Interim Report Q1 2012

Arne Frank CEO

Anders Byström

CFO

Fredrik Nilsson

Head of IR

2

Agenda

First quarter 2012

Business Area information

AAK Acceleration

Other major events

Q & A

3

First quarter 2012

Volumes growth of 7 percent.

Net sales in the first quarter increased to SEK 4,222 million (3,843).

A record high operating profit (EBIT), reached SEK 220 million (204), an improvement of 8 percent.

• Food Ingredients reached a record high first quarter of SEK 137 million (104), an improvement by 32 percent.

• Chocolate & Confectionery Fats was stable, SEK 81 million (81).

• Technical Products & Feed had another challenging quarter but reached SEK 25 million (39).

Operating profit per kilo continued to improve from SEK 0.59 to SEK 0.60.

As predicted we recorded a record high first quarter cash flow of SEK 384 million.

Earnings per share increased, from SEK 3.38 to SEK 3.43 despite higher interest costs.

4

Focus the analysis on:

• Volume

• Operating profit

• Operating profit per kilo

• Return on Net Operating Assets

• Net Debt / EBITDA

Financial summary

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Focus the analysis on:

• Volume

• Operating profit

• Operating profit per kilo

• Return on Net Operating Assets

• Net Debt / EBITDA

Financial summary

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Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12

Net Debt/Ebitda

6,0%

7,0%

8,0%

9,0%

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11,0%

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Return on Net Operating Assets

Rolling 12 months

Quarter

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First quarter 2012

A record high operating profit reached SEK 137 million (104), an increase of 32 percent

Operating profit per kilo continued to improve – by 17 percent from SEK 0.54 per kilo to 0.63 SEK per kilo

Volume increased by 12 percent

• Like for like +1 percent

Continued strong development in many speciality product areas, in particular:

• Bakery

• Dairy Fat Alternatives

• Infant Nutrition

We remain clearly optimistic for the future mainly driven by this business area

Food Ingredients

+32%

7

AAK Louisville

AAK Louisville has now started to contribute to the Group result according to plan The AAK Louisville integration is continuing in line with plan

Operating profit per kilo in line with current group average from January 2012 The acquisition is reported in the Food Ingredients business area

First quarter 2012

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Food Ingredients

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Food Ingredients - Operating profit per kg

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Chocolate &Confectionery Fats

First quarter 2012

The operating result reached SEK 81 million (81)

Operating profit per kilo was also stable at SEK 1.03 (1.03)

Volumes as well remained stable during the quarter, also as earlier predicted

The continued record low cocoa butter price (minus approximately 30-40 percentage versus a three year average) represents a clear challenge for the business area in the short to medium term

The management for the business area have very professionally succeeded in diversifying the business by taking it more into a solutions approach

We expect the business area to remain approximately stable or somewhat challenged during the next quarters

+0%

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Chocolate & Confectionery Fats

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Technical Products & Feed

First quarter 2012

Operating profit was SEK 25 million (39)

Volumes decreased by 1 percent, which mainly was due to lower volumes of fatty acids

The underlying trend in the first quarter 2012 was still very challenging but slightly less challenging than during the third and fourth quarter 2011

As earlier communicated the next quarter/quarters will continue to be challenging but the situation is expected to gradually improve somewhat during the third and fourth quarter

-36%

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Strong cash flow

As predicted cash flow from operating activities incl change in working capital came in very strongly, SEK 384 million (negative 358)

• Positive cash flow from a reduction in working capital was SEK 139 million (negative 562)

Cash flow, after net investments of SEK 107 million (68) was SEK 277 million (negative 426)

SEK million Q1 2012

Q1 2011

Full Year 2011

Cash flow from operating activities 245 204 902

Change in working capital 139 -562 -613

Cash flow from operating activities incl change in working capital

384 -358 289

Cash flow from investments -107 -68 -670

Free cash flow 277 -426 -381

13

Raw material prices

10 percent change in all raw material prices will effect working capital by +/-SEK 250 million

Time lag of six to nine months

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Raw material prices

Rapseed Palm

Increase 10-15%

-250 MSEK +250 MSEK

Working capital

Q4 2012/Q1 2013?? Mainly Q1 2012

14

Q1 volume trends by region

C. Europe CIS

W. Europe

15

Capacity expansion for Infant Nutrition

AAK expands capacity further for the production of InFat™ at the Karlshamn factory

• InFat™ is produced in an unique enzymatic inter- esterification process and has proven to be a very effective and appreciated addition to Infant Formulas

This product has been successfully introduced to the Infant Nutrition industry by Advanced Lipids, the Joint Venture, in this specific product/technology area, between AAK and Enzymotec

AAK opened the state of the art factory for the manufacturing of Infat™ in Karlshamn in 2008

The sales of the product has since then enjoyed a strong increase and the factory expansion will enable AAK to increase the production further to meet expectations for continued strong growth of InFat™ in the coming years

CSR in Western Africa

AAK triples its activities with women groups in Burkina Faso, Western Africa

• To ensure improved supply and quality of the strategically important shea kernels

• Improve living conditions locally in the villages

• The partnership based on the fair trade principles, ensuring the women a steady income and a bonus for delivering high-quality products, but without binding them to trading with AAK

16

17

AAK Acceleration - Growth

AAK Acceleration projects KPI´s

Bakery

Dairy

CCF

Infant Nutrition

Food Service

Merger & Acquisition N.A.

Fast-growing economies

• China

• Brazil

Ahead of plan On plan

Slightly ahead of plan Behind plan

18

AAK Acceleration - Efficiency

AAK Acceleration projects KPI´s

Purchasing

Productivity

Ahead of plan On plan

Slightly ahead of plan Behind plan

19

AAK Acceleration - People

AAK Acceleration projects KPI´s

Sales

Mobilize Ourselves

Internal communication

Ahead of plan On plan

Slightly ahead of plan Behind plan

20

Concluding remarks from CEO

The impact on our industry from the more difficult general economy in Europe is difficult to predict

However, based on AAK’s customer value propositions for:

• Health

• Reduced costs

• Customer product co development and solutions approach

• The AAK Acceleration program, Growth-Efficiency-People

We remain prudently optimistic for the future mainly driven by a very strong Food Ingredients business

21

Questions & Answers

22

The first choice

for value-added

vegetable oil

solutions

23

Investor Relations Contacts

Arne Frank Chief Executive Officer and President Phone: +46 40 627 83 00

Anders Byström Chief Financial Officer Phone: +46 40 627 83 00

Fredrik Nilsson Head of Investor Relations and Group Financial Manager Phone: +46 40 627 83 34 Mobile: +46 708 95 22 21 E-mail: fredrik.nilsson@aak.com

Further Investor Relations material can be

found at www.aak.com/en/Investor

24

Financial calendar

Financial calendar 2012

15 May, 2012 Annual General Meeting

19 July, 2012 Interim report for the second quarter 2012

7 November, 2012 Interim report for the third quarter 2012

19 November, 2012 Capital Market Day in Stockholm

21 November, 2012 Capital Market Day in Copenhagen

7 February, 2013 Fourth quarter and full-year report 2012

25

Cocoa Butter

SEK/tonne USD/tonne

26

Raw material price development, SEK/tonne

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Group Financial Overview

Q1 2012

Q1 2011

% Change

Rolling 12 mth

YTD 2011

366 343 +7% Volume (’000) 1 449 1 426

220 204 +8% Operating profit (EBIT) 927 911

0.60 0.59 +2% Operating profit per kilo 0.64 0.64

-24 -15 -60% Financial net -107 -98

141 139 +1% Net result 606 604

3.43 3.38 +1% Earnings per share (EPS) 14.77 14.72

28

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2010 In appr 4-6 years

CAGR 15 %

AAK Acceleration - Management Growth ambition* on track

* As expressed at the Capital Market Day November 10, 2010 and at fixed exchange rates. ** Rolling 12 months third quarter at fixed exchange rates

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Acquisitions

Organic Growth

Productivity

Operating profit 2010

950

2011

** **