Raisio - Interim report (Q1 and Q3)

Raisio plc's Interim Report January-March 2024

Raisio Plc's Interim Report, May 7th, 2024 at 8.30 a.m. Finnish time

Net sales and profitability at the level of the comparison period, cash flow
continued to strengthen

FINANCIAL DEVELOPMENT IN BRIEF

JANUARY-MARCH 2024, CONTINUING OPERATIONS

• The Group's net sales totalled EUR 55.5 (56.5) million, which signified a
decrease of 1.7%.
• Comparable EBITDA was EUR 6.8 (6.7) million, which accounted for 12.3 (11.9)
per cent of net sales.
• EBITDA was EUR 6.1* (6.5*) million, which accounted for 11.0 (11.5) per cent
of net sales.
• Comparable EBIT was EUR 4.2 (4.2) million, accounting for 7.6 (7.5) per cent
of net sales.
• EBIT was EUR 3.6* (4.0*) million, which accounted for 6.4 (7.1) per cent of
net sales.
• The Group's cash flow from continuing operations after financial items and
taxes totalled EUR 8.5 (3.3) million.
• The comparable return on invested capital (ROIC) was 7.4 (6.4) per cent and
the return on invested capital (ROIC) was 6.3 (6.0) per cent.
• Comparable earnings per share were EUR 0.03 (0.02) per share.
• Earnings per share were EUR 0.02 (0.02) per share.

*EBITDA and EBIT include EUR 0.6 million in costs related to business expansion
and EUR 0.1 million in costs related to reorganisation. EBITDA and EBIT for the
comparison period include EUR 0.2 million in costs related to business
expansion.

CEO PEKKA KUUSNIEMI:

The market environment has begun to show signs of stabilisation during the first
quarter of the year. Volumes have stopped falling and, especially in the B2B
sector, we are seeing a gradual increase in order volumes. Uncertainty is
sustained by the protracted war in Ukraine and other regrettable unrest in
recent times.

Net sales were practically on a par with the previous year, EUR 55.5 (56.5)
million, with Easter being in March this year. Our comparable EBIT was EUR 4.2
(4.2) million, which accounted for 7.6 (7.5) per cent of net sales. Marketing
costs were clearly higher than in the comparison period due to entering the
Dutch and Belgian markets and a high number of new product launches.
Profitability differences between segments were accentuated during the period,
with Healthy Food improving both sales and profit, while Healthy Ingredients saw
reduced sales value and profitability due to price competition.

Cash flow improved significantly, reaching EUR 8.5 (3.3) million. The comparable
return on invested capital (ROIC) also continued to develop positively, reaching
7.4 (6.4) per cent. As the times of crisis have somewhat subsided, we have been
better able to optimise our working capital and have set clear targets for it
going forward.

The cholesterol-lowering category has seen fierce price campaigning as consumers
become more price-conscious. For Benecol® products, the first quarter was
cautiously positive as the volume decline levelled off. Raisio is increasingly
collaborating with healthcare professionals to raise awareness of Benecol®
products. The UK, a key market for Raisio, has been given special attention when
refining the strategy.

Sales of oat products have increased in both the B2C and B2B markets. Elovena®,
which will celebrate its centenary next year, has entered the Dutch and Belgian
markets during the period, in addition to its previous foreign markets in
Poland, Ukraine, the Baltic countries and Sweden. To consolidate our position in
the market, we are ready to invest substantially to establish the brand and
further expand the range of products we sell.

The iconic Elovena® received a great recognition in March: According to the
Sustainable Brand Index, consumers rank Elovena® as the most sustainable brand
in Finland. In April, after the review period, Finland Chamber of Commerce
selected Elovena® as the winner of the Brand of the Year 2024 competition. The
jury's reasons for the choice included the successful renewal of the Elovena®
brand and the development of the product range in line with today's trends. The
benefits of the brand have been successfully integrated into the business and
its development.

The plant protein category has fared poorly under the pressures of COVID-19 and
inflation. This phenomenon is not limited to the Finnish market, where Härkis®
is the leading brand; Europe has also seen a decline in demand on a broad front.
It is clear that in the short term it is a question of taste and price compared
to meat proteins, which is why we must persevere with our development work.

As the economy improves, the food market will certainly return to normal. Raisio
has overcome difficult times before, staying true to its strategy. Our employees
have embraced the company's purpose and values as part of their daily work and
are each developing the company in line with the strategy. My heartfelt thanks
to all of you!

OUTLOOK 2024

Raisio projects the comparable EBIT for the financial year 2024 to be at the
level of 2023 or slightly higher. Raisio's comparable EBIT in 2023 was EUR 22.7
million.

In Raisio, Finland  06 May 2024
Raisio plc
Board of Directors

Further information:
Pekka Kuusniemi, CEO, tel. +358 50 537 3883
Mika Saarinen, CFO, tel. +358 40 072 6808

The CEO's webcast in Finnish of the Q1 results will start on 7 May 2024 at 12
noon, Finnish time. This is the direct link to the webcast:
https://raisio.videosync.fi/q1-2024.

Future financial releases of Raisio plc in 2024:

• Raisio's Half-Year Financial Report for January-June will be published on 7
August 2024.
• Raisio's Interim Report for January-September will be published on 5 November
2024.

RAISIO PLC
At Raisio, we make food from the heart, with the aim of bringing health to
ourselves and the Earth. We keep creating better plant-based and heart-healthy
products so that eating healthily and within the Earth's ecological capacity can
be a pleasure. Our strong brands, such as Benecol®, Härkis® and Elovena®, turn
our ambitions into reality. Through our responsibility work, we make the hard
choices for consumers, so that they can choose Raisio 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 2023, the Group's comparable net sales for continuing operations were
EUR 219.5 million and the comparable EBIT was EUR 22.7 million. www.raisio.com

Attachments:

05074692.pdf