Arne Frank CEO

Fredrik Nilsson

CFO

Interim report Second quarter 2015

Agenda

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Second quarter 2015

Business area information

AAKtion

Q & A

Second quarter 2015

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Volume ´000 MT

Sales SEK

million

EBIT SEK

million

EBIT per kilo

SEK

EPS SEK

Net debt SEK

million

+16%

+4%

+20%

+12% Organic

+4%

+30%

446 (399)

326* (281*)

4,954 (4,114)

5.38 (4.14)

0.73* (0.70*)

-19% 2,032 (2014 Q4: 2,508)

* Adjusted for non-recurring items

Second quarter 2015

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AAK Group – Operating profit • Operating profit, excluding non-recurring items, reached

SEK 326 million (281), an improvement of 16 percent ‒ The currency translation impact was positive SEK 39 million

‒ Operating profit at fixed foreign exchange rates and adjusted for last year’s divestment of Binol improved by 4 percent

• Operating profit per kilo, excluding non-recurring items, reached SEK 0.73 (0.70). The currency translation impact was SEK 0.09 (0.01). Operating profit per kilo was again negatively impacted by; ‒ The dilutive effect of the acquisitions in Belgium and

Colombia

‒ Continued volume growth in commodity products in Food Ingredients

Business areas – Operating profit • Food Ingredients reached a result of SEK 221 million

(198), an improvement of 12 percent

• Chocolate & Confectionery Fats improved with 27 percent and reached SEK 116 million (91)

• Technical Products & Feed reached a result of SEK 22 million (20 adjusted for the Binol divestment)

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Financial summary – AAK Group

1,200

1,300

1,400

1,500

1,600

1,700

1,800

1,900

250

275

300

325

350

375

400

425

450

475

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Rolling 12 m

onths, '000 MT

Qua

rter

, '0

00 M

T

Volume

Quarter Rolling 12 months

0.30

0.35

0.40

0.45

0.50

0.55

0.60

0.65

0.70

0.75

0.80

0.30

0.35

0.40

0.45

0.50

0.55

0.60

0.65

0.70

0.75

0.80

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Rolling 12 m

onths, SEK

/Kg

Qua

rter

, SEK

/Kg

Operating profit per kilo

Quarter Rolling 12 months

600

800

1,000

1,200

1,400

100

150

200

250

300

350

400

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Rolling 12 m

onths, SEK

million

Qua

rter

, SEK

mill

ion

Operating profit

Quarter Rolling 12 months

The first choice for value-added vegetable oil solutions 6

Cash flow

Operating cash flow including changes in working capital amounted to SEK 389 million (168)

As predicted previously, cash flow from working capital was positive and amounted to SEK 83 million (-99). Cash flow from inventory was particularly strong in the second quarter

SEK million Q2 2015

YTD 2015

Q2 2014

YTD 2014

FY 2014

EBITDA 445 871 364 742 1,643

Paid interest -31 -57 -31 -60 -111

Paid tax -72 -115 -63 -139 -319

Non-cash items -36 -51 -3 -19 39

Change in working capital (WC) 83 169 -99 -275 -560

Cash flow from operating activities incl change in WC 389 817 168 249 692

Cash flow from investments -74 -234 -142 -309 -708

Free cash flow 315 583 26 -60 -16

The first choice for value-added vegetable oil solutions 7

Working capital days Rolling 12 months

+1

-2

+1

-1

-1

Change since year-end 2014

59 62 64 65 63

-60-50-40-30-20-100102030405060708090100110

-50-40-30-20-10

0102030405060708090

100110120

Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015

Inventory Accounts receivables Accounts payables Others AAK Group

Raw material prices

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

Time lag of six to nine months

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

USD

/ton

Rapeseed oil Palm oil

8%

10%

12%

14%

16%

18%

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Rolling 12 months Quarter

9

ROCE – second quarter 2015

Quarter Q2 2015

FY 2014

EBIT (R12M) 1,363 1,262 Fixed assets 5,549 5,428 Working capital 3,208 3,301 ROCE 15.6 14.5

The first choice for value-added vegetable oil solutions

Business trends - second quarter 2015

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Share of volume

Nord WE UK USA CEE CIS Asia LA

Food Ingedients

Chocolate & Confectionery Fats

Technical Products & Feed

AAK Group

Share of volume

Nordics WE UK USA CEE CIS Asia LA

Food Ingredients

70%

Chocolate & Confectionery Fats

16%

Technical Products & Feed

14%

AAK Group

100%

Food Ingredients

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Second quarter 2015 Operating profit improved by 12 percent to SEK

221 million (198) • The currency translation impact was SEK 20 million

Operating profit per kilo, including the dilutive effect of the acquisitions and the exceptional volume growth in commodity products, declined, as expected, from SEK 0.77 to SEK 0.71

• Operating profit per kilo, excluding the dilutive effect of the acquisitions mentioned above, would have been SEK 0.08 higher

Food Ingredients reported volume growth of 21 percent, partly due to the acquisitions in Belgium and Colombia

• For comparable units, volumes grew organically by 9 percent

+12%

Food Ingredients – organic volume growth

The first choice for value-added vegetable oil solutions 12

-7%

+1%

-2%

-10%

+1%

2014 Q1

-3%

+30%

+1%

+8%

2015 Q1

+24%

+4%

2015 Q2

+9%

Speciality & semi-speciality

Commodity

Total

2014 Q2

Food Ingredients

13 The first choice for value-added vegetable oil solutions

+12%

-8%*

* Including acquisitions

300

400

500

600

700

800

900

50

100

150

200

250

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Rolling 12 m

onths, SEK

million

Qua

rter

, SEK

mill

ion

Operating profit

Quarter Rolling 12 months

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Rolling 12 m

onths, SEK

/kg

Qua

rter

, SEK

/kg

Operating profit per kilo

Quarter Rolling 12 months

Chocolate & Confectionery Fats

The first choice for value-added vegetable oil solutions 14

Second quarter 2015 As expected, operating profit improved further,

by 27 percent, and reached SEK 116 million (91)

• The currency translation impact was SEK 19 million

Operating profit per kilo improved by 31 percent to SEK 1.61 (1.23)

Total volumes declined by 3 percent • The product mix in Chocolate & Confectionery Fats

continued to improve. The business area was however again strongly negatively influenced by the severely deteriorating market conditions in Ukraine and Russia.

• Low-end products continued to be under very strong competitive pressure, a trend since several quarters, and declined further

• Excluding Ukraine and Russia, total volumes showed clear growth

+27%

Chocolate & Confectionery Fats

15 The first choice for value-added vegetable oil solutions

+31%

+27%

200

300

400

500

600

40

60

80

100

120

140

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Rolling 12 m

onths, SEK

million

Qua

rter

, SEK

mill

ion

Operating profit

Quarter Rolling 12 months

0.70

0.90

1.10

1.30

1.50

1.70

1.90

0.70

0.90

1.10

1.30

1.50

1.70

1.90

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Rolling 12 m

onths, SEK

/kg

Qua

rter

, SEK

/kg

Operating profit per kilo

Quarter Rolling 12 months

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

USD

/ton

Cocoa butter price

16

For information regarding cocoa and cocoa butter please refer to information at www.icco.org

The first choice for value-added vegetable oil solutions

The first choice for value-added vegetable oil solutions 17

Technical Products & Feed

Second quarter 2015 Operating profit improved to SEK

22 million (20) Volumes decreased by 7 percent

• Mainly related to lower sales of feed products

• Most of this is expected to be a matter of timing/phasing of larger customer call-offs

• However, the product mix improved

+10%

+10%

50

70

90

110

130

150

0

5

10

15

20

25

30

35

40

45

50

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Rolling 12 m

onths, SEK

million

Qua

rter

, SEK

mill

ion

Operating profit

Quarter Rolling 12 months

The first choice for value-added vegetable oil solutions 18

Sales

Customer co-development

Innovation Service

Quality

Productivity

Ahead of plan On plan Behind plan

Concluding remarks from CEO

19

Based on AAK’s customer value propositions for • Health and reduced costs

• Customer product co-development and solutions approach

We continue to remain prudently optimistic about the future

The main drivers; • We are expecting a continued positive underlying

development for Food Ingredients

• We are expecting continued improvement in Chocolate & Confectionery Fats

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Questions & answers

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Financial calendar

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Financial calendar 2015 October 29, 2015 Third quarter report 2015

November 18, 2015 Capital Market Day, Stockholm

February 3, 2016 Fourth quarter and year-end report 2015

Fredrik Nilsson Chief Financial Officer 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

Investor Relations contact

The first choice for value-added vegetable oil solutions 22

The first choice for value-added

vegetable oil solutions