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    Johan Fred

    Research Analyst at SEB

    Johan Fred is an Equity Analyst at SEB, focused on Nordic equities research with coverage that includes companies such as Duni Group. He is known for his deep sector insights and timely market analysis catering to both institutional and corporate clients. Johan Fred has been with SEB for a number of years, playing a key role in the firm's research division, though detailed information about his prior career history and quantitative performance metrics is not publicly available. While specific credentials and licenses are not listed, his ongoing analyst coverage for public firms demonstrates significant professional standing within the Nordic financial markets.

    Johan Fred's questions to ARHUF leadership

    Johan Fred's questions to ARHUF leadership • Q1 2025

    Question

    Inquired about the specific breakdown of the volume decline in Food Ingredients between Bakery and non-specialty oils, the drivers of profitability in the Chocolate & Confectionery Fats (CCF) segment, and the current proportion of CBEs within CCF volumes.

    Answer

    The Food Ingredients volume decline was split roughly 50/50 between Bakery and non-specialty oils, with the latter being a strategic choice to avoid low-margin business. CCF profitability was driven by portfolio optimization, favorable market dynamics for cocoa butter alternatives due to high cocoa prices, and a better product mix. The company confirmed that while the market for CBEs is strong, overall volumes follow the broader confectionery market trends, and a rough 50% CBE split within the segment remains a relevant estimate.

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