Scandi Standard (SCST SS) · Foodservice 10 Other Net Sales Q1 2020 2 479 2 458 37 76 17 41 21 20 Net Norway Sales Q1 2019 Sweden Denmark Ireland Finland Elim Net Sales Q1 2020 2

UP

Scandi Standard (SCST SS)Q1 2020 Presentation – 12 May 2019 Revenue by category

Revenues per country

Revenue by channel

Sweden 28%

Denmark 30%

Norway 16%

Ireland 21%

Finland 5%

Chilled 54%

Frozen 11%

Ready to eat 19%

Other 16%

Retail 66%

Food service 18%

Export 8%

Industry 5%

Other 3%

Note: Figures for 2017, 2018 and 2019 are compiled in accordance with changed accounting principles for IFRS 16 Leases, note 21 in the 2018 Annual Report 2018

2

Forward looking statements and accounting issues

This presentation contains various forward-looking statements that reflect management’s current views with respect tofuture events and financial and operational performance. The words “believe,” “expect,” “anticipate,” “intend,” “may,” “plan,”“estimate,” “should,” “could,” “aim,” “target,” “might,” or, in each case, their negative, or similar expressions identify certain ofthese forward-looking statements. Others can be identified from the context in which the statements are made. Theseforward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some casesbeyond the Company’s control and may cause actual results or performance to differ materially from those expressed orimplied from such forward-looking statements. These risks include but are not limited to the Company’s ability to operateprofitably, maintain its competitive position, to promote and improve its reputation and the awareness of the brands in itsportfolio, to successfully operate its growth strategy and the impact of changes in pricing policies, political and regulatorydevelopments in the markets in which the Company operates, and other risks.

The information and opinions contained in this document are provided as at the date of this presentation and are subject tochange without notice.

No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness,accuracy or completeness of the information contained herein. Accordingly, none of the Company, or any of its principalshareholders or subsidiary undertakings or any of such person’s officers or employees accepts any liability whatsoeverarising directly or indirectly from the use of this document.

3

2020 – Strong operating performance

1)Net cash flow excluding dividend and acquisitions

• 1% growth in revenues

• 6% growth in adj. EBIT

• Strong operational cash flow

• Business resilient to Covid-19 effects

- Non-comparable items of MSEK 42

Financial highlights

MSEK Q1 2020 Q1 2019 LTM 2019

Net sales 2 479 2 458 9 911 9 891

Adj. EBITDA 200 190 786 776

Adj. EBITA 130 125 517 511

Adj. EBIT 117 110 461 454

Non-recurring items -42 - -72 -30

EBIT 75 110 389 424

Adj. EBITDA margin 8,1% 7,7% 7,9% 7,8%

Adj. EBIT margin 4,7% 4,5% 4,7% 4,6%

Op. cash flow* 95 41 644 590

NIBD -2 134 -2 411 -2 134 -2 200

EPS 0,51 1,11 3,00 3,60

EPS adj. 1,16 1,11 4,10 4,06

Net cash flow per share1) 1,02 -0,64 4,20 2,56

Adj. ROCE 10,8% 9,9% 10,8% 11,0%

Return on Equity 11,0% 14,1% 11,0% 14,2%

4

44

Net Sales Q1 2019

Retail

13

Foodservice

10

Other Net Sales Q1 2020

2 479

2 458

37

76

17

41

21 20

NorwayNet Sales Q1

2019

Sweden Denmark Ireland Finland Elim Net Sales Q1

2020

2 458

2 479

+5% - 9% +5% +8% +19%

+3% -2%

Q1 Stable top line development

• Total top line growth 1%

• Growth in retail, helped by Covid-19 last two weeks of March

• Foodservice negatively impacted

• Strong growth in four out of five countries

- Denmark negatively impacted by short term gap in listings and Covid-19 pandemic

Growth by segment*

Growth by country*

* Increase vs. Q1 2019

5

• Strong volume growth

- Driven by Ready-to-cook

• Price decreases to pass through lower feed price

• Some OPEX increases

- Marketing and general cost inflation

• Increasing depreciation

- Capex level higher than depreciation

6% growth in adj. EBIT

Price/Mix

15 0

Adj EBIT Q1 2019

Volume

110

54 54

COGS

5

OPEX

3

Depr Curr Adj EBIT Q1 2020

117

6

Development by product categories

• Stable development in Chilled Ready-to-cook

- Reduced prices to pass through lower feed prices

- Replacement of retail client in Denmark

- Gap in supplies February through April

- Underlying growth in Chilled Ready-to-cook +7%*

• Stable quarterly development in Ready-to-eat

- 7% growth in January/February

- 14% drop in March due to Covid-19 effects

Net sales by product category as percentage of total net sales (change from same period last year in parenthesis)

RTC=Ready-to-cookRTE= Ready-to-eat

54%

11%

6%

19%

4%6%

Ingredients (+11%)

RTC Chilled (0%)

RTC Export (+19%)

RTC Frozen (+1%)

RTE (0%)

Other

* Adjusted for client replacement

7

Covid-19 - Effects on Retail and Food Service cancel each other out

• 2/3 of sales normally through retail channel- 7% increase in retail sales in April

• 20% of sales normally through food service channel- 31% drop in food service sales in April

• Large operational adjustments required in processing- Increased throughput of consumer products

- Temporary shut-down of some Ready-to-eat lines

• MSEK 27 non-recurring costs related to Covid-19 in the quarter- MSEK 9 provisions for inventory write-down

- MSEK 11 provisions for bad debt

- MSEK 7 additional operating costs in the quarterNet sales by product category as percentage of total net sales (change from same period last year in parenthesis)

66%

18%

5%

8%

Export (+7%)

Retail (+3%)

Foodservice (-2%)

Industry (+10%) 3%

Other

Sale channels: Trend from March continue in AprilTotal sales -1% in April

508

FebJan March April

482

542 541 540

604

543

492

-0.3%

-2.1%

+11.9%

+6.9%

2019 2020

144

April

154

99

Jan

176

MarFeb

181

144 144

116

+3.2%

+7.4%

-19.1% -31.5%

2019 2020

Retail Develepment per month, MSEK Food Service Development per month, MSEK

9

4 x organic growth in Ready-to-eat in 5 years

• Rapidly growing market for convenience products

• Developing platforms for the future

Ready-to-eat products, Total sales (MSEK) and share of Group sales

10

• 5% increase in net sales

- Solid retail demand

• 7% increase in adj. EBIT

- Good development in operating performance

• Limited Covid-19 effects (MSEK 4*)

- Cost relating to increased sick leave and bad debt provisions

Sweden –Solid growth and improved margins

MSEK Q1 2020 Q1 2019 LTM 2019

Net Sales 732 695 2 900 2 864

Adj. EBITDA 67 60 264 257

Depreciation -18 -18 -74 -74

Adj. EBITA 49 42 190 183

Amortisation -0 -0 -1 -1

Adj. EBIT 49 42 189 182

Non-recurrings items -4 - -4 -

EBIT 45 42 185 182


Adj. EBITA margin 6,7% 6,0% 6,6% 6,4%

Adj. EBIT margin 6,7% 6,0% 6,5% 6,3%

* Non recurring items

11

Denmark – Weak quarter, new listings from May and progress for differentiation strategy going forward

• 9% drop in net sales

- Gap in connection with shift in retail client portfolio (February through April)

• Progress for differentiation strategy

- Increased listings from May

- Expected lower export sales going forward

• Covid-19 related non-recurring items of MSEK 11

- Cost relating to closure of production lines and provisions for inventory write down and bad debt

MSEK Q1 2020 Q1 2019 LTM 2019

Net Sales 784 860 3 351 3 426

Adj. EBITDA 42 53 175 186


Adj. EBITA 21 33 89 103


Adj. EBIT 20 32 88 101

Non-recurrings items -11 - -31 -20

EBIT 8 32 57 80


Adj. EBITA margin 2,6% 3,8% 2,6% 3,0%

Adj. EBIT margin 2,5% 3,7% 2,6% 2,9%

Covid 19 costs incurred in April MSEK 8

12

Norway – Another quarter of strong growth and solid margins

• 5% revenue increase

- 9% in local currency

• Continued best in class margins

• Limited Covid-19 effects (MSEK 3*)

- Provisions for bad debt and write-down of inventory

MSEK Q1 2020 Q1 2019 LTM 2019

Net Sales 419 400 1 637 1 619

Adj. EBITDA 51 55 220 223


Adj. EBITA 38 41 163 166


Adj. EBIT 34 37 147 150


EBIT 31 37 145 150


Adj. EBITA margin 9,0% 10,2% 10,0% 10,3%

Adj. EBIT margin 8,1% 9,2% 9,0% 9,2%

* Non recurring items

13

Ireland – Strong growth and improved margins

• 8% revenue growth (6% in local currency)

• Good operational performance

• Covid-19 related non-recurring items of MSEK 9

- Provisions for bad debt and write down of inventory

MSEK Q1 2020 Q1 2019 LTM 2019

Net Sales 538 496 2 013 1 972

Adj. EBITDA 54 32 191 169


Adj. EBITA 44 25 156 137


Adj. EBIT 36 17 126 107


EBIT 27 17 117 107


Adj. EBITA margin 8,2% 5,0% 7,8% 6,9%

Adj. EBIT margin 6,8% 3,5% 6,3% 5,4%

14

Finland – Strong growth and good operations

• 19% revenue growth

- 16% in local currency

• 4.9% EBITDA margin

• Limited Covid-19 effects

• Investments underway to debottleneck

MSEK Q1 2020 Q1 2019 LTM 2019

Net Sales 134 112 513 491

Adj. EBITDA 7 6 21 20


Adj. EBITA 1 1 -1 -2

Amortisation - - - -

Adj. EBIT 1 1 -1 -2

Non-recurrings items - - -9 -9

EBIT 1 1 -10 -10


Adj. EBITA margin 0,7% 0,5% -0,2% -0,3%

Adj. EBIT margin 0,7% 0,5% -0,2% -0,3%

15

Strategic review concluded in the quarter

• Broad process to absorb best ideas for path to extract organic growth and earnings potential

• Focus on

- Future strategic direction - “where to play”

- Operating model – “how to play”

• Decision to form new segments to focus and refine skill sets in the organisation

Wide product range including whole chicken, cuts, marinated,

steaks, skewers, organic, free-range, etc.

Cooked chicken,

e.g. nuggets,

salad chicken,

skewers,

meatballs etc.

Bi-

products

Ready-to-Cook Ready-to-Eat Ingredients

16

Income statement

• 1% revenue growth in the quarter

• Increased depreciation

- Investment level above depreciation

• Non recurring items

- MSEK 27 Covid-19 effects

- MSEK 16 strategic review process costs

• Net financial items MSEK 33

- Increase mainly driven by currency

• Low quarterly tax

- Tax rate 15%

• EPS SEK 0.51 (1.11)

- Adj EPS 1,16 (1,11)

MSEK Q1 2020 Q1 2019 LTM 2 019

Net sales 2 479 2 458 9 911 9 891

Adj. EBITDA 200 190 786 776


Adj. EBITA 130 123 513 505


Adj. EBIT 117 110 461 454

Non-recurring items -42 - -72 -30

EBIT 75 110 389 424

Net financial items -33 -21 -125 -113

Earnings before tax 41 89 264 312

Taxes -6 -17 -64 -75

Net income 35 72 199 237

-

Average number of shares, million 65,4 65,3 65,6 65,4

EPS 0,51 1,11 3,00 3,60

Adj. EPS 1,16 1,11 4,10 4,06


Adj. EBITA margin 5,3% 5,0% 5,2% 5,1%

Adj. EBIT margin 4,7% 4,5% 4,7% 4,6%

17

Statement of financial position

9.910.8

0

2

4

6

8

10

12 5

0

3

1

2

4

Average Capital Employed, BSEK

Q1 2020

Adj. ROCE %

4,1

Q1 2019

4,34,1

14.1 14.6

0

5

10

15

0,0

0,5

1,0

1,5

2,0

1,6

Adj. ROE% Average Equity, BSEK

Q1 2019

1,8

Q1 2020

• Continued improved returns

- Adj. ROCE 10.8%

- ROE 14.6%

• Equity ratio 28.8% (27.3%)

18

Working capital Working capital

617710

632 654

509563

498 543

211 181

0

1

2

3

4

5

6

7

8

0

100

200

300

400

500

600

700

8007.5%

Q2 2018

7.8%

Q3 2018

7.5%

Q4 2017 Q1 2018

7.7%

5.8%

Q4 2018

6.2%

Q1 2019

5.3%

Q2 2019

5.6%

Q3 2019

2.1%

Q4 2019

1.8%

Q1 2020

• Reduction in working capital

- Increased factoring and vendor financing

• Working capital / Sales 1.8%

• Target level adjusted for financing expected to be around 7%

- Q1 2020 Adjusted for financing elements 7,1% (Q1 2019 8,4%)

Working capital

Working capital / Sales

MSEK

31 mars

2020

31 mars

2019

31 dec

2019

Inventory 856 781 826

Trade and other receivables 954 986 901

Trade and other payables -1 249 -968 -1 117

Other working capital, net -380 -238 -400

Working capital 181 563 211

Net working capital/Sales 1,8% 6,2% 2,1%

19

Strong cash flow

1)Net cash flow excluding dividend and acquisitions

• EBITDA drop due to Covid-19 effects

- Non-recurring items of MSEK 42

- Non cash provisions relating to bad debt and inventory is listed under change in working capital

• Significant working capital release

• High quarterly capital expenditure

• Net cash flow per share SEK 1.02

MSEK Q1 2020 Q1 2019 LTM 2019

Opening balance NIBD -2 200 -2 370 -2 200 -2 370

EBITDA 159 190 718 748

Adjustments for non-cash items 5 4 30 29

Change in working capital 52 -68 385 264

Capital expenditure -103 -72 -450 -419

Net increase in leasing assets -17 -12 -38 -33

Operating cashflow 95 41 644 590

Paid finance items net -19 -22 -70 -72

Paid tax -16 -23 -42 -49

Paid dividend 0 0 -131 -131

Acquisitions 0 0 -133 -133

Other items 7 -37 8 -36

Net cash flow 66 -42 278 170

Closing balance NIBD -2 134 -2 411 -2 134 -2 200

Capex/Depreciation 172% 126% 177% 166%

Paid financial expenses/NIBD 1% 1% 3% 3%

Net cash flow per share1) 1,02 -0,64 4,20 2,56

Dividend per share - - - 2,00

20

Strong balance sheetPrecautionary cash preservation measures implemented

Notes: (1) Subject to changes – estimates updated on a quarterly basis (2) Yield based on YTD share price (3) Capex/Depreciation for 2018 and 2019E based on changed IFRS standard

• Dividend proposal withdrawn (MSEK 147)

• 2020 capital expenditures estimated to MSEK 300 (419)

- Reduced from MSEK 420

• Renewal of MSEK 200 credit facility and additional credit lines of MSEK 200 obtained from lenders

• Paid interest estimate to 3 - 3.5% of average NIBD

• Blended effective tax rate of about 20-21%

• Contingent liabilities - Manor Farm acquisition

- Three earn out tranches payable in 2019, 2020 and 2021

- 2019 tranche of MSEK 133 paid in Q3 2019

0.0

3.01.0

0.5

3.51.5

4.02.0

0.0

2.5

1.30

2015

0.00

1.80

Dividend yield

2016 2017 2018 2019

1.80

1.35

2.00

2020Paid dividend Dividend yield

Dividend

0

50

100

150

200

250

300

350

400

450

0.0

1.2

0.8

0.2

0.4

1.0

0.6

1.4

Capex/Depreciation

2015 2016 2017 2018 2019 2020E

Capital expenditure Capex / depreciation

Capital expenditure

21

22

The importance of lowering the antibiotics usage

• Antibiotic resistance is considered a global threat

- Often called the “silent pandemic”

• Covid-19 outbreak expose risks and consequences of global antibiotics resistant bacteria

• Preventing antibiotic resistance more important than ever

• Reducing our own usage of antibiotics is a key priority

- Systematic approach with constant improvements

- Nordic level is the benchmark

• The group target is <1% treated flocks

- The 2019 result was 0.1% for the Nordic operations

- No industry statistics available but international usage estimated to be high, in some cases up to 100% of flocks

23

Summary and Outlook

• Overall business resilient to Covid-19 effects

• Solid results in the quarter

• Contingency plans in case of business disruptions

• Solid balance sheet and liquidity situation

• Following structural opportunities closely

• Good start to second quarter

Pro-forma figures and non- comparable items

Appendix I

25

26

Non-recurring items

Non-comparable items in operating income

MSEK Q1 2020 Q1 2019 LTM 2019

Cost related to Covid-19 pandemic1)-27 - -27 -

Strategy projekt2)-16 - -16 -

Staff reduction costs3)- - -12 -12

Restructuring of production4)- - -7 -7

Transaction costs5)- - -1 -1

Costs for incorrect inserts goods6)- - -6 -6

Other - - -4 -4

Total -42 - -72 -30

3) Restructuring costs in Denmark in 2019.

4) Closing of hatchery in Finland in 2019

1) CCost related to Covid-19 pandemic -w ritedow n of inventory for Foodservice MSEK 9, bad debt

reservation of MSEK 11, temporarily closing of production lines for Ready-to-eat products in

Denmark of MSEK 5 and other of MSEK 2.

5) Deal fees mainly related to the acquisitions of Rokkedahl Food ApS in Denmark in 2018 and

Carton Bros ULC in Ireland 2017.

6) Costs for due to quality issues in purchased raw material that have not been covered by

insurance.

2) Comprehensive strategy project in the Group amied to review the business and common strategy

on medium term.

Manor Farm earn-out mechanism

Other

Appendix II

28

• The first earn-out tranche of EUR 0.4 million will be paid if 2017 EBITDA exceeds EUR 13 million

• The three later earn-out tranches

- Nominal aggregate base amount of EUR 25 million

- Subject to adjustment based on the actual EBITDA performance in each of the earn-out years 2018, 2019 and 2020 as compared to the 2016 EBITDA

- For the calculation of each earn-out payment, a sliding EV/EBITDA multiple scale is applied, ranging from a minimum multiple of zero to a maximum multiple of 9

- The earn-out tranches will be paid upon availability of audited accounts for the relevant year, verifying EBITDA

• The agreement includes a provision whereby the vendors would be eligible for a minimum of the base earn-out amount at maturity of each of the remaining earn-out tranches if there is a change of control in Scandi Standard.

Earn-out mechanism

EUR million EBITDA Earn out payment

1 0.1

3 0.6

5 1.5

7 2.7

9 4.2

11 6.1

13 8.3

15 10.9

17 13.1

19 14.6

21 16.2

Scandi Standard (SCST SS) · Foodservice 10 Other Net Sales Q1 2020 2 479 2 458 37 76 17 41 21 20 Net Norway Sales Q1 2019 Sweden Denmark Ireland Finland Elim Net Sales Q1 2020 2

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