AAKNasdaq StockholmConsumer StaplesIFRS · SEK

AAK

AAK AB is a Sweden-based ingredients company that develops and supplies specialty oils and fats for food and technical applications. Its business is built around sourcing, processing, and tailoring plant-based raw materials into customer-specific solutions for bakery, confectionery, dairy, foodservice, nutrition, and personal care markets across a global footprint.

Ask about the company
Revenue46.0bn SEK
+2.2 %y/y
Operating profit (EBIT)4,675m SEK
−4.5 %y/y
EBIT margin10.2%
−0.7 ppy/y
Net income3,436m SEK
−3.0 %y/y
Free cash flow-441m SEK
−138.2 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

0204060bn SEK2021: 35.5 bn SEK2021: EBIT 2.1 bn SEK20212022: 50.4 bn SEK2022: EBIT 2.5 bn SEK20222023: 46.0 bn SEK2023: EBIT 4.1 bn SEK20232024: 45.1 bn SEK2024: EBIT 4.9 bn SEK20242025: 46.0 bn SEK2025: EBIT 4.7 bn SEK2025TTM 2026: EBIT 4.9 bn SEKTTM4.9
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
Ask Clarifo about AAK

Business

Share of revenue
Bakery, Dairy & Foodservice30 %

Tailored fats and ingredient systems used in baked goods, dairy applications, and foodservice formulations.

Chocolate & Confectionery Fats25 %

Specialty fats and cocoa butter alternatives used in chocolate and confectionery products.

Special Nutrition & Health20 %

Plant-based ingredients and functional lipids for nutrition, health, and wellness applications.

Food Ingredients15 %

Broader food ingredient solutions sold into industrial and branded food manufacturing.

Fats & Oils for Technical Applications10 %

Lipid-based solutions used in non-food and technical end markets, including personal care.

Customers

AAK sells primarily to food manufacturers, ingredient formulators, and industrial customers that need tailored fat systems rather than commodity oils. Its customers span bakery, dairy, chocolate, confectionery, foodservice, nutrition, and personal care end markets, where formulation performance, supply reliability, and sustainability credentials matter. The company also works closely with customers on co-development, which makes it a solutions partner as much as a raw-material supplier.

Bakery manufacturers

Buy specialty fats and ingredient systems for texture, shelf life, and processing performance.

Chocolate and confectionery producers

Buy cocoa butter equivalents and confectionery fats to manage cost, functionality, and supply.

Dairy and foodservice customers

Buy customized fat solutions for taste, stability, and application-specific performance.

Special nutrition and health customers

Buy plant-based ingredients for nutrition, wellness, and functional product formulations.

Personal care and technical customers

Buy lipid-based ingredients for non-food formulations requiring specific sensory or performance traits.

Strategy

AAK’s strategy is to focus on higher-value specialty segments where it can win through co-development, innovation, and application expertise. The company emphasizes portfolio optimization, supply-chain resilience, and plant-based solutions that align with long-term demand for sustainable and functional ingredients.

Grow higher-value specialty segmentsMedium term

Specialty solutions improve differentiation and reduce reliance on commodity-style volumes.

Accelerate innovation and co-developmentMedium term

Customer-specific formulations strengthen switching costs and support premium positioning.

Strengthen supply-chain resilienceShort term

Multi-origin sourcing and supplier diversification reduce disruption risk in raw materials.

Advance sustainability commitmentsLong term

Deforestation-free sourcing, human rights, and climate actions are central to customer trust and access to supply.

Geography

AAK operates globally, sourcing raw materials from multiple origin regions and selling finished solutions across many markets. Its supply chain is international and exposed to crop availability, logistics, and currency movements, while its customer base includes multinational companies and local manufacturers in both developed and higher-risk markets. The company’s sourcing footprint includes palm oil from Asia and the Americas, shea from West Africa, coconut from the Philippines, India, and Mexico, and soybean and sunflower oils from the United States, Europe, South America, and Asia.

Risks

AAK is exposed to raw material price volatility, currency movements, and supply-chain disruption because it buys globally traded agricultural inputs and sells into international markets. Its sourcing model also creates ESG and compliance risks tied to deforestation, biodiversity, human rights, and labor conditions in origin countries, while customer concentration and credit exposure remain relevant in a long-cycle B2B business.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Raw material price volatility1Supply disruption and crop risk2Deforestation and human-rights compliance3Foreign exchange risk4Credit and counterparty risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Raw material price volatilityImpact: HighLikelihood: Medium

    AAK buys agricultural oils and fats on global markets, so input costs can change quickly.

    ExposurePalmSoyCoconutSunflowerRapeseedShea
  2. Supply disruption and crop riskImpact: HighLikelihood: Medium

    Harvest outcomes, logistics, and regional instability can affect raw material availability.

    ExposureOrigin countries in AsiaAfricaThe AmericasEurope
  3. Deforestation and human-rights complianceImpact: HighLikelihood: Medium

    Sourcing from biodiverse and politically sensitive regions increases ESG and reputational exposure.

    Exposure: Palm and soy supply chains

  4. Foreign exchange riskImpact: HighLikelihood: Low

    Sales and purchases occur in multiple currencies, creating translation and transaction exposure.

    Exposure: Global sales and international sourcing

  5. Credit and counterparty riskImpact: MediumLikelihood: Low

    The company extends trade credit and uses customer contracts in a global B2B model.

    Exposure: Accounts receivable and long-term customer contracts

Ask Clarifo about AAK

Accounting

Judgemental items
Derivative and hedge accounting

AAK uses commodity futures, OTC hedges, and interest-rate swaps to manage raw material and rate exposure.

Impact: Can shift gains and losses between profit, OCI, and balance sheet fair values

Expected credit losses

Receivables and customer contracts require forward-looking impairment estimates.

Impact: Affects operating profit and balance-sheet allowances

Goodwill impairment

Goodwill is tested against value-in-use for business areas such as Food Ingredients and Chocolate & Confectionery.

Impact: Could create non-cash impairment charges if assumptions weaken

Pension obligations

Defined-benefit obligations depend on discount rates and actuarial assumptions.

Impact: Changes can materially move liabilities and pension expense

Similar listed companies

Publicly listed companies with a comparable business focus.

Axfood

AXFO · Consumer Staples

Investor A

INVE-B · Financials

Skanska

SKA-B · Industrials

Electrolux

ELUX-B · Consumer Discretionary

AQ Group

AQ · Industrials

Nokia Oyj

NOKIA · Communication Equipment

Last updated: 24/09/2026