Profitability improved as planned

FINANCIAL DEVELOPMENT IN BRIEF

APRIL-JUNE 2025, CONTINUING OPERATIONS
· The Group's net sales totalled EUR 54.5 (57.3) million, which signified a decrease of 4.8%.
· Comparable EBITDA was EUR 10.2 (9.9) million, which accounted for 18.7 (17.2) per cent of net sales.
· EBITDA was EUR 9.6* (9.2*) million, which accounted for 17.6 (16.1) per cent of net sales.
· Comparable EBIT was EUR 7.9 (7.4) million, accounting for 14.5 (13.0) per cent of net sales.
· EBIT was EUR 7.3* (6.8*) million, which accounted for 13.3 (11.9) per cent of net sales.
· The Group's cash flow from continuing operations after financial items and taxes totalled EUR 7.2 (7.7) million.
· Comparable earnings per share were EUR 0.04 (0.04) per share.
· Earnings per share were EUR 0.04 (0.04) per share.

*EBITDA and EBIT include EUR 0.6 (0.2) million in costs related to business restructuring. EBITDA and EBIT for the comparison period also include EUR 0.5 million in costs related to business expansion.

JANUARY-JUNE 2025, CONTINUING OPERATIONS
· The Group's net sales totalled EUR 112.4 (112.8) million, which signified a decrease of 0.4%.
· Comparable EBITDA was EUR 18.7** (16.7) million, which accounted for 16.7 (14.8) per cent of net sales.
· EBITDA was EUR 18.1* (15.4*) million, which accounted for 16.1 (13.6) per cent of net sales.
· Comparable EBIT was EUR 14.0** (11.7) million, accounting for 12.5 (10.4) per cent of net sales.
· EBIT was EUR 13.4* (10.4*) million, which accounted for 11.9 (9.2) per cent of net sales.
· The Group's cash flow from continuing operations after financial items and taxes totalled EUR 14.8 (16.2) million.
· The comparable return on invested capital (ROIC) was 11.6% (9.3%) and the return on invested capital (ROIC) was 11.1% (8.3%).
· Comparable earnings per share were EUR 0.07 (0.06) per share.
· Earnings per share were EUR 0.07 (0.06) per share.

*EBITDA and EBIT for the review period include EUR 0.6 (0.3) million in costs related to business restructuring. EBITDA and EBIT for the comparison period also include EUR 1.1 million in costs related to business expansion.
**Comparable EBITDA and EBIT for the review period include a reversal of a provision of EUR 0.3 million for a retrospective payment to the authorities, which has a positive impact on the result.

CEO PASI FLINKMAN:

Big small company's strategy off to a good start

We have spent the first six months of the year implementing our new strategy: refining it during the first quarter and communicating and launching its implementation during the second quarter. Second quarter net sales decreased to EUR 54.4 (57.3) million, representing a decline of 4.8%, but comparable EBIT increased to EUR 7.9 (7.4) million, representing an increase of 6.3% compared to the comparison period. Our market performance has been very mixed. Consumer brand volumes developed positively, growing by 4.8% in volume and 1.6% in sales value, but industrial sales volumes declined by 12.9% and sales value by 16.6%. Consumer brands accounted for approximately 70% of our net sales, so the significant decline in industrial sales translated into a moderate decline in the Group's net sales during the reporting period.

The implementation of our strategy, presented at the Capital Markets Day at the end of May 2025, has started as planned. At the end of March, we divested our plant protein business. This will allow us to better focus on breakfast and snacking products, heart health products and the development of new business. The impact of the divestment was EUR -1.1 million on comparable net sales and EUR +0.6 million on comparable EBIT in the second quarter.

The most significant change in the second quarter was the reorganisation of our business areas. This has allowed us to create clear and focused responsibilities, allocate our resources more effectively to implement our strategy and improve our cost efficiency. We appointed directors responsible for each business area. To accelerate structural growth, our Board of Directors established a special M&A Committee and we recruited a new M&A Director.

Our operations are international, and half of our net sales come from outside Finland. In April, we continued our geographical expansion with the launch of Elovena® in Spain. In line with our new strategy, we are now expanding geographically into a number of carefully selected markets, where we operate using a leaner model based on local partnerships. This increases flexibility and speed while reducing our risks. At the same time, the economic impact of opening up each new market is smaller in the short term. We will continue to develop our expansion model to make our growth faster, more resource-efficient and more repeatable.

Despite the positive development in earnings, we cannot be satisfied with the sales development in the second quarter. Consumer sales of our main brands developed well in all our main markets, but domestic industrial sales in the Breakfast, Snacking & Food Solutions segment in particular were below last year's level. This was due to intense price competition in the market, which requires us to make our operations even more efficient. The Heart Health segment was more stable, with the decline in net sales in the second quarter being a natural consequence of deliveries to industrial customers exceeding normal levels in the first quarter.

In line with the objectives and plan for this strategy period, which emphasised improving profitability at the beginning of the period, our earnings have developed faster than our sales during the first half of the year. In the long run, however, accelerating organic growth is critical. Improved margins through streamlined operations will enable either greater marketing investments or more aggressive pricing, depending on market demand. This means that by improving our earnings and efficiency, we are laying the foundation for faster growth. Once the foundation is in place, we can shift our focus more strongly towards accelerating growth.

Responsibility work is also about risk management and new business opportunities

Solving our common problems not only secures our operating conditions, but also creates new business opportunities. Alongside climate change, biodiversity loss is one of the greatest challenges facing humanity. Therefore, we have begun mapping the agricultural biodiversity of our contract farms in connection with our carbon footprint calculations.

Similarly, excess weight and obesity are among the greatest health challenges of our time. The prevention and effective treatment of obesity require broad-based cooperation. As the only food company, Raisio was involved in establishing a new, cross-sector network for the prevention and treatment of obesity. A diet rich in fibre supports weight management and reduces the risk of cardiovascular diseases. This is why we are investing in fibre, both in our current product range and in our research and development work aimed at new business opportunities.

OUTLOOK 2025

Raisio projects the comparable EBIT for continuing operations for the financial year 2025 to increase compared to 2024.

In Raisio, Finland, 11 August 2025
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 of the Interim Report by the CEO and CFO will start on 12 August 2025 at 12 noon, Finnish time. This is the direct link to the webcast: https://raisio.events.inderes.com/q2-2025

Raisio plc's financial releases in 2025
Raisio's Interim Report for January-September will be published on 11 November 2025.

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 seven 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