Last year, we laid the groundwork for growth in line with our strategy, and we have now moved on to the phase of accelerating that growth. Breakfast, Snacking & Food Solutions continued its strong performance in terms of both growth and profitability. In the Heart Health business unit, the launch of Benecol® yoghurt drinks in Spain in late March marks a significant milestone for the growth of the Benecol® brand. Investments in innovation, capacity and the development of operating models to support quality, speed, capabilities and competitiveness also progressed as planned. For example, the significance of our ERP project to reform our enterprise resource planning system lies not only in the system overhaul itself, but also in the fact that it will help us build a clearer, more unified, more scalable and more manageable foundation for Raisio’s growth.

The first quarter of 2026 was a strong one for Raisio in terms of results, but sales growth fell short of our target. The Group’s net sales were EUR 57.5 (57.8) million, which was almost on a par with the comparison period. The Group’s net sales showed slight growth, when excluding the plant protein business sold during the comparison period. At the same time, profitability also improved clearly, even though the quarter’s results were weighed down by significant project costs associated with the ERP renewal. Comparable EBIT rose to EUR 7.5 (6.1) million, representing 13.1% (10.6%) of net sales. Cash flow from business operations after financial items and taxes also remained strong at EUR 8.3 (7.6) million. This shows that we have succeeded in improving the quality and efficiency of our operations while implementing our strategy and facilitating growth.

Uncertainty in the external operating environment persisted during the first quarter. Consumer confidence remained fragile, and geopolitical uncertainty increased long-term cost pressures, particularly for energy, logistics and packaging materials. So far, the impact on Raisio has been mainly indirect and is mitigated in part by our preparedness, our contract structures and our ability to pass on any necessary price increases to the market.

Sales in the Brands & Industrial segment increased by 1.1%. Breakfast, Snacking & Food Solutions continued its strong performance in terms of both growth and profitability, now under the leadership of our new Chief Business Officer who started in February . The unit’s net sales grew by 4.8% to EUR 27.3 (26.0) million. This growth was driven in particular by the good development of consumer sales in Finland, the growth of the Elovena® brand by almost 11% and the development efforts launched in Food Solutions towards the end of last year. The unit’s comparable EBIT improved significantly. This was supported by growth in the consumer business, cost benefits in production and the prices of key raw materials.

A survey measuring consumer perceptions ranked the Elovena® brand once again as Finland’s most sustainable brand in March, a testament to the brand’s long-term development and its strong position in the daily lives of Finns. Indeed, Elovena® is more than just a strong driver of growth for us. It is also proof that it is possible to simultaneously strengthen a brand commercially and make it more meaningful to consumers.

The Heart Health unit’s performance in the first quarter was below our expectations. The unit’s net sales fell by 2.0% to EUR 29.3 (29.9) million. It performed strongly in Finland, and its sales also increased in the local currency in the United Kingdom. However, the unit’s performance in euros was weighed down by the weakening of the pound, subdued performance in some smaller markets and the timing of industrial sales. The unfavourable development of exchange rates during the quarter also affected the unit’s profitability. The overall performance of the Heart Health unit at the beginning of the year left something to be desired, but the business foundation is solid, the direction is clear and the measures implemented at the beginning of the year will support improvements in both sales and profitability as the year progresses.

The implementation of the strategy proceeded as planned during the review period. The first quarter supports our view that Raisio’s ability to generate earnings has strengthened and that we are well positioned to grow our business in line with our strategy. Our guidance for 2026 remains unchanged, and we expect both net sales and comparable EBIT to grow compared to 2025.

Pasi Flinkman
CEO, Raisio plc
May 2026

Interim Report January-March 2026

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

You cannot generate profits by borrowing from the future – we invest in it

Our earnings continued to develop strongly in the third quarter, even though the overall development of net sales was disappointing for us. Comparable EBITDA reached nearly 20%, which is almost a quarter higher than last year. Growing our earnings at a rate faster than our net sales is in line with our strategy and plans: by improving our performance and efficiency, we are laying the foundation for faster growth. Once the foundation is in place, we will shift our focus more strongly towards accelerating growth. Our return on invested capital has also continued to improve, reaching almost 13%.

We are developing our business with a long-term perspective and investing in future growth and profitability. The investments in sales, marketing and opening up new markets that were initiated last year are still continuing at a significant level.

Over the course of this year, we have made and launched several investments that support and advance our strategy. During the past quarter, we started building new laboratory facilities next to the Nokia mill and upgrading the pasta packaging equipment at the Raisio mill. Investment projects already underway include a pilot plant for research and product development and test equipment for product development. These investments will strengthen our research and development activities, improve our quality and lay the groundwork for faster growth in the future.

We are also building the Raisio of the future by investing in knowledge-based management and digital transformation. The basis for this is the project we launched at the beginning of October to renew our ERP system, which will enable us to create a stronger and more sustainable Raisio and support the implementation of our strategy. A modern cloud-based system supports the utilisation of AI features on the one hand and simplifies the integration of potential acquisitions on the other hand. The project will be implemented in two phases over the next year and a half.

In the Breakfast, Snacking & Food Solutions segment, the Elovena® brand continued its strong growth trajectory at 6% in the third quarter, but the development of the segment’s net sales was negatively impacted by domestic industrial sales and grain trading, which was higher than usual during the corresponding period last year. Lower market prices for grain have supported the profitability of the consumer business, but this has also been reflected in a decline in the net sales of the B2B business. We have launched measures to strengthen the competitiveness of our industrial sales, and we expect these measures to start bearing fruit as early as the end of this year. Extensive cost improvements, successful efficiency measures and the continued growth of plant-based drinks in particular have contributed positively to the development of the segment’s earnings. In just four years, our oat dairy factory has grown to account for around a quarter of the total sales value of the Elovena® brand. During the summer and autumn, we have managed to improve the profitability of the Elovena® brand’s international product range, and over the next six months, our focus will be on expanding the product range and distribution.

Consumer sales in the Heart Health segment remained stable,  with the largest growth in the quarter coming from higher-than-usual deliveries to industrial customers. However, since the beginning of the year, growth has been steady in both Benecol®-branded consumer products and industrial sales. Sterols play an important role in our business, but despite price fluctuations in the sterol raw material market due to increased demand from the pharmaceutical industry, our cost development has remained fairly stable overall. In line with our strategy, we have started preparations for the geographical expansion of the Benecol® business and aim to open a new Benecol® market during the first half of next year.

Pasi Flinkman
CEO, Raisio plc
November 2025

Interim Report January-September 2025