that it did not live up to our ambitions. Sales increased and cash flow strengthened compared with the previous year, but the organic performance of our own consumer brands was slightly negative, and profitability improved only marginally, mainly driven by product mix. That said, the quarter has clarified where our priorities are yielding results and where we need to take more forceful action. We are seeing positive effects where more progress has been made with implementation, while other parts of the business require a faster pace and clearer focus.

Several factors affected the quarter. The extreme heat in large parts of Europe negatively affected consumption patterns during the summer. The costs particularly of packaging and transport rose and impacted the gross margin. Our profit was also burdened by an impairment of accounts receivable in Norway. But even though external factors had a negative impact on the quarter, the way forward lies in what we ourselves can do more forcefully and consistently.

The principal explanations can be found in certain areas where we have not come far enough. In North Europe, sales were hampered by delistings, above all of our own brands, by a retailer. In consumer health products, implementation of the strategy has been too slow, while the improvement of the gross margin has been held back by cost increases that have not yet been passed on to the customer.

We are now acting to address these challenges. In North Europe, we are strengthening our brands’ offering, which, alongside more effective marketing and cost adjustments, should return the division to profitable growth. In consumer health products, we need to continue developing the offering, as well as our ability to turn ideas into actual business in the right sales channels. The work is under way, although the measures will take varying amounts of time to achieve their full effect.

At the same time, we are pleased with the areas where we have already made progress, and the quarter shows distinct differences between our brands. It is clear that our brands perform best when we consistently invest in strong positionings, relevant product development, and clearly differentiated offerings. This confirms our strategic direction.

Friggs is a good example of what a clear and differentiated brand positioning can achieve. Despite competition from retailers’ own brands, Friggs is performing very well. A strong positioning in healthy snacks and continuous product development is enabling us to create an offering that consumers recognise and repeatedly choose. Furthermore, it is pleasing to see several of our organic brands, including Helios and Kung Markatta, performing positively. I would also like to mention the newly acquired brand Risenta, which is developing according to plan. Work is now continuing on integrating the brand in order to realise its full potential. By developing and refining the brands, we are creating strong loyalty, allowing us to grow and strengthen our margins over time.

“Our investments in strong and differentiated brands are yielding results. Now we need to focus our efforts even more clearly to increase the pace of the strategy implementation.”
 
This development strengthens my belief in the strategic direction, but also shows that we need to implement it more efficiently. We are therefore deepening the review of our brand portfolio, which contains brands with different positionings, development needs, and potential. Our ambition is to build brands with sustainable competitive advantages, and to prioritise more strictly between brands with less differentiation and potential. With our strong local foundation, we are well-equipped to manage a heterogeneous brand portfolio, but capital, marketing and management time should be focused more on the brands and categories that offer the best prospects for profitable growth and long-term value creation.

Entirely in keeping with this approach, we continued to invest in marketing for our priority brands during the quarter. This negatively affects the operating margin in the short term, but is valuable for building profitable growth over time.

In Spain, our goal is clear. We intend to make the business profitable again, but in a smaller and more efficient format than before the fire. With some small additional investments, and without rebuilding the capacity and infrastructure that was lost in the fire, we are now creating value based on today's conditions, with a focus on profitability and cash flow. In parallel, we are continuing to evaluate more transformative alternatives for the business's long-term direction.

It is clear to us which challenges we need to address going forward, and we also know that our fundamental position is very strong, being based on consumers’ desire to eat in a healthier and more natural way. We will now implement the strategy more consistently, prioritise more clearly, and concentrate our resources on the areas with the best potential to create profitable growth.
 
Henrik Hjalmarsson
President and CEO