Raisio Plc Class K · OMXHEX:RAIKV
Raisio Plc Class K — Investor Day (May 2025)
74 slides from Raisio Plc Class K's investor day presentation, May 27, 2025
Slide 1: Raisio's Capital Markets Day 2025
Raisio’s Capital Markets Day 2025 27 May 2025 1
Slide 2: Agenda
Agenda 10.00 a.m. Opening words and presentations Raisio’s strategy 2025–2027 Pasi Flinkman, CEO Raisio’s international growth Mikko Lindqvist, Chief Sales Officer Raisio – consumer-oriented European innovator Reetta Andolin, Chief Innovation Officer and Annika Boström, Chief Marketing Officer Exper
Slide 3: Speakers
Speakers Expert views: Q&A Building a sustainable food system Pasi Flinkman Mikko Lindqvist Annika Boström Mika Saarinen CEO Chief Sales Officer Chief Marketing Officer Chief Financial Officer Reetta Andolin Financial review Raisio’s strategy Raisio’s Chief Innovation Officer 2025–2027: internationa
Slide 4: Raisio's Management Team as of June 2nd
Raisio’s Management Team as of June 2nd Pasi Flinkman Mika Saarinen Noora Pöyhönen Mikko Lindqvist CEO Chief Financial Officer Chief Business Officer Chief Business Officer Breakfast, Snacking & Food Solutions Heart Health (estimated as of Q1/2026) Virpi Aaltonen Reetta Andolin Annika Boström Sari K
Slide 5: Raisio's strategy 2025–2027: Accelerating growth
Raisio’s strategy 2025–2027: Accelerating growth Pasi Flinkman CEO 27/05/2025 Raisio's Capital Markets Day 2025 5
Slide 6: We are a BIG small European company
Net sales (2024) 227 M€ EBIT (2024) RAISIO IN BRIEF 23 M€ since 1939 We are a BIG small Around Sales in more than European company 350 40 At Raisio, we make delicious food that promotes employees in markets around healthier eating. We make a healthier and happier seven countries the world world arou
Slide 7: Focusing of business and expanding operations
Focusing of business and expanding operations 2021 2022 2023 2024 2025 Stop to all exports to Increase of Instant Elovena® in Spain Russia and the sale of Oatmeal capacity and Denmark Acquisition Russian consumer in Nokia of Härkis business Sale of Additional fish feed capacity in the business ‘plan
Slide 8: The speed of change we are all experiencing
The speed of change we are all experiencing is too high to be explained by complex and ambiguous. Source: Riitta Lumme-Tuomala, 4.4.2022. Aalto Leaders’ Insight, Aaltoee.fi. 27/05/2025 Raisio's Capital Markets Day 2025 https://www.aaltoee.fi/aalto-leaders-insight/2022/kun-monimutkainen-muuttuu-kaoot
Slide 9: Flexible and adaptable, Focused
Focused Flexible and adaptable 27/05/2025 Raisio's Capital Markets Day 2025 9
Slide 10: Changes in our operating environment create opportunities
Changes in our operating environment create opportunities • Consumers • Raw and other • Trade input materials • Technology • Economy and regulation 27/05/2025 Raisio's Capital Markets Day 2025 10
Slide 11: We operate in sizeable European food markets
We operate in sizeable European food markets that offer attractive growth opportunities Established breakfast European** Emerging European & snacking market in cholesterol-lowering weight management chosen European markets foods market food market 76 Bn€ *Market value (2024) ~700 M€ 3 Bn€ ***Market
Slide 12: Accelerate growth, Future growth, Fuel for growth
Accelerate growth Future growth Fuel for growth Breakfast and snack products We seek growth from new business Our local heritage brands as (Elovena®) and heart-healthy opportunities: investments in well as grain-based industrial products (Benecol®) constitute the research activities and targeted sol
Slide 13: Breakfast and snacking
GROWTH AREA 1 Breakfast and snacking • Growth in all our European markets • Fastest-growing player in Europe 27/05/2025 Raisio's Capital Markets Day 2025 13
Slide 14: Strong track record of continued growth
35 000 000 30 000 000 Strong track record of continued growth 25 000 000 20 000 000 Plant-based dairy Elovena® Gluten Free Crumbles 15 000 000 Ice creams Bars Everyday and coffee biscuits 10 000 000 Spoonable snacks Breads Snack drinks Snack biscuits 5 000 000 Cereals and muesli Single-serve packs P
Slide 15: Breakfast and snacking: Solid base for further growth
Breakfast and snacking: Solid base for further growth SOLID MARKET POSITIONS IN …AND WINNING FURTHER SHARE DRY PRODUCTS IN FINLAND IN MOST CATEGORIES 150 150 117 118 113 101 102 103 102 101 Others Raisio Flakes Dairy yoghurt Cereals Snack Plant-based with health and muesli biscuits dairy Snack Snack
Slide 16: Heart health
GROWTH AREA 2 Heart health • Market leader in four markets: Finland, the UK, Ireland and Poland • Geographical expansion 27/05/2025 Raisio's Capital Markets Day 2025 16
Slide 17: Heart health: Speed up sales growth
Heart health: Speed up sales growth • New categories, product development and portfolio expansion CAGR CAGR • More distribution: discounters and -1.8%-1.8% +3.0%+3.0% convenience 125 125 • Further boldness and standout in 116 116 109 109 112 112 branding and communications In existing • Investing in
Slide 18: New business
GROWTH AREA 3 New business • Future market leader in satiety and weight management • With acquisitions, we can strengthen our market position, support our existing growth categories or expand into new categories 27/05/2025 Raisio's Capital Markets Day 2025 18
Slide 19: Research and science feed profitable innovation and growth
Research and science feed profitable innovation and growth SIGNIFICANT PREMIUM PRICES, PARTNERSHIPS COMPETITIVE MARKET POTENTIAL HEALTHY MARGINS AND FUNDING ADVANTAGES Future growth by Evidence-based claims A science-based approach Competitive advantages tapping into market enable premium pricing fo
Slide 20: Strong balance sheet to use with M&A
Strong balance sheet to use with M&A Trends Categories Avoid • Convenience • Granola and muesli • Turn-arounds • Enjoyment, “permissible • Heart health indulgence” • Purely financial • Snacking, especially on-the-go positions • Health and wellbeing • Non-dairy, chilled snacks and breakfast • High co
Slide 21: Industrial solutions and local heritage brands
FUEL FOR GROWTH Industrial solutions and local heritage brands • One of the most important gluten-free oat producers in Europe • Leading partner in grain-based ingredients in Finland • Leverage heritage assets in a creative way and more widely than before 27/05/2025 Raisio's Capital Markets Day 2025
Slide 22: Stable cash flows to finance the growth
Stable cash flows to finance the growth WE LEVERAGE SCALE BENEFITS …AND RELEASE LATENT VALUE OF INDUSTRIAL SALES IN OUR LOCAL BRANDS Bakeries and industry Export of gluten-free oats 27/05/2025 Raisio's Capital Markets Day 2025 22
Slide 23: Reorganisation by business units to implement the strategy
Reorganisation by business units to implement the strategy Breakfast, Snacking New Business Heart Health & Food Solutions Development Sales & Customers Sales & Customers Marketing & Brands Marketing & Brands Product development Product development Shared functions 27/05/2025 Raisio's Capital Markets
Slide 24: Financial targets for 2025–2027
Financial targets for 2025–2027 CAGR 3–4% 300 Targeted annual growth rate The goal is to reach EBIT > 250 faster than the market, level by end of 2027 € 30M 250 227 averaging > 200 150 3–4% (2024: € 23.4M) 100 Goal for organic growth by end of 2027 50 0 > € 250M (2024: € 226.8M) 2024 2027 EBIT, % of
Slide 25: Raisio's international growth
Raisio’s international growth Mikko Lindqvist Chief Sales Officer 27/05/2025 Raisio's Capital Markets Day 2025 25
Slide 26: Raisio is an international consumer brand house
Raisio is an international consumer brand house 50% OF RAISIO’S CONSUMER-BRANDED MAJORITY OF CONSUMER-BRANDED SALES ALREADY COMES FROM OUTSIDE INTERNATIONAL SALES IS BENECOL® FINLAND 5% 4% Benecol® Other countries Finland Elovena® 50% 50% Other 91% 67% of Raisio’s sales 2024 was consumer branded 27/
Slide 27: 5 new markets opened in last 15 months for Elovena
5 new markets opened in last 15 months for Elovena® AUGUST 2024 JUNE 2024 APRIL 2025 FEBRUARY 2024 Sweden Belgium Spain The Netherlands MARCH 2025 Denmark 27/05/2025 Raisio's Capital Markets Day 2025 27
Slide 28: The Netherlands
The Netherlands 27/05/2025 Raisio's Capital Markets Day 2025 28
Slide 29: Sweden & Denmark
Sweden & Denmark 27/05/2025 Raisio's Capital Markets Day 2025 29
Slide 30: We value learning and flexibility before scaling up
We value learning and flexibility before scaling up PREVIOUS APPROACH BIG SMALL COMPANY APPROACH • Own operations as route to market • Dynamic and agile model to enter • Focus on Elovena® • Focus on both Elovena® and Benecol® • Focus on big retailers • Open for different and more focused • High mark
Slide 31: What success in international growth looks like by 2027
What success in international growth looks like by 2027 GOALS KPIs We have created a scalable expansion market Establish a new market with consistent net that is ready to enter the acceleration phase sales growth, positioning it among the top five in our market portfolio by the end of 2027. We have
Slide 32: Repeatable model of success for expansion
Repeatable model of success for expansion FOCUS ON ORGANIC ENTRY, ENTRY VIA M&A, ALWAYS CASE BY CASE 1 Explore 2 Build 3 Accelerate Proof-of-concept and Credible and sustainable Growth through NPD and consumer pull that grant market position in several wider distribution. Adding further investments
Slide 33: Promising opportunities in markets worth 6.5 Bn€
Promising opportunities Bn€ TARGET MARKETS OPENED IN 2024–2025 in markets that have a total worth of 6.5 Bn€ and are set to grow by 800 M€ 2.8 Spain, +4% annual growth by 2027 1.5 The Netherlands, +3% annual growth 1.0 Belgium, +2% annual growth 0.7 Sweden, +4% annual growth Source: Euromonitor. Mar
Slide 34: >3 new European markets in 2026–2027
>3 new European markets in 2026–2027 EXPLORATION AND PARTNER DISCUSSIONS ONGOING • Right go-to-market model Choice • Market size and growth criteria • Competition • Pricing • Retailer landscape • Biscuits Focus • Snack bars categories • Oat flakes • Plant-based milks • (Benecol® yoghurt drinks) 27/0
Slide 35: Positioning of our brands in new European markets
Positioning of our brands in new European markets • Focus on oats – “Expert in oats” • Creator of cholesterol-lowering foods category • Widest portfolio in oats with constant • HCP marketing model innovation • Active novelty development • Great taste & beneficial nutritional profile • 30 years of ex
Slide 36: Action plan
Action plan What success • A market with consistent net sales growth in top 5 • Healthy GM from expansion markets looks like • Markets in all stages of repeatable model of success 2025 2026 2027 Learn and create models Build on successes and Accelerate chosen market(s) of success manage the funnel a
Slide 37: Q&A
• Q&A 27/05/2025 Raisio's Capital Markets Day 2025 37
Slide 38: A consumer-oriented big small European innovator
A consumer-oriented big small European innovator Annika Boström Chief Marketing Officer Reetta Andolin Chief Innovation Officer 27/05/2025 Raisio's Capital Markets Day 2025 38
Slide 39: There is transformative power in food.
OUR FUNDAMENTAL TRUTH: There is transformative power in food. 27/05/2025 Raisio's Capital Markets Day 2025 39
Slide 40: There is transformative power in food.
WHY WE EXIST There is WHAT WE DO transformative power in food. There is transformative power in food. HOW A Big Small European Innovator On a global scale, our company may be small, but our expertise in food and its ingredients has a big impact. We position ourselves as an innovator in the European
Slide 41: Laying a foundation for long- and short-term innovations
Laying a foundation for both Innovative long- and short-term innovations outcomes • Opportunity-oriented culture • Desired ecosystem partner Research-driven solutions Systematic opportunity mapping and idea generation Innovation culture 27/05/2025 Raisio's Capital Markets Day 2025 41
Slide 42: Great things come from working together
Great things come from working together 27/05/2025 Raisio's Capital Markets Day 2025 42
Slide 43: Innovation process
Innovation process RESEARCH MEGA- PRODUCT DEVELOPMENT TRENDS TRENDS EVOLVE WEAK MEGA- SIGNALS TRENDS PRIORITISE PRIORITISE EXPLORE TRENDS TEST SCALE PROTO TYPING PROOF OF HYPOTHESIS/ GROW WEAK IDEA CONCEPT SIGNALS 27/05/2025 Raisio's Capital Markets Day 2025 43
Slide 44: Innovation process
Innovation process RESEARCH PRODUCT DEVELOPMENT Innovation platforms TEXTURE AND Our own consumer-led innovation WEIGHT MATERIALS platforms guide our product development MANAGEMENT AND FIBRES SUSTAIN- ABILITY HEART HEALTH AND CHOLESTEROL- FUTURE LOWERING INGREDIENTS 27/05/2025 Raisio's Capital Marke
Slide 45: Vitality+, Circle of Life, Local Connect
VITALITY+ CIRCLE OF LIFE LOCAL CONNECT EVERYDAY ESCAPE SIMPLE PLEASURES ROUTINES REIMAGINED 27/05/2025 Raisio's Capital Markets Day 2025 45
Slide 46: What's currently cooking
What’s currently cooking 27/05/2025 Raisio's Capital Markets Day 2025 46
Slide 47: What if Benecol was invented today?
What if Benecol® was invented today? 27/05/2025 Raisio's Capital Markets Day 2025 47
Slide 48: Raisio's Capital Markets Day 2025
27/05/2025 Raisio's Capital Markets Day 2025 48
Slide 49: Raisio's Capital Markets Day 2025
27/05/2025 Raisio's Capital Markets Day 2025 49
Slide 50: We believe the future is in fibres
We believe the future is in fibres SATIETY AND TECHNOLOGICAL FUNCTIONALITY Opportunity Reason to believe Solution to Competitor field be studied There is no fibre A change expected Already, one of in the market due consumers’ biggest Fibres are known to which meets the to novel weight health concern
Slide 51: Functional Fibres: Starting the journey
Clinical studies Functional Fibres: Starting the journey Application tests Concept validation Under construction at our Raisionkaari industrial area: new pilot Test marketing plant to scale up the valorisation technology for oat side streams. Project supported by Business Finland. 27/05/2025 Raisio'
Slide 52: Raisio's Capital Markets Day 2025
27/05/2025 Raisio's Capital Markets Day 2025 52
Slide 53: Experts view: Building a sustainable food system
Experts view: Building a sustainable food system Saara Kurkilahti Meri Mattila ESG Manager Elovena® Brand Manager Mari Siviranta Head of Sarah Franciosi Procurement Science and Nutrition Communications Manager 27/05/2025 Raisio's Capital Markets Day 2025 53
Slide 54: There is transformative power in food.
• There is transformative power in food. 27/05/2025 Raisio's Capital Markets Day 2025 54
Slide 55: Financial review
Financial review Mika Saarinen Chief Financial Officer 27/05/2025 Raisio's Capital Markets Day 2025 55
Slide 56: Unprecedented times in the global economy
Unprecedented times in the global economy SHORT EUR RATES: DANSKE FORECAST CONSENSUS FORECASTS FOR 2025 GDP GROWTH Consensus forecasts for 2025 GDP growth AND MARKET PRICING Short EUR rates: Danske forecast and market pricing % 2.50 4.5 2.25 4.0 2.00 3.5 Liberation Day 1.75 3.0 1.50 2.5 1.25 2.0 1.0
Slide 57: Consumers remain cautious
Consumers remain cautious FINLAND, RETAIL TRADE VOLUME INDEX, CONSUMER CONFIDENCE SINCE THE PANDEMIC TREND ADJUSTED Finland, retail trade volume index, trend adjusted % balance, seasonally adjusted 1 15 7.0 6.5 10 0 6.0 5 - 1 5.5 0 5.0 - 2 - 5 4.5 - 10 - 3 4.0 - 15 3.5 - 4 - 20 3.0 - 5 - 25 2.5 - 30
Slide 58: Valuations of listed food and beverage companies have come down
At the same time, valuations of listed food and beverage companies have come down – OPENING UP NEW M&A OPPORTUNITIES FOR RAISIO EV/EBIT multiples, 2018–2025 Valuations are sitting at about -30% below the longer-term trend Note: The valuations of publicly listed companies do not necessarily reflect t
Slide 59: Food industry has been stable despite macro challenges
Despite the global macroeconomic and trade policy challenges, the food industry has been stable, and the impact of economic cycles on Raisio has been limited. 27/05/2025 Raisio's Capital Markets Day 2025 59
Slide 60: Growing net sales
NET SALES Growing net sales 250 -0.6% +3.3% 200 2022 Strong growth both in Healthy Food and Healthy Ingredients segments 150 2023 Small decrease due to consumers shifting to more affordable products 100 +4.2% 2024 Growth thanks to effective sales and 50 marketing activities Q1/25 Faster than market
Slide 61: Improving profitability
COMPARABLE EBIT AND SHARE OF NET SALES Improving profitability 25 +23.9% +3.0% 12 10 20 2022 Profitability recovered due to price increases 8 15 2023 Profitability improved due to operational 6 efficiency and price discipline 10 2024 Slight decrease in profitability due to +44.3% 4 increased sales a
Slide 62: Good cash flow generation
CASH FLOW FROM CONTINUING OPERATIONS 45 +230.4% +6.2% Good cash flow 40 generation 35 30 2022 Rising raw material prices had a negative impact on cash flow 25 2023 Cash flow almost quadrupled due to decrease 20 in working capital and improving profitability 15 2024 Cash flow increased due to extreme
Slide 63: Stable dividend payer
Stable dividend payer 0,16 8 0,14 7 0,12 6 0,1 5 0,08 4 Earnings/share, EUR Dividend/share, EUR 0,06 3 Raisio’s dividend policy Effective dividend yield 0,04 2 (free shares), % Raisio aims to pay an annual dividend of 50–100% of the 0,02 1 company’s earnings per 0 0 share. 2022 2023 2024 27/05/2025
Slide 64: This gives us a strong financial base for the next strategy period
This gives us a strong financial base for the next strategy period. 27/05/2025 Raisio's Capital Markets Day 2025 64
Slide 65: Financial targets by the end of 2027
Financial targets by the end of 2027 CAGR 3–4% 300 Targeted annual growth rate is Goal to reach EBIT level >250 faster than the market, averaging by the end of 2027 3–4% 250 227 200 ⁓3.0% > € 30M 150 112 Breakfast and snacking ⁓4.5% (2024: € 23.4M) Heart health ⁓3.0% 100 107 ⁓4.5% 50 Goal for organi
Slide 66: EBIT impact of strategic priorities for 2025–2027
EBIT impact of strategic priorities for 2025–2027, M€ ORGANIC GROWTH GROWTH WITH M&A CAGR +9%* >30 23.4 2024 Performance Leveraging Plant Increase and Benecol® Geographic Risk buffer 2027 M&A 2027 Total improvement the growth protein optimize back to expansion of established of non-dairy business mi
Slide 67: Strong financial position enables targeted M&A
Strong financial position enables targeted M&A Strengthen current Build new business growth categories Add on current portfolio and create synergies with current business 27/05/2025 Raisio's Capital Markets Day 2025 67
Slide 68: Strong financial position, clear profile for target companies
Strong financial position Clear profile for target companies M€ Q1 2025 Q1 2024 2024 • Enterprise value (EV) >20 M€ Investments 2.6 1.8 7.4 – Branded stand-alone Equity ratio, % 79.3 79.2 80.3 companies/businesses, or Equity per share, € 1.66 1.67 1.63 – Introducing Raisio brands to new markets Net
Slide 69: Raisio's balance sheet enables also bigger M&A
Raisio’s balance sheet enables also bigger M&A Pro-forma EBITDA 2025E* +23% +27% +37% 9 10 14 Scenario Scenario Scenario M€ #1 #2 #3 47 48 52 38 38 38 Acquisition 105 125 170 EV Raisio Target Pro-forma Raisio Target Pro-forma Raisio Target Pro-forma Indicative rating BB+ BB+ BB outcome Pro-forma S&P
Slide 70: Ready for the next phase
Ready for the next phase Balance sheet with leverage potential We have a strong balance sheet and financial position that Clear, realistic enables also bigger M&A growth targets We have defined clear Steady performer even financial targets with during turbulent times tangible action plans to ensure
Slide 71: Closing remarks
Closing remarks Pasi Flinkman CEO 27/05/2025 Raisio's Capital Markets Day 2025 71
Slide 72: Raisio – Big small European company
Raisio – Big small European company Strong brand Focus on Clear strategy of portfolio healthier food expanding A Finnish pioneer in health Strategic focus on breakfast and wellness foods, known A clear strategy for supporting and snacking, heart health for our reputable brands like growth and expans
Slide 73: Q&A
• Q&A 27/05/2025 Raisio's Capital Markets Day 2025 73
Slide 74: i FOOD FOR
SP i FOOD FOR Heart Health EH