Financial Statements
Bulletin 2025
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.
Pasi Flinkman
CEO, Raisio plc
February 2026
Financial Statements Bulletin 2025
