HKFoods' Interim Report 1 January-31 March 2026

January-March 2026

• HKFoods' comparable EBIT from continuing operations improved once again from the comparison period. The profit for the period from continuing operations also increased clearly. 
• HKFoods' net sales from continuing operations grew by 3.8 per cent to EUR 242.5 (233.7) million. Sales strengthened clearly in the Finnish retail channel, and there was also growth in the food service channel, which improved the sales structure.  
• In retail, sales of HKFoods' own HK® and Kariniemen® brands in particular grew across all main product groups. Sales in the food service channel developed positively due to commercial measures and a comprehensive product range. 
• The Group's comparable EBIT from continuing operations strengthened by 23.7 per cent to EUR 5.7 (4.6) million, representing 2.4 (2.0) per cent of net sales. The comparable EBIT improved due to a more favourable sales structure as well as savings generated by the company's efficiency programme and improved production efficiency.  
• The sharp rise in the purchase price of beef due to the shortage of beef continued. In addition, the rise in salary costs and significantly increased energy costs resulting from the cold winter weakened the comparable EBIT. The increases in sales prices and electricity price hedging measures only partially covered the rise in costs. 
• The Group's profit for the period from continuing operations improved to EUR 2.8 (0.8) million, driven by a stronger EBIT and lower financing costs. 
• Cash flow from operating activities, including discontinued operations, was EUR -5.9 (-4.7) million.  
• Interest-bearing net debt declined to EUR 153.5 (160.1) million. Net gearing was 78.1 (74.1) per cent. 
• Interest-bearing net debt excluding leasing liabilities under IFRS 16 was EUR 70.9 (74.0) million.  

The figures in parentheses refer to the same period in the previous year, unless otherwise mentioned. The figures are unaudited.

Outlook for 2026

HKFoods expects that in 2026 the Group's comparable EBIT will grow compared to 2025.

KEY FIGURES
 

HKFoods' CEO Juha Ruohola

HKFoods' strong development continued in the first quarter of 2026. The comparable EBIT from continuing operations has improved for 13 consecutive quarters compared to the comparison period. Net sales from continuing operations grew by 3.8 per cent to EUR 242.5 (233.7) million. The Group's comparable EBIT from continuing operations strengthened by 23.7 per cent to EUR 5.7 (4.6) million, representing 2.4 (2.0) per cent of net sales. The profit for the period from continuing operations improved to EUR 2.8 (0.8) million.

Sales strengthened clearly in the Finnish retail channel, and there was also growth in the food service channel, which improved the sales structure. Industrial sales increased whereas export sales declined. In retail, sales of HKFoods' own HK® and Kariniemen® brands in particular grew across all main product groups. Sales in the food service channel developed positively due to commercial measures and a comprehensive product range.   

The comparable EBIT improved due to a more favourable sales structure as well as savings generated by the company's efficiency programme and improved production efficiency. The sharp rise in the purchase price of beef due to the shortage of beef, the rise in salary costs and significantly increased energy costs weakened profitability. We were able to only partially offset the cost increases with higher sales prices during the early part of the year. Global uncertainty will continue to put upward pressure especially on energy, packaging and logistics costs. The situation regarding beef availability has remained tight, and consumption has shifted towards poultry and pork, which supports HKFoods' strategic priorities.

Our investment capacity has improved in recent years as profitability has increased. Operations have been developed through efficiency investments as well as reforms in working methods and sustainability. Even now, several smaller efficiency investments are underway at the company's production units. We are also developing commercial activities.

We advanced our responsibility programme by launching the ETEVÄT programme for contract meat producers in the early part of the year. The programme aims to improve profitability and production results for both producers and the company, as well as to promote the wellbeing of animals and people, a vital environment and a reduced environmental footprint. In addition, we expanded the use of Flavoured Salt in meat products and poultry products, among others. This innovation makes it possible to reduce the sodium content of individual products by up to 25 per cent.

Our strong first-quarter performance is the result of excellent cooperation. For this, I would like to thank our employees, contract producers, customers and other partners.

Key events in January−March 2026

HKFoods' buy-back programme of own shares was completed

In February 2026, HKFoods completed the buy-back programme concerning the company's own Series A shares. In trading organised by Nasdaq Helsinki Ltd, the company acquired between 18 February 2026 and 24 February 2026 a total of 90,000 of its own Series A shares with an average price of EUR 1.9315 per share. The total purchase price for the shares was EUR 173,833.90. The shares were acquired at market price in public trading on Nasdaq Helsinki Ltd using the company's nonrestricted equity and in compliance with the price and volume limits applicable under the safe harbour rules. 
 
The buy-back programme for the company's own shares was based on the authorisation received from the Annual General Meeting held on 23 April 2025. The repurchased shares are used to fulfil obligations related to the company's share-based incentive schemes. 
 
Following the completion of the programme, on 25 February 2026, the total number of HKFoods Plc shares issued was 89,910,373, of which 85,175,373 were Series A shares and 4,735,000 Series K shares. After the repurchases, HKFoods Plc holds a total of 90,000 own Series A shares, which corresponds to approximately 0.1 per cent of all HKFoods shares in the company.
 

Details on the matter were provided in the following stock exchange releases: 13 February 2026 and
25 February 2026.

Changes in HKFoods' own shares

Based on the resolution made by the company's Board of Directors, HKFoods transferred on 12 March 2026 without consideration 89,332 own Series A shares held by the company to the company's CEO to pay the first instalment of the rewards from performance share plan 2023-2027, in accordance with the terms of the plan. The transfer of own shares was based on the authorisation granted by the Annual General Meeting held on 23 April 2025. After the transfer of shares, HKFoods holds 668 own shares. 

Details on the matter were provided in the following stock exchange release: 11 March 2026.

Turku, 6 May 2026

HKFoods Plc
Board of Directors

Webcast

In connection with its Interim Report, HKFoods will hold a briefing for analysts, institutional investors and media on 6 May 2026 at 10:00 a.m. EEST as a webcast at https://hkfoods.events.inderes.com/q1-2026.
The event will be held in Finnish, and the recording will be available later in the day at www.hkfoods.com.

The Interim Report will be presented by CEO Juha Ruohola and CFO Mika Tilli.

To arrange investor calls, please contact Executive Assistant Suvi Oksava, tel. +358 44 554 4231 or
suvi.oksava@hkfoods.com.

Financial reporting in 2026
 

HKFoods will publish the following financial reports in 2026:

• Half Year Financial Report 2026 on Wednesday 5 August 2026 at about 8:30 a.m. EEST
• Interim Report for January-September 2026 on Wednesday 4 November 2026 at about 8:30 a.m. EET
   

Further information

Juha Ruohola, CEO, tel. +358 400 647 160

Mika Tilli, CFO, tel. +358 50 538 5793

HKFoods Media Service Desk email communications@hkfoods.com or tel. +358 10 570 5700.

With 110 years of experience, we at HKFoods make life tastier - today and tomorrow. With nearly 3,000 professionals, we make responsible and locally produced food for consumers' various food moments. Our well-known brands in Finland are HK®, Kariniemen® and Via®. HKFoods is a publicly listed company, and in 2025, our net sales totalled EUR 1 billion. www.hkfoods.com

The brands mentioned in this report - HK®, Kariniemen® and Via® - are registered trademarks of HKFoods Group.

DISTRIBUTION:

Nasdaq Helsinki
Key media
www.hkfoods.com