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

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.

Pasi Flinkman
CEO, Raisio plc
August 2025

Half-Year Financial Report January-June 2025