AAK: Read across from Fuji Oil

Research evidence excerpt

AAK: Read across from Fuji Oil

Equity Research

European Chemicals & Ingredients

14 May 2026

AAK

Read across from Fuji Oil

First LookFuji Oil’s FY26 guidance points to declining margins in

vegetable oils, driven by the absence of prior raw material

gains and lower CBE pricing despite resilient volumes and AAK.ST/AAK SS UNDERWEIGHT European Chemicals &

Ingredientsdemand — reinforcing our cautious view on AAK. NEGATIVE

Price Target SEK 240.00

Price (13-May-26) SEK 263.60

Potential Upside/Downside -9.0%

Source: Bloomberg, Barclays Research

Fuji Oil is not under coverage by Barclays Research. Information about this company is being

provided for informational purposes only and is not an investment recommendation by Barclays

European Chemicals & IngredientsResearch.

Setu Sharda

AAK's Key peer Fuji Oil (non covered) reported calendar Q1 26 results this week, showing + 91 (0)22 6175 1934

setu.sharda@barclays.comsequential weakness in its vegetable oils and fats segment, with EBIT declining to ¥6.8bn from

Barclays, UK

¥8.0bn in the previous quarter, in line with guidance, while margins fell to 9.7% from 11.5%.

Sales increased, driven by higher pricing. Alex Sloane

+44 (0)20 3555 0645

FY26/27 guidance alexander.sloane@barclays.com

For FY26 (April–March), management guided to revenue of ¥263.8bn (–3% YoY) and EBIT of

Katie Richards

¥24.3bn (–27% YoY), implying margins declining to 9.2% from 12.3% in FY25. Management +44 (0)20 3555 0315

stated that lower profitability reflects, firstly, the absence of prior-year raw material profit gains kathryn.richards@barclays.com

(particularly in 1H last year), which accounted for roughly half of the decline, and secondly, Barclays, UK

lower profitability in areas such as CBE due to declining unit prices.

Anil Shenoy