===== SIDA 1 =====

Third quarter 2023 
Interim report

===== SIDA 2 =====

2 
   AAK 
Financial highlights 
 
 
Q3 2023 
 
 
 
 
 
 
 
Q1–Q3 2023 
 
 
 
 
 
 
 
 
 
 
 
Q3 
2023 
Q3 
2022 Δ % 
 
Q1–Q3 
2023 
 
Q1–Q3 
2022 Δ % 
 
R12M     
2023 
Full year     
2022 
Volumes, ’000 MT 529 559 -5 1,575 1,688 -7 2,146 2,259 
Operating profit, SEK million 1,143 822 +39 2,975 1,760 +69 3,753 2,538 
Operating profit, excluding IAC, SEK million 1,143 822 +39 2,975 2,110 +41 3,753 2,888 
Operating profit per kilo, SEK 2.16 1.47 +47 1.89 1.04 +82 1.75 1.12 
Operating profit per kilo, excluding IAC, SEK 2.16 1.47 +47 1.89 1.25 +51 1.75 1.28 
Profit for the period, SEK million 807 611 +32 2,084 1,263 +65 2,602 1,780 
Profit for the period, excluding IAC, SEK million 807 611 +32 2,084 1,581 +32 2,602 2,099 
Earnings per share, SEK 3.10 2.36 +31 8.02 4.85 +65 10.00 6.84 
Earnings per share, excluding IAC, SEK 3.10 2.36 +31 8.02 6.09 +32 10.00 8.07 
Cash flow from operating activities, SEK million 1,214 -40 - 3,961 -1,135 - - -73 
Return on Capital Employed (R12M), percent 17.2 14.8 +16 17.2 14.8 +16 17.2 14.5 
 
 
 
    
Items affecting comparability (IAC) are related to the controlled exit from the Russian market (Q2 2022: negative SEK 350 million). 
• Total volumes decreased by 5 percent to 529,000 MT 
(559,000), mainly due to declines in Chocolate & 
Confectionery Fats and the optimization program in 
Bakery.  
• Including currency translation gains of SEK 32 million, 
operating profit increased by 39 percent, reaching SEK 
1,143 million (822). At fixed foreign exchange rates, 
operating profit, increased by 35 percent.  
• Profit for the period totaled SEK 2,084 million (1,263).  
• Earnings per share equaled SEK 8.02 (4.85).  
• Cash flow from operating activities amounted to SEK 3,961 
million (negative 1,135).  
• Return on Capital Employed (ROCE), R12M, was 17.2 
percent (14.5 percent on December 31, 2022). 
 
• Total volumes decreased by 7 percent to 1,575,000 MT 
(1,688,000), largely due to the optimization program in Bakery, 
the controlled exit from the Russian market and weaker 
underlying consumer demand. Excluding Russia, volumes 
declined by 5 percent. 
• Excluding items affecting comparability and including 
currency translation gains of SEK 130 million, operating profit 
increased by 41 percent, reaching SEK 2,975 million (2,110). At 
fixed foreign exchange rates, operating profit, excluding items 
affecting comparability, increased by 35 percent.  
 
• Profit for the period totaled SEK 807 million (611).  
• Earnings per share equaled SEK 3.10 (2.36).  
• Cash flow from operating activities amounted to SEK 1,214 
million (negative 40).  
• Return on Capital Employed (ROCE), R12M, was 17.2 
percent (14.5 percent on December 31, 2022). 
 
 
1,000
1,300
1,600
1,900
2,200
2,500
2,800
3,100
3,400
3,700
4,000
250
350
450
550
650
750
850
950
1,050
1,150
1,250
Rolling 12 months, SEK million
Quarter, SEK million
AAK Group - Operating profit excl. IAC
Quarter Rolling 12 months
1,400
1,600
1,800
2,000
2,200
2,400
2,600
2,800
300
350
400
450
500
550
600
650
Rolling 12 months, '000 MT
Quarter, '000 MT
AAK Group - Volume
Quarter Rolling 12 months

===== SIDA 3 =====

3 
Interim report | Q3 2023 
Strong profit growth, including a sequential 
volume improvement       
I am proud to present our third-quarter results, which 
showcase strong operating profit growth and a sequential 
volume improvement, as well as solid cash flow and 
improved return on capital employed. This achievement 
underscores the dedication and diligent efforts of our teams, 
as well as the relevance of our diversified portfolio of plant-
based oils and fats ingredients.   
 
Business performance 
Operating profit, increased 39 percent compared to the third 
quarter of last year. Similar to the first half of this year, the 
increase was mainly driven by higher sales of speciality 
solutions, productivity improvements, and better portfolio and 
price management. At fixed foreign exchange rates, operating 
profit increased by 35 percent. 
 
Volumes improved sequentially between the second and 
third quarter of 2023 but declined compared to the third 
quarter of last year. The year-on-year decline was mainly due 
to Chocolate & Confectionery Fats and the ongoing 
optimization program in the Bakery business. In Chocolate & 
Confectionery Fats, the decline was broad-based with the 
three main regions declining from a strong 11 percent increase 
in the third quarter of last year. 
  
Profitability, measured as operating profit per kilo, was strong 
and improved compared to the third quarter of last year. The 
improvement was mainly driven by higher sales of specialty 
solutions, productivity improvements, as well as better 
portfolio and price management. In Technical Products & 
Feed, operating profit per kilo declined mainly due to the 
lower volume in Technical Products as well as slightly lower 
year-over-year crush margin. 
 
Our operational cash flow was strong, primarily driven by 
increased profit and a positive effect from inventories.  
 
On track towards our 2025 biodiversity targets   
Preserving our forests and safeguarding native ecosystems is 
of great importance to our mission to protect biodiversity and 
combat climate change. Our company relies heavily on 
agricultural raw materials, making the sustainability of these 
systems a cornerstone of our strategy.  
 
To uphold transparency and accountability, we have set forth 
ambitious yet fundamental targets. By 2025, we are 
committed to achieving 100 percent traceability to the palm 
oil source, as well as maintaining a palm and soy supply chain 
that is verified free from deforestation and conversion. 
 
As of the close of the previous year, we had achieved an 
impressive 87 percent traceability and a commendable 71 
percent verification of deforestation-free practices for palm. 
Fast forward to the midpoint of 2023, we are proud to 
announce that our efforts have propelled us even further 
towards our targets. Presently, our global palm traceability 
stands at 91 percent, and our verified deforestation-free 
status for palm has reached 77 percent. This progress 
reaffirms our commitment to sustainable practices and 
responsible sourcing throughout our supply chain.  
 
Concluding remarks 
I take great pride in our achievements during the third quarter 
and the positive momentum we've built. As we look ahead, 
we anticipate a finish to the year that is in line with the 
average performance in the first nine months. Our strong 
financial results, combined with our commitment to serve 
our customers and our dedication to innovation, puts us in a 
strong position for the future.  
 
Johan Westman, President and CEO

===== SIDA 4 =====

4 
   AAK 
AAK Group, Q3 2023 
 
  Volumes 
Volumes totaled 529,000 MT (559,000), a decrease of 5 
percent compared to last year. 
Net sales 
Sales reached SEK 11,619 million (13,306), a decrease of 13 
percent. The decrease was driven by lower volumes and price 
adjustments due to lower raw material costs. These 
decreases were partly offset by a favorable product mix 
focusing on speciality solutions and currency translation gains 
of SEK 197 million.  
Operating profit 
Operating profit totaled SEK 1,143 million (822), corresponding 
to an increase of 39 percent compared to the corresponding 
quarter in 2022.  
The growth was largely driven by strong operating profit per 
kilo in Food Ingredients and Chocolate & Confectionery Fats. 
AAK achieved this growth via a continued focus on speciality 
solutions, productivity improvements, and better portfolio and 
price management.  
The currency translation gains were SEK 32 million, of which 
SEK 4 million was related to Food Ingredients and SEK 28 
million to Chocolate & Confectionery Fats. Operating profit at 
fixed foreign exchange rates increased by 35 percent.  
Operating profit per kilo totaled SEK 2.16 (1.47), an increase of 
47 percent. The currency translation gains were SEK 0.06. At 
fixed foreign exchange rates, operating profit per kilo 
increased by 43 percent. 
Net financial costs and tax costs 
Net financial costs totaled SEK 85 million (19). The financial 
costs increased due to higher interest rates and reporting in 
hyperinflationary economies (IAS 29), partly offset by a 
reduced debt level. Reported tax costs correspond to an 
average tax rate of 24 percent (24).  
Earnings per share 
Earnings per share equaled SEK 3.10 (2.36). 
Cash flow and investments 
Operating cash flow, including changes in working capital, 
amounted to SEK 1,214 million (negative 40). Cash flow from 
working capital amounted to negative SEK 25 million (negative 
985). There was a positive cash flow from inventory and 
accounts receivables, while cash flow from accounts 
payables was negative. 
Cash outflow from investment activities amounted to SEK 
270 million (263), of which SEK 0 million (0) stemmed from 
acquisitions of operations. Capital expenditure was primarily 
for maintenance investments, productivity improvements, 
and capacity increases. 
Return on Capital Employed (ROCE) 
Calculated on a rolling 12-month basis, Return on Capital 
Employed (ROCE) was 17.2 percent (14.5 on December 31, 
2022).  
Financial position  
The equity-to-asset ratio was 55 percent (44 percent on 
December 31, 2022). Net debt on September 30, 2023, totaled 
SEK 3,384 million (SEK 5,707 million on December 31, 2022). 
Net debt / EBITDA totaled 0.73 (1.71 as of December 31, 2022).   
On September 30, 2023, the group had total credit facilities of 
SEK 9,821 million (9,806 as of December 31, 2022), of which 
there was SEK 8,058 million (8,366 as of December 31, 2022) 
in committed credit facilities. Unused committed credit 
facilities on September 30, 2023, totaled SEK 5,997 million 
(4,295 as of December 31, 2022). Non-committed credit 
facilities totaled SEK 1,764 million (1,440 as of December 31, 
2022), SEK 1,617 million (976 as of December 31, 2022) of 
which were unused.

===== SIDA 5 =====

5 
Interim report | Q3 2023 
Selected events 
 
 
  
Joining forces for Better Health 
Type 2 diabetes and related health issues have been rising 
global problems for decades. AAK is committed to help 
mitigate these conditions via the development of innovative 
health solutions.  
In September, it was announced that one of our Health & 
Nutrition innovation projects had received funding to support 
a study aiming to mitigate type 2 diabetes and related health 
conditions such as obesity. The project is a collaboration 
between AAK and Maastricht University and the grant was 
awarded by Top Consortia for Knowledge & Innovation (TKI), 
funded by the Government of the Netherlands. 
The study will investigate if increased levels of short-chain 
fatty acids, over time, can improve insulin sensitivity, decrease 
body weight and inhibit inflammation. The study is an 
example of how AAK cooperates to drive positive change and 
foster the development of innovative and healthy solutions 
within the food and ingredients industry. 
 
New Chairman of AAK’s Board of Directors 
Patrik Andersson has been appointed Chairman of AAK’s 
Board of Directors until a new Chairman is elected at the 
General Meeting. The appointment follows the deeply 
saddening and sudden passing of AAK's former Chairman, 
Georg Brunstam. Georg, who was first elected in 2018, was a 
warm and visionary leader who played an important role in 
shaping AAK into a Multi-oil Ingredient House. He will be truly 
missed. 
AAK’s new chairman, Patrik Andersson, has been a member of 
the Board of Directors since 2019 and has worked next to 
Georg for several years. Patrik’s operational background 
includes six years as President and CEO of Loomis, as well as 
leadership roles at Unilever, Barilla, Rieber & Son, and Orkla.

===== SIDA 6 =====

6 
   AAK 
Operating  
profit  
+55% 
Operating profit  
per kilo 
+59% 
Food Ingredients, Q3 2023* 
 
 
 
 
 
 
  
 
  
 
 
Q3 
2023 
Q3 
2022 Δ % 
 
Q1–Q3 
2023 
Q1–Q3 
2022 Δ % 
R12M 
2023 
Full year 
2022 
Volumes, ’000 MT 343 353 -3 1,014 1,072 -5 1,375 1,433 
Net sales, SEK million 7,713 8,538 -10 23,076 23,798 -3 31,939 32,661 
Operating profit, SEK million 739 476 +55 1,957 1,251 +56 2,422 1,716 
Operating profit per kilo, SEK 2.15 1.35 +59 1.93 1.17 +65 1.76 1.20 
         
Volumes 
In the third quarter, volumes in Food Ingredients declined 3 
percent compared to the same period in the previous year. 
The volume decline was mainly attributed to Special 
Nutrition, Foodservice and Bakery, somewhat mitigated by 
growth in Dairy.   
Bakery experienced a reduction in volumes as a result of the 
ongoing optimization program launched in June 2022, which 
began affecting volumes at the start of 2023. The 
consolidation follows the updated strategy with a continued 
focus on portfolio and price management, prioritizing 
speciality solutions.  
Dairy volumes grew in the quarter compared to the 
corresponding period of last year. The growth was broad-
based, with volumes increasing across Europe, the Americas 
and Asia.  
Similar to the first half of the year, volumes for Special 
Nutrition were down year-over-year, mainly due to the 
negative effect of lower birth rates in China, as well as soft 
volume development in the US following unusually high sales 
in the same quarter last year. 
In Foodservice, volumes declined mainly due to soft 
performance in Europe.  
Net sales  
Net sales reached SEK 7,713 million (8,538), a decrease of 10 
percent or SEK 825 million, including currency translation 
gains of SEK 140 million and reductions from lower year-over-
year volumes and raw material prices.  
Operating profit  
Operating profit increased by 55 percent to SEK 739 million 
(476). The currency translation gains amounted to SEK 4 
million. At fixed foreign exchange rates, operating profit 
increased by 54 percent.   
The strong operating profit growth for the business area was 
broad-based and primarily driven by Bakery, Special Nutrition 
and Dairy.  
Operating profit per kilo increased to SEK 2.15 (1.35), including 
currency translation gains of SEK 0.01. At fixed foreign 
exchange rates, operating profit per kilo grew 59 percent. The 
performance was mainly driven by our continued focus on 
speciality solutions, productivity improvements, as well as 
portfolio and price management. 
*Operating profit and operating profit per kilo exclude items affecting comparability. 
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
2,600
2,800
3,000
200
250
300
350
400
450
500
550
600
650
700
750
Rolling 12 months, SEK million
Quarter, SEK million
Food Ingredients - Operating profit 
Quarter Rolling 12 months
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
2.20
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
2.20
Rolling 12 months, SEK/kilo
Quarter, SEK/kilo
Food Ingredients - Operating profit per kilo
Quarter Rolling 12 months

===== SIDA 7 =====

7 
Interim report | Q3 2023 
 
  
Interim report | Q3 2023 
7

===== SIDA 8 =====

8 
   AAK 
Operating  
profit  
+41% 
Operating profit  
per kilo 
+58% 
Chocolate & Confectionery Fats, Q3 2023* 
  
 
 
Q3 
2023 
Q3 
2022 Δ % 
 
Q1–Q3 
2023 
Q1–Q3 
2022 Δ % 
R12M 
2023 
Full year 
2022 
Volumes, ’000 MT 119 133 -11 350 396 -12 475 521 
Net sales, SEK million 3,357 4,057 -17 10,262 11,141 -8 13,934 14,813 
Operating profit, SEK million 438 310 +41 1,040 784 +33 1,348 1,092 
Operating profit per kilo, SEK 3.68 2.33 +58 2.97 1.98 +50 2.84 2.10 
         
Volumes 
In the third quarter, volumes declined 11 percent, with a two-
year Russia-adjusted comparison showing relatively stable 
performance. Compared to the second quarter of this year, 
volumes grew by double digits following the annualization of 
our controlled exit from Russia as well as a positive 
seasonality effect. 
 
Net sales  
Net sales for the business area reached SEK 3,357 million 
(4,057), a 17 percent decrease, including currency translation 
gains of SEK 57 million and reductions from lower year-over-
year volumes and raw material prices. 
Operating profit 
Operating profit reached SEK 438 million (310), an increase of 
41 percent compared to the corresponding quarter last year. 
The currency translation gains were SEK 28 million. At fixed 
foreign exchange rates, operating profit increased by 32 
percent.  
 
Operating profit per kilo increased and totaled SEK 3.68 
(2.33). The currency translation gains were SEK 0.24. At 
fixed foreign exchange rates, operating profit per kilo 
increased by 48 percent. 
The increase in operating profit per kilo was driven by a 
continued focus on speciality solutions, productivity 
improvements, as well as portfolio and price 
management.   
 
 
*Operating profit and operating profit per kilo exclude items affecting comparability. 
 
500
700
900
1,100
1,300
1,500
1,700
1,900
100
150
200
250
300
350
400
450
Rolling 12 months, SEK million
Quarter, SEK million
Chocolate & Confectionery Fats - Operating profit
Quarter Rolling 12 months
1.00
1.50
2.00
2.50
3.00
3.50
4.00
1.00
1.50
2.00
2.50
3.00
3.50
4.00
Rolling 12 months, SEK/kilo
Quarter, SEK/kilo
Chocolate & Confectionery Fats - Operating profit per kilo
Quarter Rolling 12 months

===== SIDA 9 =====

9 
Interim report | Q3 2023 
 
 
  
Interim report | Q3 2023 
9

===== SIDA 10 =====

10 
   AAK 
Operating  
profit  
-38% 
Operating profit  
per kilo 
-33% 
Technical Products & Feed, Q3 2023* 
 
  
 
 
Q3 
2023 
Q3 
2022 Δ % 
 
Q1–Q3 
2023 
Q1–Q3 
2022 Δ % 
R12M 
2023 
Full year 
2022 
Volumes, ’000 MT 67 73 -8 211 220 -4 296 305 
Net sales, SEK million 549 711 -23 1,855 2,169 -14 2,637 2,951 
Operating profit, SEK million 47 76 -38 199 203 -2 299 303 
Operating profit per kilo, SEK 0.70 1.04 -33 0.94 0.92 +2 1.01 0.99 
         
Volumes 
In the third quarter, volumes declined 8 percent compared to 
the same period in 2022, with declines in both Technical 
Products and Feed.  
 
The decline was partly due to an efficiency upgrade in one of 
our pellet boilers. During the upgrade, some of the side 
fractions that are typically sold to the Biofuels industry were 
utilized internally to compensate for the boiler temporarily 
being offline.  
 
In addition, volumes were impacted by weak end-market 
demand for plant-based additives for rubber and plastics 
production, mainly going into the construction and 
automotive industries. Plant-based solutions to replace 
paraffin in candles performed well and grew in the quarter 
while volumes in Feed declined following unusally high sales 
in the same quarter last year.  
Net sales 
Net sales for the business area reached SEK 549 million, 
decreasing by SEK 162 million compared to SEK 711 million 
during the third quarter of last year due to a negative 
impact from lower year-over-year volumes and raw 
material prices. 
Operating profit 
Operating profit totaled SEK 47 million (76), a 38 percent 
decrease compared to last year.  
As a result of the lower volumes in Technical Products as 
well as slightly lower year-over-year crush margin, the 
business area reported an operating profit per kilo of SEK 
0.70 (1.04), a decrease of 33 percent.  
 
*Operating profit and operating profit per kilo exclude items affecting comparability. 
 
60
100
140
180
220
260
300
340
0
20
40
60
80
100
120
140
Rolling 12 months, SEK million
Quarter, SEK million
Technical Products & Feed - Operating profit
Quarter Rolling 12 months
0.20
0.40
0.60
0.80
1.00
1.20
1.40
0.20
0.40
0.60
0.80
1.00
1.20
1.40
Rolling 12 months, SEK/kilo
Quarter, SEK/kilo
Technical Products & Feed - Operating profit per kilo
Quarter Rolling 12 months

===== SIDA 11 =====

11 
Interim report | Q3 2023 
AAK Group, first nine months 2023 
 
  Volumes 
Volumes totaled 1,575,000 MT (1,688,000), a decrease of 7 
percent compared to last year. Excluding Russia, volumes 
declined by 5 percent. 
Net sales 
Net sales reached SEK 35,193 million (37,108), a decrease of 5 
percent. The decrease was driven by lower volumes and 
lower raw material prices, partly offset by a favorable product 
mix via a continued focus on speciality solutions and currency 
translation gains of SEK 1,409 million.  
Operating profit 
Operating profit, excluding items affecting comparability (IAC), 
totaled SEK 2,975 million (2,110), an increase of 41 percent 
compared to the corresponding period in 2022.  
The growth in operating profit was largely driven by strong 
operating profit per kilo in Food Ingredients and Chocolate & 
Confectionery Fats. AAK achieved this growth via a continued 
focus on speciality solutions, productivity improvements, and 
portfolio and price management.  
The currency translation gains were SEK 130 million, of which 
SEK 55 million related to Food Ingredients and SEK 75 million 
to Chocolate & Confectionery Fats. Operating profit, excluding 
items affecting comparability at fixed foreign exchange rates, 
increased by 35 percent.  
Operating profit per kilo, excluding items affecting 
comparability, totaled SEK 1.89 (1.25), an increase of 51 
percent. The currency translation gains were SEK 0.08. At 
fixed foreign exchange rates, operating profit per kilo, 
excluding items affecting comparability, increased by 45 
percent.  
Net financial costs and tax costs 
Net financial costs totaled SEK 230 million (43). The financial 
costs increased due to higher interest rates and reporting in 
hyperinflationary economies (IAS 29), partly offset by reduced 
debt level. Reported tax costs correspond to an average tax 
rate of 24 percent (26). Last year’s tax rate was impacted by 
the expenses reported as items affecting comparability being 
unable to be utilized in full as a tax credit. 
Earnings per share 
Earnings per share equaled SEK 8.02 (4.85). 
Cash flow and investments 
Operating cash flow, including changes in working capital, 
amounted to SEK 3,961 million (negative 1,135). Cash flow from 
working capital amounted to SEK 1,416 million (negative 3,371). 
Following the decrease in raw material prices during the 
second half of 2022, there was a positive cash flow from 
inventory and accounts receivables. Accounts payables had a 
negative cash flow effect in the first nine months of the year. 
Cash outflow from investment activities amounted to SEK 
878 million (745), of which SEK 89 million (0) stemmed from 
acquisitions of operations. The acquisition of Arani Agro Oil, 
announced during the 2022 fiscal year, was completed in 
January 2023 and is included in AAK’s financials from January 
1, 2023. Capital expenditure was mostly for maintenance 
investments, productivity improvements, and capacity 
increases. 
Employees 
The average number of employees on September 30, 2023, 
was 4,096 (3,962 at December 31, 2022).

===== SIDA 12 =====

12 
   AAK 
General information 
 
 
 
 
 
 
  
Related parties 
No significant changes have taken place in relations or 
transactions with related parties since 2022.  
Risks and uncertainty factors 
AAK’s operations are constantly exposed to risks, threats and 
external factors. Through a proactive approach to business 
intelligence, the company aims to anticipate changes in 
factors affecting operations. Plans and policies are adjusted 
continuously to counteract potential negative effects. Active 
risk management, such as hedging raw material prices and 
currencies, reduces the risks that the company faces. 
Efficient risk management is an ongoing process conducted 
within the framework of business control and is part of the 
ongoing review and forward-looking assessment of 
operations. 
AAK assumes long-term risk exposure will not deviate from 
the inherent exposure associated with AAK’s ongoing business 
operations.  
AAK’s Board of Directors and Executive Committee have, 
since the publication of the Annual Report 2022, reviewed the 
development of significant risks and uncertainties and can 
confirm that there have been no changes other than what 
has been commented on regarding market developments 
during 2022 and 2023.  
For a more in-depth analysis of risks, please refer to AAK’s 
Annual Report. 
Accounting policies in 2023   
This interim report is prepared in accordance with IAS 34, 
Interim Financial Reporting, and applicable rules in the 
Swedish Annual Accounts Act. The accounting principles 
correspond to the principles applied in the preparation of the 
Annual Report 2022.  
Alternative Performance Measures (APMs) 
AAK presents APMs to reflect underlying business 
performance and to enhance comparability from period to 
period. APMs should not be considered as a substitute for 
measures of performance in accordance with the IFRS. 
Definitions of Alternative Performance Measures can be found 
at www.aak.com under the Investor tab. For a reconciliation 
of Alternative Performance Measures, see pages 21–22. 
Definitions 
For definitions, please see our Annual Report. 
Events after the reporting period 
No events to be reported.  
The Parent Company and Group Functions  
AAK AB (publ.) is the Parent Company of the AAK Group. 
Its functions are primarily activities related to the 
development and administration of the Group.  
The result for the Parent Company after financial items 
amounted to negative SEK 268 million (negative 94). 
Interest-bearing liabilities minus cash and cash 
equivalents and interest-bearing assets totaled SEK 4,439 
million (3,443 as of December 31, 2022). Investments in 
intangible and tangible assets amounted to SEK 18 million 
(0). 
The Parent Company’s balance sheet and income 
statement are shown on pages 23–24. There are no major 
changes in the Parent Company’s balance sheet since 
year’s end. 
The Parent Company has prepared its financial reports in 
accordance with Chapter 9 of the Swedish Annual 
Accounts Act, Interim Report and RFR 2 Accounting for 
legal entities. The accounting principles correspond to the 
principles applied in the preparation of the Annual Report 
2022.

===== SIDA 13 =====

13 
Interim report | Q3 2023 
 
 
 
 
 
 
 
 
 
 
 
 
 
Auditor’s review report 
 
 
 
 
 
  
Malmö, October 25, 2023 
 
 
Johan Westman 
President and CEO 
  
 
 
 
For further information, please contact: 
Carl Ahlgren 
Head of IR & Corporate Communication 
Mobile: +46 70 681 07 34  
E-mail: carl.ahlgren@aak.com  
 
AAK AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was 
submitted for publication, under the direction of the contact person set out above, at 8:30 CET on October 25, 2023. 
 
 
Auditor’s review report 
 
 
 
 
AAK AB (publ.) 
Corp. Id. 556669-2850 
Introduction 
We have reviewed the condensed interim financial 
information (interim report) of AAK AB (publ.) as of September 
30, 2023, and the nine-month period then ended, on pages 2 
and 4-24. The Board of Directors and the Managing Director 
are responsible for the preparation and presentation of this 
interim report in accordance with IAS 34 and the Annual 
Accounts Act. Our responsibility is to express a conclusion on 
this interim report based on our review.  
Scope of review 
We conducted our review in accordance with International 
Standard on Review Engagements ISRE 2410 Review of 
Interim Financial Information Performed by the Independent 
Auditor of the Entity. A review of interim financial information 
consists of making inquiries, primarily of persons responsible 
for financial and accounting matters, and applying analytical 
and other review procedures. A review is substantially less in 
scope than an audit conducted in accordance with 
International Standards on Auditing and other generally 
accepted auditing practices and consequently does not 
enable us to obtain assurance that we would become aware 
of all significant matters that might be identified in an audit. 
Accordingly, we do not express an audit opinion. 
 
Conclusion 
Based on our review, nothing has come to our attention that 
causes us to believe that the interim report is not prepared, in 
all material respects, for the Group in accordance with IAS 34 
and the Annual Accounts Act, and for the Parent Company in 
accordance with the Annual Accounts Act.  
 
Malmö, October 25, 2023 
KPMG AB 
 
Jonas Nihlberg 
Authorized Public Accountant

===== SIDA 14 =====

14 
   AAK 
Condensed income statement  
 
SEK million 
Q3 
2023 
Q3 
2022 
Q1–Q3 
2023 
Q1–Q3 
2022 
Full year 
2022 
Net sales 11,619 13,306 35,193 37,108 50,425 
Other operating income 65 24 163 115 149 
Total operating income 11,684 13,330 35,356 37,223 50,574 
Change in inventories of finished goods and work in progress -108 -171 -81 58 201 
Raw materials and consumables -8,263 -10,185 -25,959 -29,230 -39,777 
Goods for resale -199 -289 -561 -851 -1,085 
Other external expenses -863 -963 -2,607 -2,507 -3,401 
Cost for remuneration to employees -881 -762 -2,508 -2,120 -2,958 
Depreciation, amortization and impairment losses -249 -199 -683 -590 -799 
Other operating expenses 22 61 18 -223 -217 
Total operating expenses -10,541 -12,508 -32,381 -35,463 -48,036 
        
Operating profit (EBIT) 1,143 822 2,975 1,760 2,538 
        
Financial income 22 51 59 120 69 
Financial expense -107 -70 -289 -163 -257 
Total financial net -85 -19 -230 -43 -188 
        
Profit before tax 1,058 803 2,745 1,717 2,350 
Income tax -251 -192 -661 -454 -570 
Profit for the period 807 611 2,084 1,263 1,780 
        
Attributable to non-controlling interests 2 1 4 8 10 
Attributable to the Parent Company’s shareholders 805 610 2,080 1,255 1,770 
        
Earnings per share before dilution, SEK1) 3.10 2.36 8.02 4.85 6.84 
Earnings per share after dilution, SEK2) 3.10 2.36 8.02 4.85 6.84 
      
1) Earnings per share are calculated based on a weighted average number of outstanding shares. 
2) Earnings per share are calculated based on a weighted average number of outstanding shares after dilution from outstanding subscription warrants.  
 
Comprehensive income 
 
SEK million 
Q3 
2023 
Q3 
2022 
Q1–Q3 
2023 
Q1–Q3 
2022 
Full year 
2022 
Profit for the period 807 611 2,084 1,263 1,780 
        
Items that will not be reclassified to profit or loss:        
Remeasurements of post-employment benefit obligations 17 138 17 138 149 
 17 138 17 138 149 
        
Items that may subsequently be reclassified to profit or loss:        
Translation differences -47 828 960 2,119 1,460 
Fair-value changes in cash flow hedges -3 3 -6 21 20 
Tax related to fair-value changes in cash flow hedges 0 0 1 -4 -4 
 -50 831 955 2,136 1,476 
        
Total comprehensive income for the period 774 1,580 3,056 3,537 3,405 
        
Attributable to non-controlling interests 3 1 5 14 16 
Attributable to the Parent Company’s shareholders 771 1,579 3,051 3,523 3,389

===== SIDA 15 =====

15 
Interim report | Q3 2023 
Condensed balance sheet 
 
SEK million 
 
30.09.2023 
 
30.09.2022 
 
31.12.2022 
    
Assets    
Goodwill 2,839 2,599 2,538 
Other intangible assets 311 315 293 
Property, plant and equipment 7,602 6,713 6,944 
Right-of-use assets 675 699 685 
Shares in associated companies 20 23 32 
Financial assets 88 68 67 
Deferred tax assets 357 217 327 
Total non-current assets 11,892 10,634 10,886 
     
Inventory 8,851 12,020 11,174 
Accounts receivables 6,121 7,244 6,635 
Current receivables 3,140 4,052 3,780 
Cash and cash equivalents 1,595 1,410 1,515 
Total current assets 19,707 24,726 23,104 
     
Total assets 31,599 35,360 33,990 
     
Equity and liabilities     
Shareholders’ equity 17,373 15,162 15,036 
Non-controlling interests 52 45 47 
Total equity including non-controlling interests 17,425 15,207 15,083 
     
Liabilities to banks and credit institutions 2,501 3,527 3,526 
Pension liabilities 20 118 58 
Lease liabilities 567 579 562 
Deferred tax liabilities 589 545 553 
Other non-current liabilities 319 280 273 
Total non-current liabilities 3,996 5,049 4,972 
     
Liabilities to banks and credit institutions 1,769 3,327 2,997 
Lease liabilities 153 158 162 
Accounts payables 3,915 6,214 5,337 
Other current liabilities 4,341 5,405 5,439 
Total current liabilities 10,178 15,104 13,935 
     
Total equity and liabilities 31,599 35,360 33,990

===== SIDA 16 =====

16 
   AAK 
Condensed change in equity 
 
2023 
SEK million 
Shareholders’ 
equity 
Non-controlling 
interests 
Total equity incl. 
non-controlling 
interests 
Opening balance January 1, 2023 15,036 47 15,083 
    
Profit for the period 2,080 4 2,084 
Other comprehensive income 971 1 972 
Total comprehensive income 3,051 5 3,056 
    
Dividend -714 - -714 
       
Closing balance September 30, 2023 17,373 52 17,425 
    
 
2022 
SEK million 
Shareholders’ 
equity 
Non-controlling 
interests 
Total equity incl. 
non-controlling 
interests 
Opening balance January 1, 2022 11,783 48 11,831 
    
Adjustment Opening balance IAS29 38 - 38 
Adjusted Opening balance January 1, 2022 11,821 48 11,869 
    
Profit for the period 1,255 8 1,263 
Other comprehensive income 2,268 6 2,274 
Total comprehensive income 3,523 14 3,537 
    
New issue of shares 147 - 147 
Subscription warrants 80 - 80 
Exit Russia 237 -17 220 
Dividend -646 - -646 
    
Closing balance September 30, 2022 15,162 45 15,207

===== SIDA 17 =====

17 
Interim report | Q3 2023 
Condensed cash flow statement 
 
SEK million 
Q3 
2023 
Q3 
2022 
Q1–Q3 
2023 
Q1–Q3 
2022 
Full year 
2022 
      
Operating activities      
Operating profit 1,143 822 2,975 1,760 2,538 
Depreciation, amortization and impairment losses 249 199 683 590 799 
Adjustment for other items not included in cash flow 86 38 -306 339 63 
Interest paid and received -37 -8 -149 -11 -146 
Tax paid -202 -106 -658 -442 -617 
Cash flow before changes in working capital 1,239 945 2,545 2,236 2,637 
        
Changes in inventory 595 -585 2,734 -1,963 -1,427 
Changes in accounts receivables -68 -329 727 -1,506 -1,149 
Changes in accounts payables -585 -402 -1,664 -172 -812 
Changes in other working capital items 33 331 -381 270 678 
Changes in working capital -25 -985 1,416 -3,371 -2,710 
        
Cash flow from operating activities 1,214 -40 3,961 -1,135 -73 
        
Investing activities        
Acquisition of intangible assets and property, plant and 
equipment -282 -245 -835 -746 -1,226 
Acquisition of operations and shares, net of cash acquired - - -89 - -14 
Proceeds from sale of property, plant and equipment 12 -18 46 1 7 
Cash flow from investing activities -270 -263 -878 -745 -1,233 
        
Financing activities        
Changes in loans -775 -125 -2,178 2,697 2,364 
Amortization of lease liabilities -47 -37 -135 -109 -152 
New issue of shares - 141 - 147 147 
Subscription warrants - 6 - 80 80 
Dividend paid - - -714 -646 -646 
Cash flow from financing activities -822 -15 -3,027 2,169 1,793 
        
Cash flow for the period 122 -318 56 289 487 
        
Cash and cash equivalents at start of period 1,485 1,680 1,515 1,001 1,001 
Exchange rate difference for cash equivalents -12 48 24 120 27 
Cash and cash equivalents at end of period 1,595 1,410 1,595 1,410 1,515

===== SIDA 18 =====

18 
   AAK 
Key ratios 
 
SEK million (unless otherwise stated) 
Q3 
2023 
Q3 
 2022 Δ % 
Q1–Q3 
2023 
Q1–Q3 
 2022 Δ % 
Full year 
 2022 
        
Income statement        
Volumes, ’000 MT 529 559 -5 1,575 1,688 -7 2,259 
Operating profit 1,143 822 +39 2,975 1,760 +69 2,538 
Operating profit excluding IAC 1,143 822 +39 2,975 2,110 +41 2,888 
Profit for the period 807 611 +32 2,084 1,263 +65 1,780 
Profit for the period excluding IAC 807 611 +32 2,084 1,581 +32 2,099 
            
Financial position            
Total assets 31,599 35,360 -11 31,599 35,360 -11 33,990 
Equity 17,425 15,207 +15 17,425 15,207 +15 15,083 
Net working capital 9,852 11,665 -16 9,852 11,665 -16 10,747 
Net debt 3,384 6,251 -46 3,384 6,251 -46 5,707 
            
Cash flow            
Cash flow from operating activities 1,214 -40 - 3,961 -1,135 - -73 
Cash flow from investing activities -270 -263 - -878 -745 - -1,233 
            
Share data            
Number of shares, thousand 259,559 259,559 +0 259,559 259,559 +0 259,559 
Earnings per share, SEK1) 3.10 2.36 +31 8.02 4.85 +65 6.84 
Earnings per share, excluding IAC, SEK1) 3.10 2.36 +31 8.02 6.09 +32 8.07 
Equity per share, SEK 66.93 58.41 +15 66.93 58.41 +15 57.93 
Market value on closing date, SEK 197.00 147.35 +34 197.00 147.35 +34 177.85 
            
Other key ratios            
Volume growth, percent -5 -4 - -7 -1 - -2 
Operating profit per kilo, SEK 2.16 1.47 +47 1.89 1.04 +82 1.12 
Operating profit per kilo, excluding IAC, SEK 2.16 1.47 +47 1.89 1.25 +51 1.28 
Return on Capital Employed (R12 months), percent 17.2 14.8 +16 17.2 14.8 +16 14.5 
Net debt / EBITDA, multiple 0.73 1.96 -63 0.73 1.96 -63 1.71 
        
1) Earnings per share are calculated based on a weighted average number of outstanding shares.

===== SIDA 19 =====

19 
Interim report | Q3 2023 
Quarterly data by business area 
Operating profit 
SEK million 
2022 
Q1 Q2 Q3 Q4 Full year 
2023 
 Q1 Q2 
 
Q3 
Food Ingredients 369 342 476 465 1,652 582 636 739 
Chocolate & Confectionery Fats 258 -70 310 308 806 327 275 438 
Technical Products & Feed 81 46 76 100 303 108 44 47 
Group Functions -44 -44 -40 -95 -223 -65 -75 -81 
Operating profit AAK Group 664 274 822 778 2,538 952 880 1,143 
Financial net -18 -6 -19 -145 -188 -77 -68 -85 
Profit before tax 646 268 803 633 2,350 875 812 1,058 
         
Operating profit excluding items affecting comparability 
SEK million 
2022 
Q1 Q2 Q3 Q4 Full year 
2023 
 Q1 Q2 Q3 
Food Ingredients 369 406 476 465 1,716 582 636 739 
Chocolate & Confectionery Fats 258 216 310 308 1,092 327 275 438 
Technical Products & Feed 81 46 76 100 303 108 44 47 
Group Functions -44 -44 -40 -95 -223 -65 -75 -81 
Operating profit AAK Group 664 624 822 778 2,888 952 880 1,143 
Financial net -18 -6 -19 -145 -188 -77 -68 -85 
Profit before tax 646 618 803 633 2,700 875 812 1,058 
         
 
Net sales by market 
2023 
SEK million 
FI 
Q3 
2023 
CCF 
Q3 
2023 
TPF 
Q3 
2023 
Total 
Q3 
2023 
FI 
Q1–Q3 
2023 
CCF 
Q1–Q3 
2023 
TPF 
Q1–Q3 
2023 
Total 
Q1–Q3 
2023 
Europe 2,856 1,233 549 4,638 8,568 3,556 1,855 13,979 
North and South America 3,794 1,474 0 5,268 11,408 4,697 0 16,105 
Asia 954 611 0 1,565 2,733 1,884 0 4,617 
Other countries 109 39 0 148 367 125 0 492 
Net sales 7,713 3,357 549 11,619 23,076 10,262 1,855 35,193 
         
2022 
SEK million 
FI 
Q3 
2022 
CCF 
Q3 
2022 
TPF 
Q3 
2022 
Total 
Q3 
2022 
FI 
Q1-Q3 
2022 
CCF 
Q1-Q3 
2022 
TPF 
Q1-Q3 
2022 
Total 
Q1-Q3 
2022 
Europe 3,042 1,310 711 5,063 8,782 4,397 2,169 15,348 
North and South America 4,264 1,789 0 6,053 11,846 4,697 0 16,543 
Asia 1,113 877 0 1,990 2,866 1,814 0 4,680 
Other countries 119 81 0 200 304 233 0 537 
Net sales 8,538 4,057 711 13,306 23,798 11,141 2,169 37,108

===== SIDA 20 =====

20 
   AAK 
Financial instruments 
 
SEK million 30.09.2023 31.12.2022 
Hierarchy 
level 
    
Assets at fair value through profit and loss    
Currency derivatives 452 164 2 
Sales and purchase contracts 924 2,199 2 
Investment in unlisted shares 7 7 3 
Investment in unlisted funds 60 43 3 
     
Derivatives used in cash flow hedges     
Interest rate swaps 18 25 2 
     
Assets at amortized cost     
Financial non-current assets 12 7 - 
Accounts receivables 6,121 6,635 - 
Financial current assets 33 85 - 
Cash and cash equivalents 1,595 1,515 - 
     
Total financial assets 9,222 10,680  
     
Liabilities at fair value through profit and loss     
Currency derivatives 438 294 2 
Sales and purchase contracts 272 1,140 2 
     
Liabilities at amortized cost     
Liabilities to banks and credit institutions  4,270 6,523 - 
Lease liabilities 720 724 - 
Accounts payables 3,915 5,337 - 
Other interest-bearing liabilities 12 12 - 
     
Total financial liabilities 9,627 14,030  
 
 
  
For information on the valuation techniques used by the Group in measuring the fair value of financial instruments, see note 3 
in the Annual report 2022.

===== SIDA 21 =====

21 
Interim report | Q3 2023 
Alternative Performance Measures (APMs) 
Organic volume growth 
  Percent 
Q3 
2023 
Q3 
2022 
Q1–Q3 
2023 
Q1–Q3 
2022 
Full year 
2022 
      
Food Ingredients      
Organic volume growth -3 -4 -5 -1 -3 
Acquisitions / divestments - - - - - 
Volume growth -3 -4 -5 -1 -3 
        
Chocolate & Confectionery Fats        
Organic volume growth -11 1 -12 4 0 
Acquisitions / divestments - - - - - 
Volume growth  -11 1 -12 4 0 
        
Technical Products & Feed        
Organic volume growth -8 -12 -4 -6 -4 
Acquisitions / divestments - - - - - 
Volume growth  -8 -12 -4 -6 -4 
        
AAK Group        
Organic volume growth -5 -4 -7 -1 -2 
Acquisitions / divestments - - - - - 
Volume growth -5 -4 -7 -1 -2 
      
EBITDA 
SEK million 
Q3 
2023 
Q3 
2022 
Q1–Q3 
2023 
Q1–Q3 
2022 
Full year 
2022 
Operating profit (EBIT) 1,143 822 2,975 1,760 2,538 
Depreciation, amortization and impairment losses 249 199 683 590 799 
EBITDA 1,392 1,021 3,658 2,350 3,337 
      
Operating profit excluding items affecting comparability (IAC) 
SEK million 
Q3 
2023 
Q3 
2022 
Q1–Q3 
2023 
Q1–Q3 
2022 
Full year 
2022 
      
Food Ingredients      
Operating profit, excluding IAC 739 476 1,957 1,251 1,716 
Exit Russia - - - -64 -64 
Operating profit 739 476 1,957 1,187 1,652 
        
Chocolate & Confectionery Fats        
Operating profit, excluding IAC 438 310 1,040 784 1,092 
Exit Russia - - - -286 -286 
Operating profit 438 310 1,040 498 806 
        
Technical Products & Feed        
Operating profit, excluding IAC 47 76 199 203 303 
Operating profit 47 76 199 203 303 
        
AAK Group        
Operating profit, excluding IAC 1,143 822 2,975 2,110 2,888 
Exit Russia - - - -350 -350 
Operating profit 1,143 822 2,975 1,760 2,538

===== SIDA 22 =====

22 
   AAK 
Return on Capital Employed (ROCE) 
SEK million 
R12M 
30.09.2023 
R12M 
31.12.2022 
Total assets 33,109 32,083 
Cash and cash equivalents -1,482 -1,354 
Financial assets -105 -51 
Accounts payables -4,815 -5,791 
Other non-interest-bearing liabilities -4,837 -4,998 
Capital employed 21,870 19,889 
    
Operating profit, excluding items affecting comparability 3,753 2,888 
    
Return on Capital Employed (ROCE), percent 17.2 14.5 
   
Net working capital 
SEK million 30.09.2023 31.12.2022 
Inventory 8,851 11,174 
Accounts receivables 6,121 6,635 
Other current receivables, non-interest-bearing 3,097 3,686 
Accounts payables -3,915 -5,337 
Other current liabilities, non-interest-bearing -4,302 -5,411 
Net working capital 9,852 10,747 
   
Net debt 
SEK million 30.09.2023 31.12.2022 
Current interest-bearing receivables 43 95 
Cash and cash equivalents 1,595 1,515 
Pension liabilities -20 -58 
Lease liabilities -720 -724 
Non-current liabilities to banks and credit institutions -2,501 -3,526 
Current liabilities to banks and credit institutions  -1,769 -2,997 
Other interest-bearing liabilities -12 -12 
Net debt -3,384 -5,707 
   
Net debt / EBITDA 
SEK million 30.09.2023 31.12.2022 
Net debt 3,384 5,707 
EBITDA (rolling 12 months) 4,645 3,337 
Net debt / EBITDA, multiple 0.73 1.71 
   
Equity to assets ratio 
SEK million 30.09.2023 31.12.2022 
Shareholders’ equity 17,373 15,036 
Non-controlling interests 52 47 
Total equity including non-controlling interests 17,425 15,083 
    
Total assets  31,599 33,990 
    
Equity to assets ratio, percent 55.1 44.4

===== SIDA 23 =====

23 
Interim report | Q3 2023 
Income statement – Parent Company 
 
SEK million 
Q3 
2023 
Q3 
2022 
Q1–Q3 
2023 
Q1–Q3 
2022 
Full year 
2022 
Net sales 157 32 245 96 160 
Total operating income 157 32 245 96 160 
Other external expenses -130 -30 -252 -93 -151 
Cost for remuneration to employees -50 -26 -114 -76 -130 
Depreciation, amortization and impairment losses -3 -2 -7 -5 -7 
Total operating expenses -183 -58 -373 -174 -288 
         
Operating profit (EBIT) -26 -26 -128 -78 -128 
          
Profit from interest in Group companies - - - - 108 
Interest income and similar items 0 3 1 21 20 
Interest expense and similar items -57 -21 -141 -37 -63 
Total financial net -57 -18 -140 -16 65 
         
Profit before tax -83 -44 -268 -94 -63 
Income tax 15 6 53 19 0 
Profit for the period -68 -38 -215 -75 -63

===== SIDA 24 =====

24 
   AAK 
Condensed balance sheet – Parent Company 
 
SEK million 
 
30.09.2023 31.12.2022 
   
Assets   
Other intangible assets 21 8 
Property, plant and equipment 2 1 
Right-of-use assets 23 2 
Financial assets 9,914 9,974 
Deferred tax assets 3 3 
Total non-current assets 9,963 9,988 
    
Current receivables 550 493 
Cash and cash equivalents 0 0 
Total current assets 550 493 
    
Total assets 10,513 10,481 
    
Equity and liabilities    
Shareholders’ equity 5,882 6,811 
Non-controlling interests - - 
Total equity including non-controlling interests 5,882     6,811 
    
Liabilities to banks and credit institutions 2,000 3,000 
Lease liabilities 18 1 
Other non-current liabilities 975 36 
Total non-current liabilities 2,993 3,037 
    
Liabilities to banks and credit institutions 1,500 500 
Lease liabilities 5 2 
Accounts payables 14 18 
Other current liabilities 119 113 
Total current liabilities 1,638 633 
    
Total equity and liabilities 10,513 10,481

===== SIDA 25 =====

25 
Interim report | Q3 2023 
Price trends in raw materials  
 
 
 
 
 
 
Additional information 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
USD/ton
Rapeseed oil and palm oil
Rapeseed oil Palm oil
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
USD/ton
Cocoa butter
For information regarding cocoa and cocoa butter please 
refer to information at www.icco.org 
Conference call 
AAK will host a conference call for investors and analysts on 
October 25, 2023, at 10 a.m. CET. The presentation can be 
followed via teleconference or webcast. Please visit 
www.aak.com for details.  
The annual and quarterly reports are published on 
www.aak.com.  
Financial calendar 2023-2024  
February 7, 2024: Q4 and year-end report for 2023 
April 25, 2024: Q1 and three month report for 2024 
May 8, 2024: Annual General Meeting, Malmö, Sweden 
July 18, 2024: Q2 and six month report for 2024 
October 24, 2024: Q3 and nine month report for 2024 
February 5, 2025: Q4 and year-end report for 2024 
Forward-looking statements 
This report contains forward-looking statements. Such 
statements are subject to risks and uncertainties since 
various factors, many of which are beyond the control of AAK 
AB (publ.), may cause actual developments and results to 
differ materially from the expectations expressed in this 
report. 
Governing text 
The report has been translated from Swedish. The Swedish 
text shall govern for all purposes and prevail in the event of 
any discrepancy between the versions.  
Investor Relations contact 
Carl Ahlgren 
Head of IR & Corporate Communication 
Mobile: +46 706 81 07 34 
E-mail: carl.ahlgren@aak.com

===== SIDA 26 =====

26 
   AAK 
 
Everything 
 we do  
is about 
 Making Better Happen™ 
Explore more at 
www.aak.com 
Everything AAK does is about Making Better Happen™.  
We specialize in plant-based oils and fats, the value-
adding ingredients in many products people love to 
consume. 
We make these products better tasting, healthier, and 
more sustainable. At the heart of AAK’s offer is customer 
co-development, combining our desire to understand 
what Making Better Happen™ means for each customer 
with the unique flexibility of our production assets and 
deep knowledge of products and industries, including 
Chocolate & Confectionery, Bakery, Dairy, Plant-based 
Foods, Special Nutrition, Foodservice, and Personal Care.  
Our 4,000 employees support our close collaboration 
with customers through 25 regional sales offices, 16 
dedicated Customer Innovation Centers, and with the 
support of more than 20 production facilities. 
Listed on Nasdaq Stockholm and headquartered in 
Malmö, Sweden, AAK has been Making Better Happen™ 
for 150 years.