AAK AB: Initiation of Coverage- Restructuring Blitz, Working Capital Wins, & Specialty Focus Redefine the Playbook! 

AAK AB’s first quarter results for 2025 paint a complex picture in a challenging market environment. Operating profit increased by 1%, building on a substantial 32% increase from the first quarter last year, underscoring the resilience of AAK’s business model. However, the decrease in volumes, primarily driven by Food Ingredients, presents a critical challenge. This decrease was partly due to the strategic decision to divest Hillside and focus on higher-margin specialty products. The decline in volumes was most apparent in the Bakery segment and sales of non-specialty oils, particularly in the Americas and Europe, reflecting softer market demand.