HKFoods Oyj : Financial Statements Bulletin 2025

About this update from Hkfoods Oyj Class A

Financial Statements Bulletin 2025 13 February 2026 HKFoods' Financial Statements Bulletin 1 January-31 December 2025 Good profitability development continued in 2025 October-December 2025 HKFoods' comparable EBIT from continuing operations strengthened in the fourth quarter of 2025 and has now improved for 12 consecutive quarters from the comparison period. The profit for the period from continuing operations also improved clearly. HKFoods' net sales from continuing operations increased by 1.2 per cent to EUR 270.0 (266.9) million. Sales developed favourably in the Finnish retail channel and food service channel and decreased as planned in industrial sales, which improved the sales structure. 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, and HKFoods' market position in the channel strengthened. In particular, sales of poultry products showed strong development. The Group's comparable EBIT from continuing operations strengthened by 8.4 per cent to EUR 11.2 (10.3) million, representing 4.1 (3.9) per cent of net sales. The comparable 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 weakened the comparable EBIT, as the increase in sales prices only partially covered the rise in raw material costs. The Group's profit for the period from continuing operations rose to EUR 4.0 (-2.7) million. The company's Board of Directors decided, with the authorisation of the Annual General Meeting held on 23 April 2025, to pay in December a second instalment of return of capital of EUR 0.05 per share from the company's reserve for invested unrestricted equity. Cash flow from business operations, including discontinued operations, decreased to EUR 27.9 (38.4) million. Outi Henriksson announced her resignation from HKFoods Plc's Board of Directors due to new commitments and left the company's Board of Directors on 31 December 2025. January-December 2025 HKFoods' good profitability development continued and comparable EBIT from continuing operations strengthened. HKFoods' net sales from continuing operations were at the previous year's level, totalling EUR 996.4 (1,001.8) million. Sales grew in the food service channel and were at the comparison period's level in domestic retail. Industrial sales decreased as planned and export sales declined as well. Sales of HKFoods' own brands, particularly HK ® and Kariniemen ® pork and poultry products, showed positive development in retail. The national nutritional recommendations weakened demand for meat products especially in the first half of the year. However, the decline in demand levelled off as the year progressed and sales of meat products and ready meals under HKFoods' own brands turned to growth in the second half of the year. The Group's comparable EBIT from continuing operations strengthened by 22.9 per cent to EUR 34.1 (27.7) million, representing 3.4 (2.8) per cent of net sales. The comparable EBIT was increased by the significant savings generated by the efficiency programme, which progressed as planned, as well as by an improved sales structure. Profitability was weakened by the food industry strike in April, and the overtime and shift change bans related to labour market negotiations, as well as the rise in the purchase price of beef due to the shortage of beef. The Group's profit for the period from continuing operations rose to EUR 14.2 (-1.8) million. Financial expenses decreased significantly. The new EUR 20 million capital securities issued in August and the redemption of the old capital securities will generate annual interest savings of EUR 2.4 million for the company. Cash flow from operating activities, including discontinued operations, decreased to EUR 51.0 (60.8) million. Interest-bearing net debt declined to EUR 141.8 (149.8) million. Net gearing was 73.2 (69.5) per cent. Interest-bearing net debt excluding leasing liabilities under IFRS 16 was EUR 57.8 (62.2) million . 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. 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. The figures in parentheses refer to the same period in the previous year, unless otherwise mentioned. The figures are unaudited. Outlook for 2026 HKFoods expects that in 2026 the Group's comparable EBIT will grow compared to 2025. Key figures, net sales, 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 Key figures, EBIT, continuing operations (EUR million) 10-12/2025 10-12/2024 1-12/2025 1-12/2024 EBIT 11.2 6.5 32.9 22.4 - % of net sales 4.1 2.4 3.3 2.2 Comparable EBIT 11.2 10.3 34.1 27.7 - % of net sales 4.1 3.9 3.4 2.8 Key figures, other (EUR million) 10-12/2025 10-12/2024 1-12/2025 1-12/2024 EBITDA, continuing operations 18.5 16.9 62.5 56.3 Profit before taxes, continuing operations 6.7 2.3 18.7 4.2 - % of net sales 2.5 0.9 1.9 0.4 Profit for the period, continuing operations 4.0 -2.7 14.2 -1.8 - % of net sales 1.5 -1.0 1.4 -0.2 EPS, EUR, continuing operations 0.02 -0.06 0.08 -0.09 Comparable EPS, EUR, continuing operations 0.02 -0.02 0.09 -0.04 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 HKFoods' CEO Juha Ruohola HKFoods' good profitability development continued in 2025, and comparable EBIT from continuing operations has now improved for 12 consecutive quarters from the comparison period. Net sales from continuing operations were at the previous year's level, totalling EUR 996.4 (1,001.8) million. The Group's comparable EBIT from continuing operations strengthened by 22.9 per cent to EUR 34.1 (27.7) million, representing 3.4 (2.8) per cent of net sales. In the last quarter of 2025, comparable EBIT strengthened once again. The profit for the period from continuing operations also improved clearly. 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, and we strengthened our market position in the channel. In particular, sales of poultry products showed strong development. In 2025, sales of pork and poultry products under the HK ® and Kariniemen ® brands grew in the retail channel. The national nutritional recommendations, published at the end of 2024, weakened demand for meat products in Finland especially in the first half of 2025. However, the decline in demand levelled off as the year progressed, and sales of meat products and ready meals under HKFoods' own brands turned to growth in the second half of the year. Over the past few years, alongside a significant restructuring, we have implemented an internal efficiency programme, which has progressed as planned and generated significant savings. Efficiency investments and other development measures improved production efficiency and cost savings reduced fixed costs. The investments completed at the Rauma and Forssa units in the summer of 2024, in particular, have improved HKFoods' production efficiency, and their impact is fully reflected in the fourth quarter results. On the other hand, profitability in 2025 was weakened by the food industry strike in April and the overtime and shift change bans related to labour market negotiations as well as the rise in the purchase price of beef due to the shortage of beef. We were able to only partially compensate for this increase with higher sales prices in the second half of the year. Regarding the availability of beef, the situation continues to be tight in the early part of 2026. On the other hand, this development is reflected in the growing sales of poultry and pork, which supports HKFoods' strategic choices. According to the strategy updated in early autumn, HKFoods' goal is to achieve profitable and sustainable growth as well as a strong presence in consumers ' food moments as a valued partner. Our focus is on growing product segments: strong and innovative poultry products, and meals and meal components. Our core business includes pork, beef and poultry meat, meat products, ready meals and meal components. Our production line investments completed last year in our Eura and Vantaa units are related to the strategic choices listed above. Measures strengthening our balance sheet in 2025 also included new EUR 20 million capital securities issued in August and the redemption of the old capital securities, which will generate annual interest savings of EUR 2.4 million. Responsibility is a key part of our business. We are developing responsible food production throughout our value chain, from farms to consumers, by continuing the goal-oriented responsibility work. In late 2025, HKFoods Plc's Board of Directors confirmed the company's new responsibility programme for 2026-2028. The programme lays the foundation for HKFoods' responsibility work, and its focus areas are environment, people, animal welfare, and good governance and corporate culture. Our hard work over the past few years has paid off. As a result of our significant development efforts, we have been able to improve both the level of our operations and our key financial indicators extensively. I would like to express my warmest thanks to our employees, our contract producers, customers and our other partners. We will now focus on implementing our strategy and continue our determined work towards our long-term financial targets updated in August. Key events in 2025 HKFoods developed the Flavoured Salt innovation HKFoods has developed a new Flavoured Salt, which has allowed the salt content of several HK ® and Ka-riniemen ® 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 the new Flavoured Salt, which contains no sodium. Flavoured Salt consists of potassium chloride and flavourings. HKFoods has exclusive rights to it for the time being. The first renewed products were launched in stores in January 2025. Details on the matter were provided in Finnish in the following releases: 28 January 2025 and 11 April 2025 Paimio unit operations ended HKFoods decided to transfer Paimion Teurastamo Oy's operations to the external service provider Liha Hietanen Oy in Sastamala from 31 March 2025, after which the Paimio-based production unit was closed. The Paimio unit slaughtered cattle and sows. The decision was based on HKFoods' goal to build a stronger foundation for the future competitiveness of its business and improve its profitability by streamlining operations. Through the efficiency plan, HKFoods aims to achieve annual savings of approximately EUR 1 million, which have begun to accumulate since the second quarter of 2025. The savings are expected to be realised in full during 2026. Details on the matter were provided in the following release: 7 March 2025 HKFoods cancelled treasury shares The Board of Directors of HKFoods Plc resolved to cancel 8,376,408 series A and 665,000 series K treasury shares. The cancellation was registered in the trade register on 25 March 2025. The cancellation reduced the number of issued series A and K shares with the corresponding amount but had no effect on the share capital. The cancelled amount equalled approximately 8.95 per cent of the total number of series A shares, approximately 12.31 per cent of the total number of series K shares and approximately 9.14 per cent of the total number of shares in the Company before the cancellation. After the cancellation, the total number of shares and votes in the Company are 85,175,373 series A shares, representing the same number of votes, 4,735,000 series K shares, representing 94,700,000 votes and in total 89,910,373 shares, representing 179,875,373 votes. Details on the matter were provided in the following stock exchange release: 20 March 2025 Food industry strike in April 2025 Following the failure of the mediation between the Finnish Food Workers' Union (SEL) and the Finnish Food and Drink Industries' Federation (ETL) in early April 2025, a three-day strike in the meat and staple food sector took place from 8 to 10 April 2025. HKFoods' units in Forssa, Mikkeli and Vantaa were covered by the strike. The strike and the overtime and shift change bans related to labour market negotiations significantly affected the availability of the company's products, caused a pig backlog at the company's contract farms and resulted in additional costs for HKFoods during the review period. HKFoods distributed capital returns in two instalments The Annual General Meeting (AGM) held on 23 April 2025 resolved to distribute EUR 0.09 per share from the reserve for invested unrestricted equity as a return of capital for 2024. The capital return was paid in May. In addition, the AGM authorised the Board of Directors to decide on the distribution of funds recorded in the reserve for invested unrestricted equity up to a total of EUR 0.05 per share. On 17 December, the com-pany's Board of Directors decided to pay a second instalment of capital return of EUR 0.05 per share. The capital return was paid on 30 December 2025. Details on the matter were provided in the following stock exchange releases: 23 April 2025 and 17 December 2025 . The future of the Polish production unit was assessed - the unit will continue as part of the HKFoods Group On 28 April 2025, HKFoods announced that it had launched an investigation to assess the future of its bacon production unit in Swinoujście, Poland, including the possible sale of the unit. The investigation was a continuation of HKFoods' assessment of its Group structure, and the objective of a possible sale was to strengthen the Group's balance sheet. On 3 July 2025, HKFoods announced that it had completed the assessment and that the Polish production unit will continue its operations as part of the HKFoods Group. The company has invested in the unit over the past years, and the unit is profitable. Details on the matter were provided in the following stock exchange releases: 28 April 2025 and 3 July 2025 HKFoods Plc issued EUR 20 million capital securities and redeemed its outstanding capital securities issued in 2018 In August, HKFoods issued unsecured subordinated capital securities of EUR 20 million. The capital securities do not have a specified maturity date, but the company is entitled to redeem the capital securities at their nominal amount on the reset date of 21 August 2028 and on each interest payment date thereafter. The capital securities bear a fixed interest rate of 8.750 per cent per annum until the reset date 21 August 2028. From the reset date, the capital securities will bear a floating interest as described in the terms and conditions of the capital securities. The net proceeds of the issue of the capital securities are used for general corporate purposes of the company. In connection with the issue of the new capital securities, HKFoods redeemed in full, on 17 September 2025, the existing capital securities issued on 17 September 2018, which had a fixed interest rate of 16.0 per cent (original coupon rate 8.0 per cent) and a remaining total nominal value of approximately EUR 25.9 million. Details on the matter were provided in the following stock exchange releases: 13 August 2025 and 14 August 2025 Updated strategy and long-term financial targets On 26 August 2025, HKFoods' Board of Directors approved the company's updated strategy. HKFoods' core business continues to be pork, beef and poultry meat, meat products, ready meals and meal components. HKFoods' strategic focus areas were specified as growth in selected food moments, operational excellence, competent, healthy personnel, and a sustainable value chain. The company is looking for new growth and pursues strategic business opportunities within the limits of its financial resources. Due to the favourable financial development, HKFoods' Board of Directors updated the company's long-term financial targets and raised the targets for EBIT margin, net gearing and dividend. Details on the matter were provided in the following stock exchange release: 26 August 2025 HKFoods wrote down conditional purchase price receivable related to the sale of Baltic operations On 26 September 2025, HKFoods announced that it would write down a conditional purchase price receivable related to the sale of Baltic operations to Estonian AS Maag Grupp on 31 August 2023. At the end of August 2025, African swine fever (ASF) was detected in the largest pork production unit of AS Maag Grupp. The animal disease outbreak is expected to have a significant and long-term negative impact on AS Maag Grupp's performance, which is the basis for calculating the conditional purchase price. HKFoods' management estimated that the receipt of the conditional purchase price would not materialise, for which reason a write-down of EUR 6.9 million was made in the third quarter of 2025. The write-down will not affect the comparable EBIT and will have no impact on cash flow. The write-down is reported as a result of discontinued operations. Details on the matter were provided in the following stock exchange release : 26 September 2025 New responsibility programme completed The Board of Directors of HKFoods Plc confirmed the company's new responsibility programme for 2026-2028 in late 2025. The programme lays the foundation for HKFoods' responsibility work, and its focus areas are environment, people, animal welfare, and good governance and corporate culture. More information on the programme is provided under the section Corporate responsibility. Change in HKFoods' Board of Directors Outi Henriksson announced her resignation from HKFoods Plc's Board of Directors due to her new commitments and left the company's Board on 31 December 2025. Henriksson was appointed to the Board at HKFoods' Annual General Meeting on 23 April 2025. HKFoods' Board continues with seven members from the beginning of January 2026 until further notice. The Board appointed Terhi Tuomi as the new Chairman of the Audit Committee. The change was disclosed in the following stock exchange release: 17 December 2025 Strategy HKFoods' vision is to be the most valued partner of food moments. This means working together with all employees to meet the changing needs of consumers and customers by creating sustainable, tasty and nutritious solutions for all meaningful food moments. It is a collaborative effort with customers, consumers, contract farmers and other company partners. HKFoods' strategic goal is to achieve profitable and sustainable growth as well as a strong presence in con-sumers' food moments as a valued partner. The company's focus is on growing product segments: strong and innovative poultry products, and meals and meal components. HKFoods' core business includes pork, beef and poultry meat, meat products, ready meals and meal components. HKFoods' strategic focus areas are: Growth in selected food moments: The target is to achieve profitable growth through selected food moments, which include simple everyday life and nutritious snacks. Operational excellence: Production and processes are enhanced and automated, and the entire value chain is streamlined and developed. Joint efforts are strengthened both internally and through partners. Competent, healthy personnel: HKFoods inspires people to get involved and renews itself. Wellbeing and safety at work are developed, and corporate culture is strengthened. Sustainable value chain: HKFoods cares and takes responsibility for a sustainable value chain by developing contract production, utilising innovations and producing tasty, healthy and safe food for consumers' various food moments. Responsibility is a key part of HKFoods' business. Responsible food production is developed throughout the value chain, from farms to consumers, by continuing the goal-oriented responsibility work. Environment-re-lated sustainability topics material to HKFoods' business include climate change adaptation, biodiversity, and circular economy. In terms of social responsibility, the material sustainability topics include the producer community, the company's own employees, and safe, healthy food. In addition, good governance and corporate culture, and animal welfare are key sustainability themes. The company's strategy has an impact on all sustainability topics identified as material to the company, the most important of which in the medium to long term are climate change, consumer health and safety, and animal welfare. HKFoods is looking for new growth and pursues strategic business opportunities within the limits of its financial resources. Long-term financial targets Due to the favourable financial development, HKFoods' Board of Directors updated the company's long-term financial targets in August. The new targets are: EBIT: over 5 per cent of net sales (previously over 4 per cent) Return on capital employed (ROCE): over 12 per cent (no change from the previous target) Net gearing: less than 80 per cent (previously less than 100 per cent) Dividend: more than 50 per cent of net profit (previously more than 30 per cent) Corporate responsibility In March 2025, HKFoods published its first Sustainability Statement covering 2024 in accordance with the EU's Corporate Sustainability Reporting Directive (CSRD) and updated its responsibility programme in late 2025. The new responsibility programme for 2026-2028 is based on the material responsibility topics identified in the double materiality assessment updated in the spring 2025 and creates a foundation for the com-pany's responsibility work. The key themes of the programme are as follows: Environment Climate: reducing greenhouse gas emissions Biodiversity Circular economy: reducing waste and increasing the recyclability of packaging People Promoting occupational safety and wellbeing of employees Competitive and socially sustainable producer community Safe food that supports wellbeing Animal welfare Developing the welfare of production animals through the principle of continuous improvement Good governance and corporate culture Promoting a culture that supports sustainable and ethical practices The targets of the responsibility programme are described in more detail in the media release on 15 January 2026. Information on the programme's indicators is available on HKFoods' website at https://www.hkfoods.com/en/responsibility/. Key events in 2025 responsibility work Climate The climate work focused on the investment projects in production plants, development of the system for calculating the environmental impact of primary production, and climate work-related research projects. The most significant energy investment was carried out in the steam production unit of the Vantaa production plant where, starting in 2026, around 80 per cent of the steam will be produced using electricity with a guarantee of origin and 20 per cent using natural gas. As part of the From Footprints to Digital Handprints (FF2DH) project funded by Business Finland, HKFoods developed a system for calculating the environmental impact of primary production by digitising the life cycle models of the Natural Resources Institute Finland (Luke) for pork, poultry and field crops. The new system enables the calculation of the water and carbon footprint and biodiversity impacts of primary production and helps contract farms to develop their operations. In addition, the Carbo ® Farm calculator, jointly used by the Finnish milk and meat producers for calculating emissions, was introduced on HKFoods' cattle farms. Biodiversity HKFoods assessed the impact of its contract farms located in pilot areas in the Archipelago Sea catchment area on eutrophication as well as measures already implemented and possible measures to prevent eutrophication. In addition, the company prepared a water protection action plan for the area for 2026-2028. HKFoods prepared to meet the requirements of the EU Deforestation Regulation by building a process and data collection system to verify the origin of beef and fulfil the due diligence requirements. The system will be implemented before the regulation comes into force, which, according to the new schedule, will be on 30 December 2026. Circular economy HKFoods conducted a study on the utilisation of by-products generated in its production processes, which led to an investment in a new by-product production line at the Outokumpu unit. The company also began systematic preparations to meet the requirements of the EU Packaging and Packaging Waste Regulation (PPWR). Occupational safety and wellbeing of employees In 2025, HKFoods continued to develop its corporate culture and focused especially on occupational safety and wellbeing, training, high-quality management and improvement of the employee experience. In the last quarter of the year, a Group-wide employee survey was conducted to assess employees' experiences of their work and employee engagement. The employee Net Promoter Score (eNPS) was 22. The survey covered HKFoods Plc, HKFoods Finland Oy and HKFoods Poland Sp. z o.o. Based on the results, action plans were prepared for each company for 2026-2028. HKFoods continued the harmonisation and development of processes critical to occupational safety. The company initiated an assessment of the current state of occupational safety in all its production units in Finland and Poland in accordance with the requirements of the ISO 45001 occupational health and safety standard. A new HESQ system and new occupational safety and fire safety guidelines were introduced at the production plants of HKFoods Finland Oy and HKFoods Poland Sp. z o.o. in Finland and Poland. HKFoods also carried out machine and line-specific risk assessments and implemented measures to improve fire safety. The lost time injury rate (LTIR) developed favourably during the year. HKFoods Group's lost time injury rate for work-related accidents leading to sick leave among HKFoods Group's own workforce in Finland and Poland for the previous 12 months was 11.6 in the fourth quarter of the year, compared to 15.9 in the previous quarter and 20.4 in the first quarter. The LTIR figure also includes data from the subsidiaries Kivikylän koti-palvaamo Oy, Lihatukku Harri Tamminen Oy and Jokisen Eväät Oy. Producer community HKFoods prepared an action plan for 2026-2028 to develop producer cooperation and to promote interaction, competence and satisfaction within the producer community. A two-year responsibility training programme for producers was launched in cooperation with the Pyhäjärvi Institute. Safe food that supports wellbeing During the review period, HKFoods advanced its nutrition-related commitments. The most significant measures were related to increasing the number of Heart Symbol products in the Kariniemen ® and HoReCa product ranges, increasing the number of plant-based products for the HoReCa sector, and reducing the salt content of whole meat cuts through the Flavoured Salt innovation. At the end of the year, HKFoods' range included around 80 Flavoured Salt products and some 200 Heart Symbol products or products that meet corresponding criteria. Animal welfare The welfare of production animals was further developed through continuous improvement, for example, by offering contract producers advisory services of veterinarians and other experts, and by conducting assessments on broiler, pig and cattle farms and in animal transport and at slaughterhouses to support the development of operations. Furthermore, the company worked with veterinarians and experts responsible for primary production procurement to draw up a development plan to improve animal welfare during transport and at slaughterhouses in 2026-2028. Good governance HKFoods prepared responsible procurement principles that guide the Group's procurement units to take into account risk factors in accordance with due diligence when selecting suppliers and to commit suppliers to the Group Supplier Code of Conduct. The responsible procurement principles include requirements relating to animal welfare, product safety and quality, the environment, and occupational health and safety, among other things. Group net sales and EBIT October-December Net sales HKFoods' net sales from continuing operations increased by 1.2 per cent to EUR 270.0 (266.9) million. Sales developed favourably in the Finnish retail channel and food service channel and decreased as planned in industrial sales. 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. Consumer demand in Finland strengthened slightly from the comparison period. Sales in the food service channel grew due to commercial measures and a comprehensive product range, and HKFoods' market position in the channel strengthened. In particular, sales of poultry products showed strong development. Industrial sales declined according to plan. Export sales also declined. The additional tariffs imposed by China on pork in September weakened exports of pork by-products to China. On the other hand, exports of poultry by-products to China, which began in the first quarter, significantly increased poultry export sales. EBIT HKFoods' EBIT from continuing operations grew to EUR 11.2 (6.5) million. The comparable EBIT from continuing operations strengthened to EUR 11.2 (10.3) million, accounting for 4.1 (3.9) per cent of net sales. An item affecting comparability of EUR 0.0 (-3.8) million was recorded in continuing operations. Items affecting comparability are described in more detail in the Tables section of this report. Comparable EBIT improved due to a more favourable sales structure, as well as fixed-cost savings generated by the company's efficiency programme and increased production efficiency. Sales structure was improved by growth in retail and food service sales. The sharp rise in the purchase price of beef due to the shortage of beef continued during the review period, weakening the comparable EBIT. The increase in sales prices only partially covered the rise in raw material costs. January-December Net sales HKFoods' net sales from continuing operations decreased by 0.5 per cent to EUR 996.4 (1,001.8) million. Retail sales were at the comparison period's level. Retail sales in HKFoods' own brands, particularly HK ® and Kariniemen ® pork and poultry products, showed positive development. The national nutritional recommendations weakened demand for meat products especially in the first half of the year. However, the decline in demand levelled off as the year progressed and sales in meat products and ready meals under HKFoods' own brands turned to growth in the second half of the year. The food industry strike in April and the overtime and shift change bans related to labour market negotiations in the second quarter weakened sales in 2025. HKFoods' food service sales increased and market position strengthened as a result of successful commercial measures and a comprehensive product range, even though overall demand in the food service market weakened in 2025. The strongest growth was seen in poultry products, ready meals and food components. Industrial sales decreased considerably, as planned. Export sales also declined as stronger domestic demand has reduced the need for exports. Additional tariffs imposed by China on pork in September weakened exports of pork by-products to China. On the other hand, poultry export sales showed clear growth as the exports of poultry by-products to China began in early 2025. As a result of the sale of the Swedish and Danish businesses, bacon sales to Sweden by the Polish bacon unit have been reported as the company's external sales from April 2024 and to Denmark from November 2024. EBIT HKFoods' EBIT from continuing operations grew to EUR 32.9 (22.4) million. The comparable EBIT from continuing operations strengthened to EUR 34.1 (27.7) million, accounting for 3.4 (2.8) per cent of net sales . An item affecting comparability of EUR -1.1 (-5.3) million was recorded in continuing operations. Items affecting comparability are described in more detail in the Tables section of this report. The comparable EBIT was increased by the significant savings generated by the company's efficiency programme and increased production efficiency, as well as by an improved sales structure. Especially the investments completed at the Rauma and Forssa units in the summer 2024 have improved HKFoods' production efficiency, and their impact is fully reflected in the result for the review period. The overall sales structure improved due to, e.g., growth in food service sales, a decline in less profitable meat exports and a planned reduction in industrial sales. The sharp rise in the purchase price of beef due to the shortage of beef weakened the comparable EBIT. Due to a structural delay in the Finnish retail pricing, the increase in cattle purchase prices could only be partially offset by higher sales prices during the review period. In addition, profitability was weakened by the food industry strike in April and the overtime and shift change bans related to labour market negotiations. Balance, cashflow and financing At the end of the year 2025, HKFoods' balance sheet total was EUR 512.6 (527.7) million. The Group's interest-bearing debt at the end of the year was EUR 193.6 (186.4) million, including an IFRS 16 lease liability of EUR 84.0 (87.6) million. The company's net debt decreased from the comparison period by EUR 7.9 million to EUR 141.8 (149.8) million. HKFoods' net gearing ratio was 73.2 (69.5) per cent. The impact of the IFRS 16 lease liability on the net gearing ratio was 43.6 percentage points. At the end of the year 2025, the company had in its balance sheet a hybrid bond issued in August 2025 amounting to EUR 20.0 million. The hybrid bond bears a fixed interest rate of 8.750 per cent per annum from the issue date to the reset date 21 August 2028. The hybrid bond is treated as equity. The hybrid bond does not have a specified maturity date, but the Group is entitled to redeem the hybrid bond at the nominal amount on the reset date of 21 August 2028 and subsequently, on each coupon interest payment date. In September 2025, the Group redeemed its outstanding hybrid bond issued in 2018 with a nominal amount of EUR 25.9 million. An interest of 16.0 per cent was paid on the redeemed hybrid loan, treated as equity, from retained earnings. The Group's liquidity position was stable. A commercial paper programme had been drawn to the amount of EUR 17.0 (3.0) million. Committed credit facilities at the end of the year 2025 stood at EUR 20.0 (20.0) million and had been drawn to the amount of EUR 0.0 (0.0) million. In October-December, net financial expenses from continuing operations were EUR -3.8 (-4.6) million and in January-December EUR -14.9 (-19.5) million. Cash flow from operating activities in October-December was EUR 27.9 (38.4) million and in January-De-cember EUR 51.0 (60.8) million. Cash flow after investments was EUR 22.1 (64.3) million in October-De-cember and totalled EUR 36.1 (141.7) million in January-December. HKFoods' covenants for bank loans and revolving credit facilities are the net gearing ratio and the ratio of net debt to EBITDA. EBITDA includes the share of profits from associates and joint ventures. The net gearing ratio limit is 105 per cent until the end of March 2026 and 100 per cent from June 2026. At the end of the year 2025, the company's net gearing ratio was 73.2 per cent. The covenant limit for net debt to EBITDA ratio for bank loans at the end of the review period was 3.25 and it is 3.0 starting from the end of June 2026. At the end of the year 2025, the net debt to EBITDA ratio was 2.2. The covenant limit for the net gearing ratio of the bond is 120 per cent. HKFoods distributed capital returns in two instalments for 2024 from the reserve for invested unrestricted equity, in May and December 2025. If the company distributes a dividend or pays a capital repayment, the net debt to EBITDA ratio must not exceed 3.0 as a result of the capital repayment, when applied to the published ratio for the quarter preceding the decision date. Disputes and pending legal proceedings There are administrative proceedings pending with the authorities, an investment-related legal process and a dispute relating to damage compensation. Regardless of the outcome, the proceedings are not expected to have an impact on the company's financial key figures. Investments HKFoods' investments in continuing operations amounted to EUR 6.9 (7.2) million in October-December. In January-December, investments were EUR 25.6 (25.5) million. IFRS 16 increases to right-of-use assets totalled EUR 1.0 (3.0) million in October-December and EUR 3.6 (8.7) million in January-December. In 2025, HKFoods completed the strategic investments at its production units in Vantaa and Eura. These investments enable growth in meals, meal components and snacks, which increases added value and improves profitability. In September 2024, HKFoods decided on a significant strategic investment of approximately EUR 5 million in the meal production of its Vantaa unit. Production on the new meal production line in Vantaa began in the third quarter. The investment responds to the growing demand for ready meals in both the retail and food service sectors. New products made on the Eura unit's line of ready-to-eat products were launched during the second quarter of 2025. The investment was based on the company's decision in March 2024 to centralise the packaging operations of poultry products from Eura to Rauma and Forssa, and to make an investment of around EUR 8 million in the production line for ready-to-eat products in the Eura unit. In addition, renovation work was carried out in the Eura unit, bringing the total investment in Eura to around EUR 9.7 million . The investment enabling higher added value of Polish operations and the property development project in Poland continued. In addition, HKFoods implemented several smaller efficiency investments during the review period. Exports HKFoods aims to grow the exports and added value of its products in selected product categories and to make the most efficient and sustainable use of all parts of carcases. HKFoods exports meat and meat products to, e.g., Japan, New Zealand and South Korea as well as several European countries. In 2025, the share of meat products of exports remained at the previous year's level, at around 60 per cent (2024: around 57 per cent). HKFoods launched poultry meat exports from Finland to China in late 2024, when the company's Rauma unit was granted an export licence. Poultry meat exports to China developed according to plan during 2025. Changes in the international meat market Strong demand for poultry meat is expected to continue while beef supply is expected to remain scarce in the EU. Prices for both poultry and beef began to decline at the end of 2025. Pork prices fell sharply in the EU during the last quarter of 2025, and the situation is not expected to improve significantly in the near future. In the autumn, China imposed temporary tariffs on pork imports from the EU. In December, China issued its final decision on the EU's anti-dumping investigation on pork, which resulted in a reduction in additional tariffs for most operators, including HKFoods. The volatility of the pork market is increased by the African swine fever (ASF) outbreak detected in December 2025 in Spain, the EU's largest producer country. Personnel HKFoods employed 2,993 (3,000) people in its continuing operations. Continuing operations personnel 1-12/2025 1 - 12/2024 Personnel on average* 2,993 3,000 Women / men % 42 / 58 40 / 60 Women / men of superiors % 40 / 60 37 / 63 * Figures include persons employed by HKFoods converted to full-time equivalents (FTE). Research and development In 2025, HKFoods' research and development expenses amounted to EUR 4.4 (4.1) million, representing 0.4 (0.4) per cent of the Group's net sales. The goal of HKFoods' research and development activities is to develop the company's product range to meet the changing demands of consumers and customers. Product development focuses on the product categories that are central to the company's strategy, new innovations and raw materials, developing and growing sales channels, changing consumer behaviour and food moments, and promoting the company's responsibility targets. In 2025, HKFoods launched its new Flavoured Salt innovation, which allows the salt content of several HK ® and Kariniemen ® products to be reduced by up to 25 per cent while maintaining the familiar taste. Flavoured Salt contains no sodium and consists of potassium chloride and flavourings. The innovation supports HKFoods' goal to provide safe food that supports wellbeing while contributing to the public health of Finns. Since 2020, HKFoods has, through the Nordic FoodTech VC capital investment fund, supported the companies that are transforming the food system. The fund invests in technology companies that make the food chain more resource-efficient and ecological, produce food in novel ways or promote healthy eating. In 2025, HKFoods participated in the From Footprints to Digital Handprints (FF2DH) development project funded by Business Finland. The goal of this project is to promote the development of a responsible food production ecosystem in Finland, which is one of the most important competitive factors in the food industry. HKFoods' sub-project is investigating and developing a responsible and more environmentally friendly food chain through ecosystem cooperation and digitalisation. Business Finland's funding enables broader networking with food chain operators and research institutes. Shares and shareholders At the end of December 2025, HKFoods Plc's paid and registered share capital stood at EUR 66,820,528.10. The company's issued shares totalled 89,910,373 and were divided into two share series as follows: A shares, 85,175,373 (94.73 per cent of the total number of shares) and K shares, 4,735,000 (5.27 per cent of the total number of shares). The A shares are quoted on Nasdaq Helsinki Ltd. The K shares are held by LSO Osuuskunta (4,735,000 shares) and are not listed. In March 2025, HKFoods Plc cancelled 8,376,408 of its own series A shares and 665,000 of its own series K shares. At the end of December, HKFoods Plc held 0 (8,376,408) of its own series A shares and 0 (665,000) of its own K shares. They accounted for 0.00 per cent of all shares and 0.00 per cent of the voting rights. The calculated market value of HKFoods' shares at the end of December stood at EUR 133.1 (69.4) million. The market value of the series A shares was EUR 126.1 (65.8) million, and the calculated market value of the unlisted series K shares was EUR 7.0 (3.7) million. In January-December, a total of 13,514,675 (11,959,218) of the company's shares were traded with a total value of EUR 18,071,040 (8,605,055). The highest price quoted was EUR 1.84 (0.99) and the lowest EUR 0.77 (0.56). The average price was EUR 1.34 (0.72). At the end of December, the closing price was EUR 1.48 (0.77). Annual General Meeting 2025 HKFoods Plc's Annual General Meeting (AGM), held on 23 April 2025 in Turku, confirmed the financial statements of the parent company and the Group, granted discharge to the members of the Board of Directors (Board) and the CEO for 2024 and approved the remuneration report. The AGM decided that the company will not distribute a dividend for the financial year 2024. The AGM decided to distribute EUR 0.09 per share from the company's reserve for invested unrestricted equity for the year 2024 as a return of capital. In addition, the AGM authorised the Board to decide on the distribution of the funds recorded in the reserve for invested unrestricted equity, at its discretion, up to a maximum of EUR 0.05 per share. The Board members Reijo Kiskola, Jari Mäkilä, Terhi Tuomi, Ilkka Uusitalo, Niclas Diesen, Lauri Sipponen and Sami Yski were re-elected as members of the Board. Outi Henriksson was elected as a new member of the Board until the end of the AGM 2026. At the organisational meeting after the AGM, the Board re-elected Reijo Kiskola as Chair and Jari Mäkilä as Vice Chair. The auditing firm Ernst & Young Oy was elected as the company's auditor until the end of the next AGM and Maria Onniselkä, Authorized Public Accountant, as the lead audit partner. In addition, the auditing firm Ernst & Young Oy was elected as the sustainability auditing assurer until the end of the next AGM, with Maria Onniselkä, Authorized Sustainability Auditor (ASA), as the lead sustainability assurer. The AGM decided to amend items 1, 6 and 8 of the Shareholders' Nomination Board's charter to read as follows: item 1, company name, HKFoods Plc item 6, the Nomination Board will also take into account the general familiarity with sustainability issues (environmental, social responsibility, good governance) when proposing members item 8, the Nomination Board shall submit its proposals to the Board of Directors in good time so that the proposals can be included in the invitation to the AGM. The AGM authorised the Board to decide on share issues and on the issue of option rights and other special rights entitling to shares. In addition, the AGM authorised the Board of Directors to decide on the acquisition and/or pledge of the company's own series A shares. The authorisations will be valid until 30 June 2026, and they revoke both the authorisation granted by the Extraordinary General Meeting on 28 February 2024 to the Board to decide on the issue of series A shares and the authorisation granted by the AGM on 18 April 2024 to the Board to acquire and/or to accept as pledge the company's own series A shares. The resolutions of the AGM were published in full in the stock exchange release of 23 April 2025 , and the minutes of the AGM are available on the company's website at www.hkfoods.com . Share-based long-term incentive plans The performance periods of the company's long-term incentive plans (Performance Share Plan PSP 2018-2020, Performance Share Plan PSP 2019-2021 and Restricted Share Plan RSP 2019-2021) have expired. On 7 April 2021, the company announced changes to the payment schedules of the plans to better align compensation with the company's long-term performance and shareholder returns. According to the new payment schedule, some of the rewards were paid between 2021 and 2023. The remainder was deferred to 2024-2025, provided that the targets set by the Board of Directors for total shareholder return (TSR) and profitability were met. The minimum targets for the deferred rewards were not met and therefore they were not paid in 2024-2025. In April 2023, HKFoods announced a new Performance Share Plan for the CEO for the period 2023-2027. Further information on the CEO's incentive scheme is available in the stock exchange release published on 3 April 2023 . More information on the share-based incentive plans is available on the company website at: https://www.hkfoods.com/en/investors-information/corporate-governance/remuneration/. Short-term business risks The company's operations involve risks that may affect its results or financial position. HKFoods describes its business risks and risk management in more detail in its 2025 Annual Review, which will be published in week 14/2026 and then available at https://www.hkfoods.com/en/investors-information/ . Risks related to economic operating environment Finland's unemployment rate has risen to the highest in Europe. Economic growth in Finland has been weak, forecasts for the coming years have been revised downwards and the public sector's cost-cutting measures will continue. These factors will further undermine fragile consumer confidence. In October 2024, the European Commission decided to impose tariff increases on Chinese electric cars for the following five years. In response, China imposed additional tariffs on pork imports from EU countries from 10 September 2025. The additional tariffs do not apply to poultry meat, but their possible extension to poultry meat cannot be ruled out. The tariff increases may affect HKFoods' exports of pork and poultry meat to China. If the long-term interest rates level starts to rise again, the risk of impairment losses will increase and may affect the company's economic and financial position, despite the company's improved performance. The company's financing agreements include covenants, which are described in more detail in the section Balance, cashflow and financing. Changes in consumer demand and behaviour There is still uncertainty surrounding the development of consumer demand due to weak employment and consumers reduced purchasing power. Should consumer demand weaken significantly, this could have a negative impact on the company's profitability. Weaker consumer purchasing power may shift demand to lower-priced products and product categories, which may be reflected in a decline in HKFoods' sales volume in higher-priced products and an increase in basic food products. The new national nutritional recommendations published in November 2024 have had a negative impact on the meat products market. This may also have an impact on the development of the meat products market in the longer term. Potential food scandals, discussions surrounding climate change and unexpected actions by pressure groups may affect consumer demand and HKFoods' business. Price increase and availability of production inputs and raw materials Uncertainty about the availability and price of production inputs can be reflected in production costs. A possible recurrence of the liquidity and profitability crisis affecting farms could weaken the availability of local meat raw material or the company's profitability if the company fails to raise the sales prices of its products to cover higher costs in the production chain, alongside measures to improve production efficiency. Especially the number of dairy farms and dairy cows has declined significantly in recent years, which affects the availability and price of beef for the company. Other short-term risks Other short-term risks relate, for example, to food safety in the long production chain. The possibility of animal diseases cannot be ruled out either. Especially the risk of African swine fever (ASF) spreading to Finland has increased significantly since the disease spread to Estonian pig farms in June 2025. Highly pathogenic avian influenza (HPAI) has caused widespread outbreaks in wild birds and poultry in Europe during the winter of 2025. The risk of the disease spreading to poultry also in Finland has increased. Due to the epidemic, the supply of poultry meat in the EU has decreased, and authorities in certain countries have imposed restrictions on the import and export of poultry products.The threat of cyber risks has increased, and potential cyber-attacks could have serious consequences for business operations and profitability. HKFoods manages these risks through continuous monitoring, system updates, staff training, and the introduction of new technologies. Events after the reporting period No significant events after the reporting period. Board of Directors' proposal on the distribution of profit and the authorisation of the Board of Directors to resolve on the distribution of funds recorded in the reserve for invested unrestricted equity The parent company's distributable equity amounts to EUR 162.0 (167.2) million, including a free equity reserve of EUR 194.5 (216.2) million and results for the financial year 2025 of EUR 7.3 (-23.1) million. The Board of Directors proposes to the Annual General Meeting that the company distribute a dividend of EUR 0.08 per share for the financial year 2025 (which would correspond to a total of approximately EUR 7.2 million for all 89,910,373 shares currently outstanding) and that the remainder of the profit for the financial year be recorded in retained earnings from previous financial years. The dividend is paid to a shareholder who is registered in the shareholders' register of the company maintained by Euroclear Finland Ltd on the record date of the payment. The record date is 24 April 2026, and the payment date is 4 May 2026. The Board of Directors further proposes that the Annual General Meeting authorises the Board of Directors to decide, at its discretion, on the distribution of funds recorded in the reserve for invested unrestricted equity, up to a maximum of EUR 0.07 per share (which would correspond to a total of approximately EUR 6.3 million for all 89,910,373 shares currently outstanding). Under the authorisation, the Board of Directors could resolve to distribute funds in one or more instalments. The authorisation is valid until the beginning of the next Annual General Meeting. The company will announce any decision of the Board of Directors on repayment of capital and, at the same time, confirm the record and payment dates for capital repayments. Capital repayments payable under the authorisation will be paid to shareholders entered in the shareholders' register of the company maintained by Euroclear Finland Ltd on the record date for the capital repayment in question. Annual General Meeting 2026 HKFoods' Annual General Meeting will be held in Turku on Wednesday, 22 April 2026. The invitation will be published later. Turku, 13 February 2026 HKFoods Plc Board of Directors Webcast In connection with its Financial Statements Bulletin 2025, HKFoods will hold a briefing for analysts, institutional investors and media on 13 February 2026 at 10:00 a.m. EET. The event will take place in the conference room "1940" of the Helsinki Olympic Stadium at Paavo Nurmen tie 1, 00250 Helsinki. Entrance is from the Visitor Centre in Tornipiha. The event can also be followed as a webcast at https://hkfoods.events.inderes.com/q4-2025 . The event will be held in Finnish, and the recording will be available later in the day at https://www.hkfoods.com . The Financial Statements Bulletin 2025 will be presented by CEO Juha Ruohola and CFO Mika Tilli. To arrange investor calls, please contact Executive Assistant Suvi Oksava, tel. +358 44 554 4231 or [email protected] . Financial reporting in 2026 HKFoods' Annual Review 2025 will be published in week 14/2026 at the latest. HKFoods will publish the following financial reports in 2026: Interim Report for January-March 2026 on Wednesday 6 May 2026 at about 8:30 a.m. EEST Half Year Financial Report 2026 on Wednesday 5 August 2026 at about 8:30 a.m. EEST Interim Report for January-September 2026 on Wednesday 4 November 2026 at about 8:30 a.m. EET Further information Juha Ruohola, CEO, tel. +358 400 647 160 Mika Tilli, CFO, tel. +358 50 538 5793 HKFoods Media Service Desk email [email protected] or tel. +358 10 570 5700. With 110 years of experience, we at HKFoods make life tastier - today and tomorrow. With nearly 3,000 professionals, we make responsible and locally produced food for consumers' various food moments. Our well-known brands in Finland are HK ® , Kariniemen ® and Via ® . HKFoods is a publicly listed company, and in 2025, our net sales totalled EUR 1 billion. www.hkfoods.com The brands mentioned in this report - HK ® , Kariniemen ® and Via ® - are registered trademarks of HKFoods Group. Consolidated Financial Statements 1 January-31 December 2025 Consolidated income statement (EUR million) 10-12/2025 10-12/2024 1-12/2025 1-12/2024 Continuing operations: Net sales 270.0 266.9 996.4 1,001.8 Cost of goods sold 1. -244.6 -243.2 -909.4 -925.0 Gross profit 25.4 23.6 87.0 76.8 Other operating items total 1. 1.0 1.8 3.9 8.8 Sales and marketing costs 1. -6.2 -7.1 -25.2 -27.1 General administration costs 1. -9.0 -11.8 -32.8 -36.0 Operating profit 11.2 6.5 32.9 22.4 Financial income 1.0 1.2 4.5 4.6 Financial expenses -4.7 -5.8 -19.4 -24.1 Share of profit/loss in associates and joint ventures -0.7 0.4 0.7 1.2 Profit/loss before taxes 6.7 2.3 18.7 4.2 Income tax -2.7 -5.1 -4.5 -6.0 Profit/loss for the period, continuing operations 4.0 -2.7 14.2 -1.8 Profit/loss for discontinued operations -0.6 -3.1 -11.4 -24.0 Profit/loss for the period 3.4 -5.8 2.8 -25.8 Profit/loss for the period attributable to: Equity holders of the parent 1.7 -7.8 -1.1 -29.2 Non-controlling interests 1.7 2.0 3.8 3.4 Total 3.4 -5.8 2.8 -25.8 Earnings per share calculated on profit attributable to equity holders of the parent: EPS, undiluted, continuing operations, EUR/share 0.02 -0.06 0.08 -0.09 EPS, diluted, continuing operations, EUR/share 0.02 -0.06 0.08 -0.09 EPS, undiluted, discontinued operations, EUR/share -0.01 -0.03 -0.13 -0.26 EPS, diluted, discontinued operations, EUR/share -0.01 -0.03 -0.13 -0.26 EPS, undiluted, EUR/share 0.01 -0.10 -0.05 -0.36 EPS, diluted, EUR/share 0.01 -0.10 -0.05 -0.36 Consolidated statement of comprehensive income (EUR million) 10-12/2025 10-12/2024 1-12/2025 1-12/2024 Profit/loss for the period 3.4 -5.8 2.8 -25.8 OTHER COMPREHENSIVE INCOME (after taxes): Items that may be subsequently reclassified to profit or loss Exchange differences on translating foreign operations, continuing operations 0.3 0.1 0.4 0.3 Exchange differences on translating foreign operations, discontinued operations - 0.0 - -2.0 Sweden translation difference transfer to profit and loss, discontinued operations - - - 21.1 Cash flow hedging, continuing operations -0.6 -0.6 -0.1 -2.1 Cash flow hedging, discontinued operations - -0.1 -0.9 Transfer of the value of Sweden's electricity derivatives to the result for the financial period, discontinued operations - -0.1 - -1.1 TOTAL OTHER COMPREHENSIVE INCOME -0.3 -0.6 0.3 15.4 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 3.1 -6.4 3.0 -10.4 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO: Equity holders of the parent 1.4 -8.4 -0.8 -13.8 Non-controlling interests 1.7 2.0 3.8 3.4 Total 3.1 -6.4 3.0 -10.4 Consolidated balance sheet (EUR million) Note 31 Dec. 2025 31 Dec. 2024 ASSETS Intangible assets 2. 43.4 44.0 Tangible assets 3.4 251.7 251.6 Holdings 22.3 21.8 Deferred tax asset 5. 18.9 21.2 Other non-current assets 3.9 12.4 TOTAL NON-CURRENT ASSETS 340.1 351.0 Inventories 6. 63.1 59.6 Current receivables 58.1 80.3 Cash and cash equivalents 51.1 36.7 TOTAL CURRENT ASSETS 172.4 176.6 TOTAL ASSETS 512.6 527.7 EQUITY AND LIABILITIES EQUITY 193.8 215.4 Non-current loans, interest-bearing 4. 168.1 172.4 Non-current liabilities, non-interest-bearing 5.0 5.4 TOTAL NON-CURRENT LIABILITIES 173.1 177.8 Current loans, interest-bearing 4. 25.5 14.0 Current liabilities, non-interest-bearing 120.2 120.4 TOTAL CURRENT LIABILITIES 145.7 134.5 TOTAL EQUITY AND LIABILITIES 512.6 527.7 Statement of changes in consolidated equity - 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. EQUITY ON 1 Jan. 2025 66.8 72.9 0.0 215.4 25.9 8.3 0.8 -9.1 -194.2 186.9 28.5 215.4 Result for the financial period - - - - - - - - -1.1 -1.1 3.8 2.8 Other comprehensive income (+) / expense (-) Transl. diff. - - - - - - 0.4 - - 0.4 - 0.4 Cash flow hedging - - -0.1 - - - - - - -0.1 - -0.1 Total other comprehensive income / expense - - -0.1 - - - 0.4 - - 0.3 - 0.3 Total compreh. income for the period - - -0.1 - - - 0.4 - -1.1 -0.8 3.8 3.0 Direct recognitions - - - - - 0.0 - - 0.3 0.3 - 0.3 Cancellation of own shares - - - -9.1 - - - 9.1 - 0.0 - 0.0 Distribution of funds - - - -12.6 - - - - - -12.6 - -12.6 Dividend distribution - - - - - - - - - - -1.7 -1.7 Hybrid loan, interest - - - - - - - - -4.1 -4.1 - -4.1 Hybrid loan, redemption - - - - -25.9 - - - - -25.9 - -25.9 Hybrid loan, issue - - - - 20.0 - - - -0.5 19.5 - 19.5 EQUITY ON 31 Dec. 2025 66.8 72.9 -0.1 193.7 20.0 8.3 1.2 0.0 -199.7 163.1 30.7 193.8 (EUR million) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. EQUITY ON 1 Jan. 2024 66.8 72.9 5.9 215.4 25.9 8.1 -18.6 -3.8 -161.5 211.1 26.9 238.0 Result for the financial period - - - - - - - - -29.2 -29.2 3.4 -25.8 Other comprehensive income (+) / expense (-) Transl. diff. - - -0.1 - - - 19.6 - - 19.6 - 19.6 Cash flow hedging - - -3.0 - - - - - - -3.0 - -3.0 Transfer of the value of Sweden's electricity derivatives to the result for the financial period - - -1.1 - - - - - - -1.1 - -1.1 Associates' and joint ventures' other comprehensive income items transfer to profit and loss - - -0.5 - - - - - 0.5 0.0 - 0.0 Total other comprehensive income / expense - - -4.7 - - - 19.6 - 0.5 15.4 - 15.4 Total comprehensive income for the period - - -4.7 - - - 19.6 - -28.7 -13.8 3.4 -10.4 Direct recognitions - - - - - - - - 0.0 0.0 - 0.0 Sweden and Denmark sale related transfer to result for the financial period - - -1.2 - - 0.2 - - - -1.0 - -1.0 Acquisition of own shares - - - - - - - -5.3 - -5.3 - -5.3 Dividend distribution - - - - - - - - - - -1.7 -1.7 Hybrid loan - - - - - - - - -4.1 -4.1 - -4.1 EQUITY ON 31 Dec. 2024 66.8 72.9 0.0 215.4 25.9 8.3 0.8 -9.1 -194.2 186.9 28.5 215.4 COLUMNS: 1. Share capital, 2. Share premium reserve, 3. Revaluation reserve, 4. Reserve for invested unrestricted equity (RIUE), 5. Hybrid loan, 6. Other reserves, 7. Translation differences, 8. Treasury shares, 9. Retained earnings, 10. Equity holders of the parent, 11. Non-controlling interests, 12. Total Cash flow statement, incl. discontinued operations (EUR million) 10-12/2025 10-12/2024 1-12/2025 1-12/2024 Cash flow before change in net working capital 19.1 16.8 63.6 62.6 Change in net working capital 13.1 27.6 4.2 24.2 Financial items and taxes -4.3 -6.0 -16.9 -25.9 CASH FLOW FROM OPERATING ACTIVITIES 27.9 38.4 51.0 60.8 Cash flow from investing activities -5.9 25.8 -14.9 80.9 CASH FLOW AFTER INVESTING ACTIVITIES 22.1 64.3 36.1 141.7 Hybrid loan, interest - - -4.1 -4.1 Hybrid loan, redemption - - -25.9 - Hybrid loan, issue - - 19.3 - Change in loans -6.5 -40.8 3.0 -128.3 Distribution of funds -4.1 - -12.2 - Dividends paid - - -1.7 -1.7 CASH FLOW FROM FINANCING ACTIVITIES -10.6 -40.8 -21.6 -134.2 NET CASH FLOW 11.5 23.5 14.4 7.5 Cash and cash equivalents at beginning of period 39.6 13.5 36.7 29.0 Translation differences 0.1 -0.3 0.0 0.2 Cash and cash equivalents at end of period 51.1 36.7 51.1 36.7 Financial indicators (EUR million) 10-12/2025 10-12/2024 1-12/2025 1-12/2024 Earnings per share (EPS), undiluted, EUR, continuing operations 0.02 -0.06 0.08 -0.09 Earnings per share (EPS), diluted, EUR, continuing operations 0.02 -0.06 0.08 -0.09 Gross capital expenditure on PPE, EUR mill., continuing operations 6.9 7.2 25.6 25.5 Additions in right-of-use assets, EUR mill., continuing operations 1.0 3.0 3.6 8.7 Depreciation and impairment, EUR mill., continuing operations 7.4 10.3 29.5 33.9 Equity per share, EUR 1.81 2.08 Equity ratio, % 37.8 40.8 Adjusted average number of outstanding shares, mill. 89.9 91.2 Employees, average, FTE, continuing operations 2,993 3,000 Calculation of financial indicators HKFoods discloses alternative performance measures (APM) to give relevant information to stakeholders. Disclosed APMs are also used in steering the company. Items affecting comparability and related APMs are disclosed to better reflect the operational business performance and to enhance comparability between periods. Return on capital employed (ROCE) before tax, last 12 months (%) Profit before tax + interest and other financial expenses x 100 Balance sheet total - non-interest-bearing liabilities (average) Equity ratio (%) Total equity x 100 Balance sheet total - advances received Net gearing ratio (%) Net interest-bearing liabilities x 100 Total equity Earnings per share (EPS)* Profit for the period attributable to equity holders of the parent Average number of outstanding shares during period Equity per share Equity attributable to holders of the parent Number of outstanding shares at end of period Market capitalisation The number of outstanding shares at the end of period x the closing price on the last trading day of the financial year Cash flow before debt service Cash flow after investing activities before financing activities - financial items Employee numbers Average of workforce figures calculated at the end of calendar months Items affecting comparability One-time charges, which are not related to the normal continuing operations and materially affect the company's finances. Examples of such expenses are: capacity adjustments (restructuring), redundancy, legal costs relating to restructuring or similar, one-time expenses related to efficiency/reorganisation programmes, significant compensations or penalties paid out due to a legal verdict or settlement, transaction fees/expenses related to business acquisitions (consultation, advisory, legal, due diligence, registration etc.) and gains/losses of business disposals. Comparable EBIT Operating profit - items affecting comparability Comparable profit before taxes Profit before taxes - items affecting comparability Comparable earnings per share (EPS)* Profit for the period attributable to equity holders of the parent - items affecting comparability Average number of outstanding shares during period Interest-bearing net debt Interest-bearing debt - cash and bank and interest-bearing receivables Net debt to EBITDA ratio (leverage) Interest-bearing net debt EBITDA + share of profit/loss in associates and joint ventures * When calculating the earnings per share, interest and issue costs of the hybrid loan, net of tax, have been reduced from profit for the period . Notes to the Financial Statements Bulletin Accounting policies HKFoods Plc's Financial Statements Bulletin for 1 January-31 December 2025 has been prepared in compliance with the IAS 34 Interim Financial Reporting standards. The same accounting principles have been applied in the Financial Statements Bulletin as in the Annual Financial Statements for 2024. Due to the rounding of the figures to the nearest million euros in the Financial Statements Bulletin, some totals may not agree with the sum of their constituent parts. The accounting principles are explained in the Financial Statements for 2024. The Financial Statements Bulletin is unaudited. The Financial Statements Bulletin for January-December 2025 has been prepared on a going concern basis, assuming that HKFoods will be able to realise its assets and settle its liabilities in the foreseeable future in the ordinary course of business. In assessing the going concern basis, HKFoods' management has taken into account the uncertainties and risks associated with the business environment, available funding sources and the cash flow estimates of the Group companies. The management has also assessed the adequacy of liquidity, according to which the company's liquidity is not at risk. Notes to the income statement Items affecting comparability (EUR million) 10-12/2025 10-12/2024 1-12/2025 1-12/2024 Comparable EBIT, continuing operations 11.2 10.3 34.1 27.7 Termination of employment 1) 2) - -0.8 -0.3 -1.7 Impairment of assets 2) - -2.9 -0.4 -3.6 Losses on sales of non-current assets 3) - - -0.2 - Poland unit future assesment 3) - - -0.3 - EBIT, continuing operations 11.2 6.5 32.9 22.4 1) Included in the Income Statement in the item "General administration and sales and marketing costs" 2) Included in the Income Statement in the item "Cost of goods sold" 3) Included in the Income Statement in the item "Other operating income and expense" Notes to the statement of financial position Changes in intangible assets (EUR million) 31 Dec. 2025 31 Dec. 2024 Opening balance 44.0 44.0 Translation differences 0.1 0.1 Additions 1.6 1.1 Disposals, business disposals - -0.5 Depreciation and impairment -3.0 -3.2 Reclassification between items 0.6 2.4 Closing balance 43.4 44.0 Changes in tangible assets (EUR million) 31 Dec. 2025 31 Dec. 2024 Opening balance 251.6 284.9 Translation differences 0.2 0.1 Additions 27.6 36.7 Disposals -0.5 -0.3 Disposals, business disposals - -34.7 Depreciation and impairment -26.6 -32.7 Reclassification between items -0.6 -2.4 Closing balance 251.7 251.6 Right-of-use assets and lease liabilities (EUR million) Land and water Buildings and structures Machinery and equipment Total Lease liabilities Opening balance on 1 Jan. 2025 0.3 70.7 8.4 79.3 87.6 Additions -0.4 1.8 2.2 3.6 3.6 Depreciation for the financial period 0.2 -6.3 -2.3 -8.5 - Payments - - - - -7.2 Closing balance on 31 Dec. 2025 0.1 66.1 8.3 74.5 84.0 (EUR million) Land and water Buildings and structures Machinery and equipment Total Lease liabilities Opening balance on 1 Jan. 2024 0.0 70.3 12.7 82.9 89.6 Translation differences - 0.0 0.0 0.0 0.0 Additions 0.4 7.8 2.0 10.1 10.1 Disposals, business disposals - -0.7 -2.8 -3.5 -3.6 Depreciation for the financial period - -6.7 -3.4 -10.2 - Payments - - - - -6.7 Closing balance on 31 Dec. 2024 0.3 70.7 8.4 79.3 87.6 (EUR million) 10-12/2025 10-12/2024 1-12/2025 1-12/2024 Depreciation expense of right-of-use assets, continuing operations -2.0 -2.1 -8.5 -9.0 Interest expense on lease liabilities, continuing operations -1.2 -1.3 -4.8 -4.7 Total amounts recognised in profit or loss, continuing operations -3.2 -3.5 -13.2 -13.7 Deferred tax assets Out of the total EUR 18.9 million, EUR 17.7 million of the deferred tax asset arise from adopted losses, postponed depreciations, and non-deductible interest expenses in the Group's operations in Finland. The increased deferred tax asset arising from tax losses in Finland in 2018 resulted from losses incurred during the Rauma unit ramp up and was therefore temporary in nature. Deferred tax assets are assumed to be used from losses in 2026 and postponed depreciations and non-deductible interest expenses to material respect by the end of the current decade. The estimate is based on management's plans for the near future. As plans contain uncertainties, these are mitigated in the estimate with a very conservative assumption on EBIT growth in 2027 and beyond. The utilisation of deferred tax asset is based on taxable profits in the future and the assumption that there are no significant adverse changes in tax legislation. In addition, postponing tax depreciations and deductibility restrictions of interest expense can be used to speed up the utilisation of losses before they expire. The utilisation of postponed tax depreciations and non-deducted interest expense does not have a time limit. Unrecognised Finnish deferred tax asset at the end of December 2025 was EUR 35.6 million. The company has utilised tax losses in Finland every year in 2019-2025, and no losses have expired. In 2025, the company has recorded to balance sheet previously unrecognised deferred tax asset from losses amounting to EUR 3.3 million. In 2025, the company was able to utilise tax losses, and a EUR 5.3 (4.3) million deferred tax asset was used and recognised as a tax expense. The losses in taxation in Finland expire with the following schedule: EUR 3.0 million in 2028, EUR 10.0 million in 2029 and EUR 1.6 million in 2031. Inventories (EUR million) 31 Dec. 2025 31 Dec. 2024 Materials and supplies 33.5 31.0 Semi-finished products 2.6 3.0 Finished products 19.0 16.9 Spare parts 6.0 5.5 Inventories, advance payments 2.0 3.3 Total inventories 63.1 59.6 Assets and liabilities of disposal group classified as held for sale and discontinued operations Sale of operations in Baltics HKFoods sold its Baltic operations to AS Maag Grupp of Estonia on 31 August 2023. The debt-free purchase price was EUR 90 million, of which EUR 20 million is conditional on the combined performance of the separately defined meat business subject to the transaction and AS Maag Grupp's Baltic meat business in the following three years. Of the EUR 70 million fixed purchase price, EUR 55 million was paid at the closing of the transaction and the remainder was paid in 2024 and 2025. HKFoods has received the last EUR 10 million part of the fixed purchase price in the third quarter of 2025. The receivable was measured at amortised cost and discounted at 5 per cent. The conditional purchase price receivable (earn-out) is measured at fair value through profit and loss, and it includes management judgement and estimation. At the end of August 2025, African swine fever (ASF) was detected in AS Maag Grupp's largest pork production unit. The animal disease outbreak is expected to have a significant and longterm negative impact on AS Maag Grupp's performance, which is the basis for calculating the conditional purchase price. HKFoods' management has estimated that the receipt of the conditional purchase price will not materialise, for which reason a write-down of EUR 6.9 million was made in the third quarter of 2025. After the write-down, there is no conditional purchase price receivable on the Group's balance sheet. The write-down does not affect the comparable EBIT and has no impact on cash flow. The write-down is reported as a result of discontinued operations. Sale of operations in Sweden On 27 March 2024, HKFoods and Lantmännen ek för closed the transaction announced on 29 December 2023, whereby HKFoods sold its Swedish business to the Swedish Lantmännen. The transaction concerned the shares in HKScan Sweden AB, the subsidiary that formed HKFoods' Business Unit Sweden. The purchase price for the shares of HKScan Sweden Ab including the settlement of an internal loan amounted to EUR 83.7 million at closing. In addition, Lantmännen ek för transferred A shares (6,869,750) and K shares (665,000) in HKFoods Corporation held by Lantmännen. The calculated market value of the shares was EUR 5.5 million at the time of signing the agreement. A prepayment of EUR 25 million of the purchase price was made upon the signing of the agreement. The sold company had EUR 4.4 million in cash at the closing. The Swedish business unit was classified as assets and liabilities held for sale on the balance sheet on 31 December 2023, and it is presented in the income statement as discontinued operations. The Group's translation difference in equity has come almost entirely from the Swedish operations, and at closing it was recorded from the comprehensive income statement into the income statement. The Group's significant internal transactions between continuing and discontinued operations included the sale and purchase of products between the Swedish operations and the rest of the Group, the Group's administrative service fee from Sweden and the Group's financial gain on the Swedish lending. The figures for continuing and discontinued operations reflect external sales and their costs in accordance with the Group's segment reporting. External financing costs for Sweden are shown as a financing cost of discontinued operations. Sale of operations in Denmark On 2 May 2024, HKFoods signed an agreement to sell its Danish business to the Dutch Plukon Food Group B.V. The debt-free purchase price was EUR 44.6 million. The sale of the Danish business unit was completed on 31 October 2024. HKFoods received EUR 36.6 million in cash at the closing. The sold company had EUR 2.7 million in cash at the closing. The Danish business unit was classified as assets and liabilities held for sale on the balance sheet on 31 March 2024, and it is presented in the income statement as discontinued operations. The Group's significant internal transactions between continuing and discontinued operations included the sale and purchase of products between the Danish operations and the rest of the Group, the Group's administrative service fee from Denmark and the Group's financial gain on the Danish lending. The figures for continuing and discontinued operations reflect external sales and their costs in accordance with the Group's segment reporting. External financing costs for Denmark are shown as a financing cost of discontinued operations. The income statement and cash flow presented below include the Danish operations until October 2024 and the Swedish operations until March 2024. Profit/loss for discontinued operations (EUR million) 10-12/2025 10-12/2024 1-12/2025 1-12/2024 Net sales - 19.5 - 371.7 Cost of goods sold - -18.1 - -351.6 Other operating items total - -1.0 - -15.7 Operating profit - 0.4 - 4.4 Financial income and expenses - -0.1 - -1.2 Income tax - - - 0.8 Profit/loss for the period - 0.3 - 3.9 Impairment from fair-value measurement, Baltics -0.5 - -11.0 0.2 Impairment from fair-value measurement, Sweden - -0.3 - 5.9 Impairment from fair-value measurement, Denmark -0.1 -3.1 -0.4 -14.1 Translation difference transfer to profit and loss, Sweden - - - -21.1 Other equity items transfer to result for the period, Sweden - - - 1.1 Other equity items transfer to result for the period, Denmark - 0.1 - 0.1 Profit/loss for the period from discontinued operations -0.6 -3.1 -11.4 -24.0 Cash flow of discontinued operations (EUR million) 10-12/2025 10-12/2024 1-12/2025 1-12/2024 Cash flow from operating activities - 0.2 - 13.2 Cash flow from investing activities 0.4 33.8 9.3 107.0 Cash flow from financing activities - -0.1 - -1.9 Cash flow total 0.4 33.9 9.3 118.3 Derivative instrument liabilities (EUR million) 31 Dec. 2025 31 Dec. 2024 Nominal values of derivative instruments Foreign exchange derivatives 16.5 14.5 Interest rate derivatives 40.0 30.0 Electricity derivatives 3.3 2.5 Fair values of derivative instruments Foreign exchange derivatives 0.0 -0.1 Interest rate derivatives -0.1 -0.2 Electricity derivatives -0.1 0.7 Consolidated other contingent liabilities (EUR million) 31 Dec. 2025 31 Dec. 2024 Debts secured by pledges or mortgages - loans from financial institutions 1.0 3.0 - bonds 90.0 90.0 - lease liabilities 10.7 10.7 On own behalf - Assets pledged 230.8 233.0 On behalf of others - guarantees and other commitments 6.2 6.2 Other contingencies Leasing and rental commitments 0.2 0.2 The fair value determination principles applied by the Group on financial instruments measured at fair value Derivatives The fair values of currency derivatives are determined by using the market prices for contracts of equal duration at the reporting date. The fair values of interest rate swaps are determined using the net present value method supported by the market interest rates at the reporting date. The fair value of commodity derivatives is determined by using publicly quoted market prices. Conditional purchase price receivable Valuation principles of the conditional purchase price receivable are described in note 7. (EUR million) 31 Dec. 2025 Level 1 Level 2 Level 3 Assets measured at fair value Financial assets recognised at fair value through profit or loss - Trading derivatives - Interest rate swaps 0.0 - 0.0 - - Foreign exchange derivatives 0.0 - 0.0 - - Commodity derivatives 0.3 - 0.3 - of which subject to cash flow hedging 0.3 - 0.3 - Total 0.3 - 0.3 - Liabilities measured at fair value Financial liabilities recognised at fair value through profit or loss -Trading derivatives - Interest rate swaps -0.1 - -0.1 - - Foreign exchange derivatives -0.1 - -0.1 - - Commodity derivatives -0.3 - -0.3 - of which subject to cash flow hedging -0.3 - -0.3 - Total -0.5 - -0.5 - (EUR million) 31 Dec. 2024 Level 1 Level 2 Level 3 Assets measured at fair value Financial assets recognised at fair value through profit or loss - Conditional purchase price receivable 10.5 - - 10.5 - Trading derivatives - Interest rate swaps 0.0 - 0.0 - - Foreign exchange derivatives 0.1 - 0.1 - - Commodity derivatives 1.1 - 1.1 - of which subject to cash flow hedging 0.3 - 0.3 - Total 11.7 - 1.2 10.5 Liabilities measured at fair value Financial liabilities recognised at fair value through profit or loss -Trading derivatives - Interest rate swaps -0.2 - -0.2 - - Foreign exchange derivatives -0.2 - -0.2 - - Commodity derivatives -0.3 - -0.3 - of which subject to cash flow hedging -0.3 - -0.3 - Total -0.7 - -0.7 - The fair values of Level 1 instruments are based on prices quoted on the market. The fair values of Level 2 instruments are to a significant degree based on inputs other than the quoted prices included in Level 1 but nonetheless observable for the relevant asset or liability either directly or indirectly (derived from prices). In determining the fair value of these instruments, the Group uses generally accepted measurement models, the inputs of which are nonetheless to a considerable degree based on observable market information. The fair values of Level 3 instruments are based on inputs which are not based on observable market information but rather to a significant degree on management estimates and measurement models generally acceptable for their use. Business transactions with related parties (EUR million) 1-12/2025 1-12/2024 Sales to associates 6.5 8.5 Purchases from associates 48.6 48.6 Trade and other receivables from associates 0.4 0.7 Trade and other payables to associates 3.8 4.3 Animal purchases from related party* 26.5 25.4 Animal sales to related party* 5.4 5.4 Loan receivable from LSO Osuuskunta 3.1 4.9 *Members of the Group's Board of Directors and members of the Supervisory Board and Board of Directors of its parent entity LSO Osuuskunta. In January 2025, the Group purchased Eura factory plot from LSO with EUR 760 thousand. The price was based on an external estimate.

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