<a id="bm-comp-4d41008c-387d-4e45-92c7-b8759e01d658" name="bm-comp-4d41008c-387d-4e45-92c7-b8759e01d658" class="BMCustomAnchor"></a><table><tr><td bm-component-id="4d41008c-387d-4e45-92c7-b8759e01d658" style="vertical-align: top; width:100.000000%;"><ul><li>Well-positioned in a growing market</li><li>Reducing SKU's and suppliers to improve profitability</li><li>Expect market to re-enter its consolidation phase</li></ul></td></tr></table><a id="bm-comp-8ff1af01-29f4-427c-bb6c-7aee3194eb6c" name="bm-comp-8ff1af01-29f4-427c-bb6c-7aee3194eb6c" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8ff1af01-29f4-427c-bb6c-7aee3194eb6c" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">A growing market with high willingness to pay</h3><p>Today, we hosted Midsona's departing CEO Peter &#197;sberg at ABGSC's Investor Days. In the presentation, Mr. &#197;sberg highlighted that health and sustainability products are expected to outgrow the total grocery market by 1-2% p.a '21-'26e, and that the Nordic consumers have the highest per capita spend on organic foods. Furthermore, the company presented data showing that two-thirds of dry food consumers are willing to pay a premium for organic products.</p><h3 class="bm-h3">Strategy of simplifying Midsona reiterated</h3><p>A key focus of the presentation was Midsona's strategy, which includes reducing the complexity of SKUs, focusing on strong brands, and creating efficiencies in sourcing and capital allocation by divesting non-core assets, for example. Currently, the company has over 900 suppliers for traded products and raw materials combined, an area that Mr &#197;sberg highlighted as needing improvement. Reducing the number of suppliers could lead to greater efficiency and, consequently, higher profitability.</p><h3 class="bm-h3">'25-'26e focus on efficiency and capital allocation</h3><p>For H2'25 and 2026, the company communicated that focus will be on operating efficiently in a competitive market, maintaining the relevance of its brands and strengthening its capital allocation in preparation for potential future M&amp;A activity. Midsona's leverage is currently at ~1.5x Net Debt/adj. EBITDA (compared to 2.7x in FY'23) &#8212; well below its financial target of &lt;2.5x. Mr. &#197;sberg highlighted that he expects the market to enter a consolidation phase again in future and that Midsona is well positioned to participate in this consolidation, as it keeps leverage on the lower side to allow for an offensive strategy.</p></td></tr></table>