Financial Statements Bulletin 2025
Juha Ruohola, CEO
Mika Tilli, CFO 13 February 2026
Key takeaways: Q4/2025
Comparable EBIT from continuing operations strengthened once again
- it has now improved for 12 consecutive quarters from the comparison period.
The profit for the period from continuing operations also improved clearly.
Net sales from continuing operations increased. Sales developed favourably in the Finnish retail channel and food service channel.
In December, the company paid a second instalment of return of capital,
EUR 0.05 per share.
Outi Henriksson stepped down from the company's Board at the end of the year.
2 13.2.2026 Financial Statements Bulletin 2025
Q4/2025: Net sales and EBITNet sales increased, driven by retail and food service
Consumer demand in Finland strengthened slightly from the comparison period.
Retail sales showed growth in HKFoods' own branded products and as a result of a successful Christmas season. Sales grew in poultry products, ready meals and pork.
Sales in the food service channel grew due to commercial measures and a comprehensive product range. Sales of poultry products showed strong development.
Sales to industry decreased as planned. The additional tariffs imposed by China on pork weakened its exports.
EBIT strengthened once again − it has now improved for
12 consecutive quarters
EBIT improved due to a more favourable sales structure, savings generated by the company's efficiency programme and increased production efficiency.
The sharp rise in the purchase price of beef due to the shortage of beef continued. The increase in sales prices only partially covered the rise in raw material costs.
3
13.2.2026 Financial Statements Bulletin 2025290,0
285,0
280,0
275,0
270,0
Net sales, M€,
continuing operations
270.0
266.9
265,0
+1.2%
260,0
255,0
Q4/24
Q4/25
20,0
18,0
Comparable EBIT, M€,
continuing operations
16,0
14,0
12,0
10.3
11.2
10,0
+8.4%
8,0
6,0
4,0
2,0
0,0
Q4/24
Q4/25
Key takeaways: 2025
Good profitability development continued and comparable EBIT from continuing operations strengthened.
Net sales from continuing operations were at the previous year's level.
Sales structure improved.
Sales grew in the food service channel, where we also strengthened our position.
4 13.2.2026
The internal efficiency programme progressed as planned and generated
significant savings. Strategic investments in production were completed.
Financial expenses decreased significantly.
The EUR 20 million capital securities issued in August will generate annual interest savings of EUR 2.4 million.
Interest-bearing net debt decreased.
Financial Statements Bulletin 2025
2025: Net sales and EBITNet sales at the previous year's level
Sales grew in the food service channel, where the strongest growth was seen in poultry products, ready meals and food components.
Retail sales were at 2024 level. Sales developed favourably especially in pork and poultry products under the HK® and Kariniemen® brands.
The national nutritional recommendations weakened demand for meat products in early 2025. However, sales of meat products and ready meals under HKFoods' own brands turned to growth in the second half.
Industrial sales decreased considerably, as planned.
Export sales also declined, as domestic demand has reduced the need for exports. Additional tariffs on pork weakened sales of pork by-products to China, but poultry sales grew as the exports of by-products to China began in early 2025.
EBIT: Good profitability development continued
Comparable EBIT was increased by the significant savings generated by the efficiency programme and increased production efficiency, as well as by an improved sales structure.
Profitability was weakened by the food industry strike in April,
as well as the rise in the purchase price of beef due to the shortage of beef.
5
13.2.2026 Financial Statements Bulletin 20251 150,0
Net sales, M€,
1 100,0 continuing operations
1 050,0
1,001.8
996.4
1 000,0
-0.5%
950,0
900,0
2024
2025
Comparable EBIT, M€,
60,0 continuing operations
50,0
40,0
30,0
27.7
34.1
+22.9%
20,0
10,0
0,0
2024
2025
Quarterly net sales, continuing operations, M€Year 2022:
877.2 M€
Year 2023:
933.0 M€
Year 2024:
1,001.8 M€
Year 2025:
996.4 M€
252
250
255
252
267
270
216 224
218
234 231
229
234 246 247
185
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4
2022 2023 2024 2025
6
13.2.2026 Financial Statements Bulletin 2025Net sales breakdown in Q4/2024, continuing operations
Sales channels
Categories
5%
13%
(-2)
19%
(+1)
63%
(+1)
17%
30%
(+1)
24%
(+1)
29%
(-2)
RetailFood service
Industry
Export
Beef and pork
Charcuterie, sausages and bacons
Poultry
Meals and meal components
Changes in percentage points vs. Q4/2024 in parantheses
7
13.2.2026 Financial Statements Bulletin 2025Quarterly comparable EBIT from continuing operations, M€
Year 2022:
-7.3 M€
Year 2023:
11.6 M€
Year 2024:
27.7 M€
Year 2025:
34.1 M€
11.6
10.3
11.8
11.2
6.6
4.2 4.4
3.0
4.6
6.5
-4.4
-1.5
0.0
-1.3
-2.3
1.4
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4
2022 2023 2024 2025
8
13.2.2026 Financial Statements Bulletin 2025Key events in 2025
9 13.2.2026 Financial Statements Bulletin 2025
Key events in 2025
Q1
Q2
Q3
Q4
HKFoods launched the Flavoured Salt innovation, allowing the natrium content of several
HK® and Kariniemen® products to be reduced by up to 25%.
HKFoods increased efficiency, and Paimio unit operations ended.
Food industry strike in April affected the availability of products, net sales and profitability.
HKFoods paid the first instalment of capital return (EUR 0.09 per share).
The future of the Polish production unit was assessed - the unit will continue as part of the Group.
The strategic investment in the production of
ready-to-eat products was completed in Eura production unit, and the new products were launched to the market.
HKFoods issued
EUR 20 million capital securities and redeemed its outstanding capital securities issued in 2018, which will generate annual interest savings of EUR 2.4 million.
Strategy and long-term financial targets were updated.
HKFoods wrote down conditional purchase price receivable related to the sale of Baltic operations.
The strategic investment in the new meal production line in Vantaa was completed,
and production on the line started.
New responsibility programme for 2026-2028 was confirmed.
HKFoods paid the second instalment of capital return (EUR 0.05 per share).
10 13.2.2026 Financial Statements Bulletin 2025
We updated our strategy in August 2025Our target is profitable and sustainable growth as well as a strong presence in consumers' food moments as a valued partner.
Core business
Pork, beef and poultry meat, meat products, ready meals and meal components
Focus of growth
Poultry products, meals and meal components
We raised our long-term financial targets
EBIT > 5% of net sales
Return on capital employed (ROCE) > 12%
Net gearing < 80%
Dividend > 50% of net profit
Focus areas
Growth in selected food moments
Operational excellence
Competent, healthy personnel
11
11 13.2.2026
Financial Statements Bulletin 2025
Sustainable value chain
Responsibility programme 2026−2028ENVIRONMENT
Reducing greenhouse gas emissions
Preventing biodiversity loss in the value chain
Reducing waste and increasing
the recyclability of packaging
ANIMAL
WELFARE
Developing the welfare of production animals through the principle of continuous improvement
GOOD GOVERNANCE AND CORPORATE CULTURE
PrHoYmVoItNinVgOaIVcAuTlture thEaLt ÄsuIMppEoTrts
sustainable and
ethical practises
PEOPLE
Promoting safety
and wellbeing at work
Competitive and socially sustainable producer community
Safe food that supports wellbeing
12
12 13.2.2026
Financial Statements Bulletin 2025
Safety work delivering results: Accident frequency (LTIR) developing in the right direction15.9
11.6
20.4 19.1
Q1/25 Q2/25 Q3/25 Q4/25
HKFoods' Lost Time Injury Rate (LTIR) of work accidents leading to sick leave among group's own workforce in Finland and Poland for the previous 12 months per million working hours. The LTIR figure also covers information of the subsidiaries Kivikylän kotipalvaamo Oy, Lihatukku Harri Tamminen Oy and Jokisen Eväät Oy. No comparison figure is available for 2024.
13
13.2.2026 Financial Statements Bulletin 2025
Outlook for 2026HKFoods expects that in 2026 the Group's comparable EBIT will grow compared to 2025.
14
13.2.2026 Financial Statements Bulletin 2025Board of Directors' proposal on the distribution of profit
and the authorisation of the Board to resolve on the distribution
of funds recorded in the reserve of invested unrestricted equity
The Board of Directors proposes to the Annual General Meeting of spring 2026 that the company distribute a dividend of EUR 0.08 per share for the financial year 2025, and that the remainder of the profit for the financial year be recorded in retained earnings from previous financial years.
The Board of Directors further proposes the Annual General Meeting to authorise the Board of Directors to decide, at its discretion, on the distribution of funds recorded in the reserve of invested unrestricted equity, up to a maximum of
EUR 0.07 per share. Under the authorisation, the Board of Directors could resolve to distribute funds in one or more instalments after the Annual General Meeting of spring 2026. The authorisation would be valid until the beginning of the next Annual General Meeting.
15 13.2.2026 Financial Statements Bulletin 2025
Financial review
16 13.2.2026 Financial Statements Bulletin 2025
Key figures, continuing operations
EUR million | 10−12/2025 | 10−12/2024 | 1−12/2025 | 1−12/2024 |
Net sales | 270.0 | 266.9 | 996.4 | 1,001.8 |
EBITDA | 18.5 | 16.9 | 62.5 | 56.3 |
EBIT | 11.2 | 6.5 | 32.9 | 22.4 |
- EBIT margin, % | 4.1 | 2.4 | 3.3 | 2.2 |
Comparable EBIT | 11.2 | 10.3 | 34.1 | 27.7 |
- EBIT margin, % | 4.1 | 3.9 | 3.4 | 2.8 |
Profit for the period | 4.0 | -2.7 | 14.2 | -1.8 |
EPS, EUR | 0.02 | -0.06 | 0.08 | -0.09 |
Comparable EPS, EUR | 0.02 | -0.02 | 0.09 | -0.04 |
17
13.2.2026 Financial Statements Bulletin 2025Key figures
EUR million | 10−12/2025 | 10−12/2024 | 1−12/2025 | 1−12/2024 |
Cash flow from operating activities, incl. discontinued operations | 27.9 | 38.4 | 51.0 | 60.8 |
Cash flow after investing activities, incl. discontinued operations | 22.1 | 64.3 | 36.1 | 141.7 |
Return on capital employed (ROCE) before taxes, %, incl. discontinued operations | 6.6 | 0.9 | ||
Interest-bearing net debt | 141.8 | 149.8 | ||
Net gearing, % | 73.2 | 69.5 | ||
Leverage | 2.2 | 2.6 |
18
13.2.2026 Financial Statements Bulletin 2025Interest-bearing net debt and net gearing
353
345
361
353
373
362
324
288
208
216
214
150
160
156 159
142
107%
112%
124%
140%
139%
123% 121%
94% 98% 96%
70%
74%
76%
82%
73%
108%
Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Interest-bearing net debt (EUR million) Net gearing (%)The net gearing ratio limit for bank loans is 105 per cent until the end of March 2026 and 100 per cent from June 2026. The net gearing ratio limit for the bond is 120 per cent.
19
13.2.2026 Financial Statements Bulletin 2025Debt profile and maturity structure as of 31 December 2025
Maturity of the Group's interest-bearing debt*, M€
120
Interest-bearing debt by credit type, M€*
16.8
1.8
1.9
80
89.1
40
0
2026 2027 2028 >2028
Bonds Bank loansPension loans ECA loans
Commercial papers Other borrowing
Total interest-bearing debt without IFRS 16: EUR 98.6 million
RCF (used) RCF (unused) *Without lease liabilities*EUR 20 million hybrid bond is treated as equity
20
13.2.2026 Financial Statements Bulletin 2025Investments
Group investments, M€, continuing operations
25.5 25.6
11.2
0.3
7.9
6.0
1.6
1.6
8.0
14.5
7.2 6.9
2.8
0.7
0.3
3.1
1.8
0.8
0.5
4.1
Other
Q4/24 Q4/25 Q1-Q4/24 Q1-Q4/25
Strategic investments
Efficiency improvement
Maintenance
21
13.2.2026 Financial Statements Bulletin 2025Cash flow and working capital
Cash flow from operating activities, M€,
incl. discontinued operations
60.8
51.0
38.4
27.9
Q4/24
Q4/25
Q1-Q4/24 Q1-Q4/25
Working capital, M€, incl. discontinued operations
5
1
12/24
12/25
HKFoods already has 80 Flavoured Salt productsThe Flavoured Salt innovation supports our goal of offering safe food that promotes wellbeing. It is one solution for reducing salt intake and a significant measure in support of public health.
The new Flavoured Salt has allowed the salt content of several HK® and Kariniemen® products to be reduced by up to 25 per cent, while retaining the familiar taste.
Part of the salt in the products has been replaced by Flavoured Salt, which contains no sodium and consists of potassium chloride and flavourings.
The first renewed products were launched in stores in January 2025.
Flavoured Salt innovation received honorable mention in the FFCR Innovation Awards in spring 2025.
22
13.2.2026 Financial Statements Bulletin 2025Our product range includes
~200
Heart Symbol products
or products that meet corresponding criteria at the end of 2025.
Our target:
30%
of products meet the Heart Symbol criteria in 2028.*
*) Calculated as number of items relative to the volume sold. Includes retail sector and food service products.
Tähän tulee Kariniemen tammikuun
makusuola-teema-tausta
Kariniemen novelties in early 202623
13.2.2026 Financial Statements Bulletin 2025HK novelties in early 2026
24 13.2.2026 Financial Statements Bulletin 2025
Via ja Mäkitalon Farmi novelties in early 2026
25
13.2.2026 Financial Statements Bulletin 2025Financial reporting and AGM in 2026
Annual Report 2025: week 14/2026,
at the latest
AGM: 22 April 2026
Financial reports 2026:
Q1/2026: 6 May 2026
H1/2026: 5 August 2026
Q3/2026: 4 November 2026
26
13.2.2026 Financial Statements Bulletin 202527
5.11.2025 Osavuosikatsaus Q3 2025https://www.hkfoods.com