Strong improvement in profitability

FINANCIAL DEVELOPMENT IN BRIEF

JULY-SEPTEMBER 2025, CONTINUING OPERATIONS
· The Group's net sales totalled EUR 56.7 (59.1) million, which signified a decrease of 4.2%.
· Comparable EBITDA was EUR 11.0 (9.0**) million, which accounted for 19.3 (15.2) per cent of net sales.
· EBITDA was EUR 11.0 (8.1*) million, which accounted for 19.3 (13.7) per cent of net sales.
· Comparable EBIT was EUR 8.6 (6.5**) million, accounting for 15.3 (11.1) per cent of net sales.
· EBIT was EUR 8.6 (5.7*) million, which accounted for 15.3 (9.6) per cent of net sales.
· The Group's cash flow from continuing operations after financial items and taxes totalled EUR 8.9 (15.9) million.
· Comparable earnings per share were EUR 0.05 (0.04) per share.
· Earnings per share were EUR 0.05 (0.03) per share.
*EBITDA and EBIT for the comparison period include EUR 0.3 million in costs related to business expansion and EUR 0.6 million in costs related to reorganisation.
**The comparable EBITDA and EBIT for the review period includes a provision of EUR 0.7 million for retrospective payments to the authorities.

JANUARY-SEPTEMBER 2025, CONTINUING OPERATIONS
· The Group's net sales totalled EUR 169.0 (172.0) million, which signified a decrease of 1.7%.
· Comparable EBITDA was EUR 29.7** (25.7**) million, which accounted for 17.6 (14.9) per cent of net sales.
· EBITDA was EUR 29.1* (23.4*) million, which accounted for 17.2 (13.6) per cent of net sales.
· Comparable EBIT was EUR 22.7** (18.2**) million, accounting for 13.4 (10.6) per cent of net sales.
· EBIT was EUR 22.1* (16.0*) million, which accounted for 13.0 (9.3) per cent of net sales.
· The Group's cash flow from continuing operations after financial items and taxes totalled EUR 23.7 (32.1) million.
· The comparable return on invested capital (ROIC) was 12.7% (10.0%) and the return on invested capital (ROIC) was 12.3% (8.8%).
· Comparable earnings per share were EUR 0.12 (0.10) per share.
· Earnings per share were EUR 0.12 (0.09) per share.
*EBITDA and EBIT for the review period include EUR 0.6 (0.8) million in costs related to business restructuring. EBITDA and EBIT for the comparison period also include EUR 1.4 million in costs related to business expansion.
**Comparable EBITDA and EBIT for the review period include a reversal of a provision of EUR 0.3 million for retrospective payments to the authorities, which has a positive impact on the result. The comparable EBITDA and EBIT for the review period includes a provision of EUR 0.7 million for retrospective payments to the authorities.

CEO PASI FLINKMAN:

You cannot generate profits by borrowing from the future - we invest in it

Our earnings continued to develop strongly in the third quarter, even though the overall development of net sales was disappointing for us. Comparable EBITDA reached nearly 20%, which is almost a quarter higher than last year. Growing our earnings at a rate faster than our net sales is in line with our strategy and plans: by improving our performance and efficiency, we are laying the foundation for faster growth. Once the foundation is in place, we will shift our focus more strongly towards accelerating growth. Our return on invested capital has also continued to improve, reaching almost 13%.

We are developing our business with a long-term perspective and investing in future growth and profitability. The investments in sales, marketing and opening up new markets that were initiated last year are still continuing at a significant level.

Over the course of this year, we have made and launched several investments that support and advance our strategy. During the past quarter, we started building new laboratory facilities next to the Nokia mill and upgrading the pasta packaging equipment at the Raisio mill. Investment projects already underway include a pilot plant for research and product development and test equipment for product development. These investments will strengthen our research and development activities, improve our quality and lay the groundwork for faster growth in the future.

We are also building the Raisio of the future by investing in knowledge-based management and digital transformation. The basis for this is the project we launched at the beginning of October to renew our ERP system, which will enable us to create a stronger and more sustainable Raisio and support the implementation of our strategy. A modern cloud-based system supports the utilisation of AI features on the one hand and simplifies the integration of potential acquisitions on the other hand. The project will be implemented in two phases over the next year and a half.

In the Breakfast, Snacking & Food Solutions segment, the Elovena® brand continued its strong growth trajectory at 6% in the third quarter, but the development of the segment's net sales was negatively impacted by domestic industrial sales and grain trading, which was higher than usual during the corresponding period last year. Lower market prices for grain have supported the profitability of the consumer business, but this has also been reflected in a decline in the net sales of the B2B business. We have launched measures to strengthen the competitiveness of our industrial sales, and we expect these measures to start bearing fruit as early as the end of this year. Extensive cost improvements, successful efficiency measures and the continued growth of plant-based drinks in particular have contributed positively to the development of the segment's earnings. In just four years, our oat dairy factory has grown to account for around a quarter of the total sales value of the Elovena® brand. During the summer and autumn, we have managed to improve the profitability of the Elovena® brand's international product range, and over the next six months, our focus will be on expanding the product range and distribution.

Consumer sales in the Heart Health segment remained stable, with the largest growth in the quarter coming from higher-than-usual deliveries to industrial customers. However, since the beginning of the year, growth has been steady in both Benecol®-branded consumer products and industrial sales. Sterols play an important role in our business, but despite price fluctuations in the sterol raw material market due to increased demand from the pharmaceutical industry, our cost development has remained fairly stable overall. In line with our strategy, we have started preparations for the geographical expansion of the Benecol® business and aim to open a new Benecol® market during the first half of next year.

OUTLOOK 2025

Raisio projects the comparable EBIT for continuing operations for the financial year 2025 to increase compared to 2024.

In Raisio, Finland  10 November 2025
Raisio plc
Board of Directors

Further information:
Pasi Flinkman, CEO, tel. +358 400 819 947
Mika Saarinen, CFO, tel. +358 40 072 6808

The Finnish-language webcast of the Interim Report by the CEO and CFO will start on 11 November 2025 at 12 noon, Finnish time. This is the direct link to the webcast: https://raisio.events.inderes.com/q3-2025

Upcoming releases for the fiscal year 2025:
The 2025 Financial Statements Bulletin will be published on 11 February 2026.

RAISIO PLC
At Raisio, we make delicious food that promotes healthier eating. We make a healthier and happier world around us by innovating and winning the hearts of our consumers. We do not work alone; instead, we rely on our cooperation networks at every stage. Our strong brands, such as Benecol® and Elovena®, turn our ambitions into reality. We make the choice easy for consumers: we ensure that our products are responsible from different perspectives, so that consumers can choose our products with confidence. We have around 350 healthy food colleagues in seven countries and export to more than 40 markets around the world. Raisio's shares are listed on Nasdaq Helsinki Ltd. In 2024, the Group's comparable net sales for continuing operations were EUR 226.8 million and the comparable EBIT was EUR 23.4 million. www.raisio.com