AAK Annual Report 2020

Food Ingredients is our largest business area and primarily provides solutions to the bakery, dairy, plant-based, nutrition, and foodservice industries. During 2020, the demand for our speciality and semi- speciality solutions in Special Nutrition and Plant-based Foods continued to increase and we managed to improve our operating profit per kilo. However, Foodservice was severely impacted by the pandemic and this combined with a material negative currency translation impact resulted in a negative year-over-year performance for the business area. Mixed business dynamics for Food Ingredients Business area Food Ingredients 2016 2017 2018 2019 2020 Volumes, thousand tons 1,325 1,447 1,508 1,531 1,426 Net sales, SEK million 14,707 17,665 18,468 18,978 18,387 Operating profit, SEK million 996 1,107 1,205 1,366 1,286 Operating profit per kilo, SEK 0.75 0.77 0.80 0.89 0.90 All figures are excluding items affecting comparability. AAK Annual Report 2020 18 Operating profit per kilo (SEK) 2016 2017 2018 2019 2020 1.00 0.80 0.60 0.40 0.20 0.00 0.80 0.89 0.90 0.77 0.75 Operating profit (56% of Group total) (SEK million) 2016 2017 2018 2019 2020 1,500 1,200 900 600 300 0 1,205 1,366 1,286 1,107 996 1,600 1,200 800 400 0 2016 2017 2018 2019 2020 Volumes (65% of Group total) (Thousand tons) 1,508 1,531 1,426 1,447 1,325