business and strategy update

Johan WestmanPresident and CEO

Capital Market DayMalmö, November 23, 2021

Business and strategy update

The Co-Development Company Capital Market Day 2021

Forward-looking statements

The Co-Development Company

This presentation includes forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein.

This presentation contains a number of forward-looking statements including, in particular, statements about future events, future financial performances, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. AAK has based these forward-looking statements on its views with respect to future events and financial performance. Actual financial performance of the entities described herein could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated.

Given these uncertainties, readers should not put undue reliance on any forward-looking statements. Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and AAK does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations.

Capital Market Day 2021

The world around us… …in which we navigate well, Making Better HappenTM


Our vision remains – to be the first choice for plant-based oil solutions AAK and the macro-economic climate

• High uncertainty • Continued high raw material prices• Disturbances in global logistics• Cost inflation

• Strong performance under difficult circumstances• A robust foundation, a strong financial track record and

a solid balance sheet• Passion, drive and agility continue to drive us forward



• A global key supplier to different food supply chains

• High value-adding solutions for the bakery, dairy, plant-based foods, foodservice and special nutrition industries

Food Ingredients

Technical Products & Feed

AAK today

• Market leader within functional cocoa butter alternatives

• Speciality fats solutions for chocolates, such as confectionery fillings and spreads

Chocolate & Confectionery Fats

• Sustainable business using by-products from speciality oils manufacturing

• Animal feed and solutions for technical products, such as detergents, candles and tire manufacturing

Net sales32.3

billion(R12M)

EBIT2,341

million(R12M)

Employees3,980

(end Sept. 2021)


A global player with a solid offering in three business areas


A strong portfolio strategy based on different opportunity profiles by industry


Maintain current strategy

Optimize performance

Personal Care

Dairy

Natural Emulsifiers

Bakery

Invest in continued growth

Bet for the future

Health & Nutrition platform

Plant-based Foods Technical Products &

Feed

Special NutritionChocolate & Confectionery Fats

Foodservice


Major recent initiatives to facilitate developments within the portfolio strategy


Maintain current strategy

Optimize performance

Technical Products &

Feed

Foodservice

Personal Care

Dairy

Natural Emulsifiers

Bakery

Invest in continued growth

Bet for the future

Special Nutrition

Plant-based Foods


Health & Nutrition platform

Portfolio and cost optimization

Partnerships and innovation

New technologies and capabilities

Stepping up for growth in “natural”

candles

Acquisition of lecithin

business BIC Ingredients

Improved USA position

and GTM* efficiency

Partnershipon algae-based

DHA. OPO expansion China

Market and capacity expansion.

Customer Co-Development

Streamlining and

rightsizing

*Go-To-Market

A broad range of customer segments within our business areasCatering to many customer needs reduces risk


Volumes – January to September 2021

250

200

100

300

400

350

0

50

150

Personal Care

Candle waxes

351(20%)

Plant-based Foods

193(11%)

Special Nutrition

MT (‘000)

CCF Bakery Industrial Food-service

Dairy Feed Technical fatty acids

Fish Feed

68(4%)

371(22%)

202(12%) 169

(10%)166

(10%)

107(6%)

30(2%)

29(2%) 9

(1%)6

(0.4%)

Food Ingredients



Year-on-year volume growth


-20

-30

0

20

40

30

10

50

-10

60

6(6%)

MT (´000)

0.3(3%)

Special Nutrition

CCF Food-service

12(75%)

Candle waxes

Plant-based Foods

Dairy Personal Care

-7(-4%)

Fish Feed Feed Industrial

55(18%)

13(7%) 9

(46%)7

(2%)7

(12%)5

(3%)

-22(-10%)

0.3(5%)

Technical fatty acids

Bakery

Development as per end September 2021

MT (‘000)Food Ingredients



Delivery on our strategy

We are well positioned to benefit from consumer trends


Consumer

Health and well-beingTransparency

Premiumi-zationConvenience

Customi-zation

Sustainable & Eco

Trace-ability

Better-for-you

Natural/organic

Social media

Just-for-me

Self-branding

Ethical living

Plant-based

Indul-gence

Trading up

Food-service

e-com

On-the-go

Our commitment: Making Better HappenTM from plant to brand


Better Sourcing

Engage to transform

Better Operations

Reduce environmental and social risks

Better Solutions

Enable a better world


Mergers and acquisitions remain a key enabler for our continued growth journey


CapacityGeographic expansion

Technology and capabilities

Adjacent product portfolios

Making Better Happen™…supports a strong culture and unified behaviors, as the key to bringing our

AMBITIONS TO LIFE

Our purpose


Structural growth M&A and brownfield/greenfield investments

Continued profit growth rests on four pillars


OptimizationFocus on productivity and cost structure

High value-adding solutionsProgress on sustainable, co-developed speciality solutions

average 10%year-over-year

EBITimprovement

Structural growth Execute strategic mergers and acquisitions,

greenfields and brownfields

Market growthManage portfolio and tap favorable

consumer trends

With a solid strategic direction in a market where strong consumer trends drive demand

Ambition of

Thank you


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