Consolidated Unaudited Interim Report of AS PRFoods for the 1st quarter and 3 months of 2025/2026 financial year

MANAGEMENT COMMENTARYPRFoods’ 2025/2026 financial year began in an uncertain market environment characterized by ongoing macroeconomic pressures and cautious consumer behaviour. The quarter’s sales revenue amounted to 3.6 million euros, which is 21% less than a year earlier. The decline in revenue was strongly influenced by the drop in sales from the Estonian production unit, whose turnover decreased by 64.7% compared to the previous year. In contrast, sales in the United Kingdom remained...

Tallinn, 28/11/2025 (informazione.news - comunicati stampa - cibi e bevande)

MANAGEMENT COMMENTARY
PRFoods’ 2025/2026 financial year began in an uncertain market environment characterized by ongoing macroeconomic pressures and cautious consumer behaviour. The quarter’s sales revenue amounted to 3.6 million euros, which is 21% less than a year earlier. The decline in revenue was strongly influenced by the drop in sales from the Estonian production unit, whose turnover decreased by 64.7% compared to the previous year. In contrast, sales in the United Kingdom remained stable at 3.1 million euros, accounting for 85.4% of the Group’s total turnover.

The weaker turnover put pressure on the Group’s profitability. The Group’s gross profit was 0.7 million euros, falling 0.2 million euros short of the previous year. EBITDA from operating activities amounted to -0.1 million euros, representing a decline of 0.2 million euros compared to a year earlier. The net loss for the first quarter reached 0.8 million euros (Q1 2024/2025: -0.3 million euros). The results were significantly affected by the effective interest expenses related to restructured debt obligations from the 2024/2025 financial year, amounting to 0.5 million euros and increasing financial costs.

Despite the lower sales volume, the Group’s financial position remains stable, and our activities are focused on consistently meeting the objectives set out in the debt restructuring plan. We have continued to improve the efficiency of production units, enforce strict cost control, and optimise processes. Although operating expenses as a share of revenue increased due to lower turnover, the nominal level of expenses has remained under control, creating the conditions for margin improvement as revenue recovers.

Instability in the external environment and cautious ordering behaviour in retail may affect demand in the short term. However, we are seeing some stabilisation in sales prices and expect a modest recovery in demand towards the end-of-year period, when the consumption of fish products is seasonally higher. The Group’s priorities remain the enhancement of production processes, the strategic streamlining of the product portfolio, and the strengthening of sales capabilities across all markets to ensure competitiveness and long-term sustainability.

KEY RATIOS
INCOME STATEMENT

mln EUR, unless indicated otherwise	1Q 2025/2026	2024/2025	1Q 2024/2025	2023/2024
Sales	3.6	18.8	4.6	17.1
Gross profit	0.7	4.0	0.9	3.2
EBITDA from operations	-0.1	0.1	0.1	-0.3
EBITDA	-0.1	0.1	0.1	-0.3
EBIT	-0.3	-0.6	0.0	-3.3
EBT	-0.8	7.6	-0.3	-4.6
Net profit (-loss)	-0.8	7.3	-0.3	-4.7
Gross margin	19.8%	21.2%	19.6%	18.7%
Operational EBITDA margin	-4.0%	0.6%	2.2%	-2.0%
EBITDA margin	-4.0%	0.6%	2.2%	-2.0%
EBIT margin	-8.0%	-3.3%	0.0%	-19.4%
EBT margin	-22.4%	40.4%	-6.5%	-26.9%
Net margin	-22.8%	39.1%	-6.5%	-27.3%
Operating expense ratio	28.1%	24.0%	19.6%	27.1%

BALANCE SHEET

mln EUR, unless indicated otherwise	30.09.2025	30.06.2025	30.09.2024	30.06.2024
Net debt	6.7	6.2	14.1	14.3
Equity	9.8	10.5	2.8	3.2
Working capital	0.4	1.2	-9.7	-9.2
Assets	20.1	20.2	21.8	21.9
Liquidity ratio	1.1	1.5x	0.3x	0.3x
Equity ratio	48.8%	52.0%	12.8%	14.6%
Gearing ratio	40.7%	37.0%	83.4%	81.8%
Debt to total assets	0.5x	0.5x	0.9x	0.9x
Net debt to operating EBITDA	125x	54.3x	-199x	-42.5x
ROE	-160.9%	107.0%	-144.6%	-81.4%
ROA	22.1%	34.8%	-19.9%	-17.9%

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EUR '000	30.09.2025	30.06.2025
ASSETS
Cash and cash equivalents	177	305
Trade and other receivables	1,386	1,546
Prepayments	180	182
Inventories	1,822	1,656
Total current assets	3,565	3,689

Long-term financial investments	3,484	3,595
Tangible assets	13,084	12,956
Intangible assets	16,568	16,552
Total non-current assets	20,133	20,240
TOTAL ASSETS

EQUITY AND LIABILITIES	1,384	971
Interest-bearing liabilities	1,762	1,563
Trade and other payables	3,145	2,534
Total current liabilities
	5,525	5,514
Interest-bearing liabilities	30	30
Deferred tax liabilities	1,407	1,421
Government grants	207	213
Total non-current liabilities	7,170	7,178
TOTAL LIABILITIES	10,315	9,713

Share capital	7,737	7,737
Share premium	14,007	14,007
Treasury shares	- 390	-390
Statutory capital reserve	51	51
Currency translation differences	569	451
Retained profit (loss)	-12,155	-11,327
TOTAL EQUITY	9,818	10,528
TOTAL EQUITY AND LIABILITIES	20,133	20,240

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

EUR '000	3m 2025/2026	3m 2024/2025
Revenue	3,632	4,621
Cost of goods sold	-2,912	-3,747
Gross profit	720	874

Operating expenses	-1,020	-907
Selling and distribution expenses	-644	-612
Administrative expenses	-375	-296
Other income / expense	9	-3
Fair value adjustment on biological assets	0	0
Operating profit (loss)	-290	-36
Financial income / expenses	-524	-265
Profit (Loss) before tax	-814	-301
Income tax	-13	-38
Net profit (loss) for the period	-827	-339

Net profit (loss) attributable to:
Owners of the Parent Company	-827	-339
Total net profit (loss) for the period	-827	-339

Other comprehensive income (loss) that may subsequently be classified to profit or loss:
Foreign currency translation differences	118	-52
Total comprehensive income (expense)	-709	-391

Total comprehensive income (expense) attributable to:
Owners of the Parent Company	-709	-391
Total comprehensive income (expense) for the period	-709	-391

Profit (Loss) per share (EUR)	-0.02	-0.01

Diluted profit (loss) per share (EUR)	-0.02	-0.01