Raisio plc Financial Statements Bulletin 2025

Raisio Plc’s Financial Statements Bulletin, February 11, 2026 at 8.30 a.m. EET

Improved profitability laid the foundation for growth

FINANCIAL DEVELOPMENT IN BRIEF

OCTOBER-DECEMBER 2025, CONTINUING OPERATIONS

• The Group's net sales totalled EUR 55.2 (54.9) million, which signified a growth of 0.6%.
• Comparable EBITDA was EUR 8.1 (7.7) million, which accounted for 14.6% (14.0%) of net sales.
• EBITDA was EUR 8.3* (7.4*) million, which accounted for 14.9% (13.5%) of net sales.
• Comparable EBIT was EUR 5.8 (5.2) million, accounting for 10.5% (9.4%) of net sales.
• EBIT was EUR 6.0* (3.9*) million, which accounted for 10.8% (7.1%) of net sales.
• The Group’s cash flow from continuing operations after financial items and taxes totalled EUR 3.8 (7.2) million.
• Comparable earnings per share were EUR 0.03 (0.03) per share.
• Earnings per share were EUR 0.03 (0.02) per share.

*EBITDA and EBIT for the review period include a reversal of a provision of EUR 0.2 million with a positive impact on the result. EBITDA and EBIT for the comparison period included EUR 0.7 million in costs related to business expansion and EUR 0.1 million in costs related to reorganisation, EUR 1.0 million in impairment losses on intangible assets and the reversal of a provision of EUR 0.5 million with a positive impact on the result.

JANUARY-DECEMBER 2025, CONTINUING OPERATIONS

• The Group’s net sales totalled EUR 224.2 (226.8) million, which signified a decrease of 1.1%.
• Comparable EBITDA was EUR 37.8** (33.3**) million, which accounted for 16.8% (14.7%) of net sales.
• EBITDA was EUR 37.3* (30.9*) million, which accounted for 16.6% (13.6%) of net sales.
• Comparable EBIT was EUR 28.5** (23.4**) million, accounting for 12.7% (10.3%) of net sales.
• EBIT was EUR 28.0* (19.9*) million, which accounted for 12.5% (8.8%) of net sales.
• The Group’s cash flow from continuing operations after financial items and taxes totalled EUR 27.5 (39.3) million.
• The comparable return on invested capital (ROIC) was 11.6% (9.4%) and the return on invested capital (ROIC) was 11.4% (8.1%).
• Comparable earnings per share were EUR 0.15 (0.13) per share.
• Earnings per share were EUR 0.15 (0.11) per share.
• The Board of Director’s dividend proposal for the Annual General Meeting is EUR 0.15 (0.14) per share.

*EBITDA and EBIT for the review period include EUR 0.6 (0.9) million in costs related to business restructuring and a reversal of a provision of EUR 0.2 million with a positive impact on the result. *EBITDA and EBIT for the comparison period also include EUR 2.0 million in costs related to business expansion, EUR 1.0 million in impairment losses on intangible assets and the reversal of a provision of EUR 0.5 million with a positive impact on the result.

**Comparable EBITDA and EBIT for the review period include a reversal of a provision of EUR 0.3 million for retrospective payments to the authorities, which has a positive impact on the result. **Comparable EBITDA and EBIT for the comparison period include a provision of EUR 0.7 million for retrospective payments to the authorities.

CEO PASI FLINKMAN:

For Raisio, 2025 was first and foremost a year of strengthening its foundations. During the year, we deliberately focused in particular on improving our performance, clarifying the focus of our operations and strengthening our structures in order to create a sustainable foundation for future growth.

We achieved growth in our focus areas; however, the divestment of the plant protein business and a decline in domestic industrial sales had a negative impact on overall revenue development. We improved our comparable EBIT significantly and strengthened our return on invested capital. We kept our balance sheet strong, which gives us room to manoeuvre for the next steps in our strategy. The choices we made during the year began to bear fruit, particularly towards the end of the year, when the trend in many areas of our operations turned more positive and the decisions we had made earlier began to materialise in our operational activities.

Year of the cautious consumer

The year 2025 was a year of price-conscious and cautious consumers in the food market. After significant fluctuations in costs and prices, the market began to stabilise. Although inflationary pressures eased during the year, consumer confidence remained low and purchasing behaviour remained campaigndriven. This was reflected in fluctuations in demand and put pressure on volumes, particularly in the basic categories. As consumers became increasingly discerning in their choices, the efficiency of our operations and our strong brands became even more important.

Breakfast, Snacking & Food Solutions saw a mixed performance during the year. The Elovena® brand continued its strong growth in the consumer business, and demand for oat-based products remained at a good level. In consumer products, we grew faster than the market in all of our main categories, with the exception of flakes, and increased our market share. According to statistics from the Finnish Grocery Trade Association, sales of grocery products grew by 2.4% in January–November, and prices rose by exactly the same amount, meaning that there was no volume growth in the market. Over the same period, Raisio's volume growth in the breakfast and snack categories was 9%.

In B2B business, domestic industrial sales and grain trade weighed on the year's total net sales development by EUR 4,5 million. Towards the end of the year, however, the efficiency measures and pricing model reforms we implemented to strengthen the competitiveness of our industrial sales began to bear fruit, and the final quarter saw a turn for the better.

In Heart Health, the Benecol® brand showed a stable development, balancing the Group as a whole in a market environment where demand has been inconsistent. The Benecol® business is based on strong scientific evidence, which creates a sustainable competitive advantage. We estimate that the European market for cholesterol-lowering foods is growing moderately overall. Finland and Poland are clearly developing positively, while the UK market is growing at a slightly slower pace. The Irish market remained largely stable in 2025.

Benecol® maintained its position as a trusted brand among consumers, even in a price-conscious market. Raisio has performed well in relation to the overall market and developed at least at the same pace as the market or slightly faster, despite currency effects eating into some of the operational progress. In Finland, we are clearly growing faster than the market, in the UK and Ireland Benecol® is performing in line with the market, and in Poland we are underperforming the market. Indeed, the Heart Health business offers Raisio both a stable cash flow and growth opportunities.

Decisions strengthening the foundation

During the year, we implemented several strategically significant decisions. We reorganized the company into business units and appointed dedicated leaders for each. This supports more focused management, faster decision-making, and clear accountability. We also strengthened our strategic capabilities to accelerate the execution of our strategy. We also divested our plant protein business and launched investments in research, production and digital capabilities. The ERP renewal project that we launched supports the implementation of our strategy, the scalability of our operations and future growth.

In 2026, the focus will shift more clearly towards accelerating growth. We will do this in a controlled manner, relying on our strong brands, selected markets and new business opportunities. The foundation is now stronger than it was a year ago, and it provides a solid basis for taking the next steps.

OUTLOOK 2026

Raisio projects the net sales and comparable EBIT for continuing operations for the financial year 2026 to increase compared to 2025.

In Raisio, Finland, 10 February 2026
Raisio plc
Board of Directors

Further information:
Pasi Flinkman, CEO, tel. +358 400 819 947
Mika Saarinen, CFO, tel. +358 40 072 6808

The Finnish-language webcast on the Financial Statements Bulletin by the CEO and CFO will start on 11 February 2026 at 12 noon, Finnish time. This is the direct link to the webcast: https://raisio.events.inderes.com/q4-2025

Raisio’s financial releases in 2026
Raisio plc’s Annual Review for 2025 will be published on 24 March 2026. The Annual Review includes the Financial Statements, Consolidated Financial Statements, Board of Directors' Report, Auditor's Report, Supervisory Board's Statement, Sustainability Report, Corporate Governance Statement and Remuneration Report for 2025.

Raisio’s Interim Report for January–March will be published on 12 May 2026.
Raisio’s Half-Year Financial Report for January–June will be published on 12 August 2026.
Raisio’s Interim Report for January–September will be published on 10 November 2026.

The Financial Statements Bulletin has not been audited.

RAISIO PLC
​​​​​At Raisio, we make delicious food that promotes healthier eating. We make a healthier and happier world around us by innovating and winning the hearts of our consumers. We do not work alone; instead, we rely on our cooperation networks at every stage. Our strong brands, such as Benecol® and Elovena®, turn our ambitions into reality. We make the choice easy for consumers: we ensure that our products are responsible from different perspectives, so that consumers can choose our products with confidence. We have around 350 healthy food colleagues in six countries and export to more than 40 markets around the world. Raisio's shares are listed on Nasdaq Helsinki Ltd. In 2024, the Group’s comparable net sales for continuing operations were EUR 226.8 million and the comparable EBIT was EUR 23.4 million. www.raisio.com

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