Net sales grew driven by sales volumes

FINANCIAL DEVELOPMENT IN BRIEF

• The Group's net sales totalled EUR 59.1 (56.1) million, which signified a growth of 5.4%.
• Comparable EBITDA was EUR 9.0** (9.9) million, which accounted for 15.2 (17.6) per cent of net sales.
• EBITDA was EUR 8.1* (9.6*) million, which accounted for 13.7 (17.0) per cent of net sales.
• Comparable EBIT was EUR 6.5** (7.4) million, accounting for 11.1 (13.1) per cent of net sales.
• EBIT was EUR 5.7* (7.0*) million, which accounted for 9.6 (12.5) per cent of net sales.
• The Group's cash flow from continuing operations after financial items and taxes totalled EUR 15.9 (15.0) million.
• Comparable earnings per share were EUR 0.04 (0.04) per share.
• Earnings per share were EUR 0.03 (0.04) per share.

*EBITDA and EBIT include EUR 0.3 (0.1) million in costs related to business expansion and EUR 0.6 (0.2) million in costs related to reorganisation.
**The comparable EBITDA and EBIT for the review period includes a provision of EUR 0.7 million for retrospective payments to the authorities.

• The Group's net sales totalled EUR 172.0 (165.3) million, which signified a growth of 4.0%.
• Comparable EBITDA was EUR 25.7** (24.8) million, which accounted for 14.9 (15.0) per cent of net sales.
• EBITDA was EUR 23.4* (23.5*) million, which accounted for 13.6 (14.2) per cent of net sales.
• Comparable EBIT was EUR 18.2** (17.3) million, accounting for 10.6 (10.4) per cent of net sales.
• EBIT was EUR 16.0* (16.0*) million, which accounted for 9.3 (9.7) per cent of net sales.
• The Group's cash flow from continuing operations after financial items and taxes totalled EUR 32.1 (28.0) million.
• The comparable return on invested capital (ROIC) was 10.0 (8.7) per cent and the return on invested capital (ROIC) was 8.8 (8.1) per cent.
• Comparable earnings per share were EUR 0.10 (0.09) per share.
• Earnings per share were EUR 0.09 (0.09) per share.

*EBITDA and EBIT include EUR 1.4 (0.6) million in costs related to business expansion and EUR 0.8 (0.6) million in costs related to reorganisation.
**The comparable EBITDA and EBIT for the review period includes a provision of EUR 0.7 million for retrospective payments to the authorities.

CEO PASI FLINKMAN:

In the third quarter, the business environment remained very similar to the second quarter. Due to the economic uncertainty and the slow decline in inflation, price remains a key driver of consumer choice, but consumer behaviour also continues to show signs of a budding resurgence of responsibility, convenience and wellness. Falling interest rates and rising purchasing power are paving the way for this trend to gain momentum.

There is variation between geographical areas in both consumer and retail behaviour. While Nordic retailers are increasingly seeking to serve other needs in addition to price consciousness, most English and Polish chains, for example, still focus heavily on price alone. We will not allow ourselves to rely on the recovery of the external environment; instead, we will actively seek growth and efficiency improvements ourselves, regardless of changes in the world around us. Our strategy work is progressing on schedule, and we will present our updated strategy during the first quarter of 2025.

Raisio's products have a solid foundation, which is developing positively. Our growth has remained consistently strong and volume-driven also in the third quarter. Strong market positions and brands in our main markets are reducing our exposure to unhealthy price competition. At the same time, however, the market situation is slowing down our establishment in newer markets, as consumers' willingness to try new products has declined.

Overall, we have witnessed a tentative decline in raw material prices this year, even though there have been divergent trends across product groups and cost items. As price volatility is expected to continue, the ability to anticipate and react remains important. Grain yields have been normal in terms of quantity, but the quality varies considerably. On the one hand, grain prices reduced our costs, but on the other hand they also increased price competition, especially in B2B channels, weighing on our profitability in the quarter. The comparable EBIT for the quarter is also impacted by the provision for retrospective payments to the authorities, without which we would have been very close to last year's level. Our investments in future growth were also higher than in the previous year, as planned.

We have entered the last quarter of the year in good spirits. Breakfast oatmeal, snacks and heart health are popular all year round. Therefore, demand for our products is fairly stable throughout the year and we are not dependent on seasons, like many other food companies. As a result, the food industry's holiday season is not causing us any holiday stress. Getting ready for the increasing regulation is a lot of work, but we believe that the Corporate Sustainability Reporting Directive, for example, will make our long-term sustainability efforts more transparent and allow us to also make better commercial use of them in the future. The last quarter of the year will also be partly spent preparing for the celebrations, as next year Elovena® will be 100 years old and Benecol® 30 years old. The celebrations will be reflected in both brands next year. The anniversary of the Elovena® brand in particular will be strongly present in everything we do right from the start of the year.

Looking back, I can say that I am also satisfied with the third quarter. Raisio's employees have continued their good work in creating new solutions to build a healthier and more sustainable future and improving our efficiency. Thanks to them, the Benecol® brand has continued to grow in our largest markets in the UK and Finland, Elovena® has broken sales records in Finland and we launched Elovena® snack biscuits in September in ICA stores in Sweden.

As the Swedes say: Havre bra!

OUTLOOK 2024

Raisio projects the comparable EBIT for the financial year 2024 to be at the level of 2023 or slightly higher. Raisio's comparable EBIT in 2023 was EUR 22.7 million.

In Raisio, Finland  4 November 2024
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 5 November 2024 at 12 noon, Finnish time. This is the direct link to the webcast: https://raisio.videosync.fi/q3-2024

The 2024 Financial Statements Bulletin will be published on 13 February 2025.

RAISIO PLC
At Raisio, we make food from the heart, with the aim of bringing health to ourselves and the Earth. We keep creating better plant-based and heart-healthy products so that eating healthily and within the Earth's ecological capacity can be a pleasure. Our strong brands, such as Benecol®, Härkis® and Elovena®, turn our ambitions into reality. Through our responsibility work, we make the hard choices for consumers, so that they can choose Raisio 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 2023, the Group's comparable net sales for continuing operations were EUR 219.5million and the comparable EBIT was EUR 22.7 million. www.raisio.com