HKFoods Oyj : Financial Statements 2025

About this update from Hkfoods Oyj Class A

‌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 EBIT Net 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 2025 290,0 285,0 280,0 275,0 270,0 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 EBIT Net 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 2025 1 150,0 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 2025 ‌Net sales breakdown in Q4/2024, continuing operations Sales channels Categories 5% 13% (-2) 19% (+1) 63% (+1) 17% 30% (+1) 24% (+1) 29% (-2) Retail Food 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 2025 ‌Quarterly 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 2025 ‌Key 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 2025 Our 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 2026−2028 ENVIRONMENT 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 Pr H o Y m V o I t N in V g O a IV c A u T lture th E a L t Ä su IM pp E o T rts 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 direction 15.9 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 2026 HKFoods expects that in 2026 the Group's comparable EBIT will grow compared to 2025. 14 13.2.2026 Financial Statements Bulletin 2025 ‌Board 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 2025 ‌Key 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 2025 ‌Interest-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 2025 ‌Debt 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 loans Pension 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 2025 ‌Investments 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 2025 Cash 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 products The 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 2025 Our 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 2026 23 13.2.2026 Financial Statements Bulletin 2025 ‌HK 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 2025 ‌Financial 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 2025 ‌27 5.11.2025 Osavuosikatsaus Q3 2025 https://www.hkfoods.com

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