Raisio (RAIKV) Q2 2025 earnings summary

Executive summary

• Profitability improved as planned in H1 2025, with significant EBIT and EBITDA growth despite slightly lower net sales year-over-year.

• Consumer products, especially Elovena and Benecol, drove growth in Finland and the UK, while B2B and industrial sales volumes declined.

• Divestment of the plant protein business in March 2025 reduced net sales but improved EBIT and sharpened strategic focus.

• New segment structure implemented in June 2025, with Brands & Industrial and Other Operations as reportable segments.

• Strategic focus shifted to breakfast, snacking, and heart health products.

Financial highlights

• H1 2025 net sales were €112.4M, down 0.4% year-over-year; Q2 2025 net sales declined 4.8% to €54.5M.

• H1 comparable EBIT rose 12.4% to €18.7M; Q2 comparable EBIT increased 3.5% to €10.2M.

• H1 comparable EBITDA was €18.7M (16.7% margin); Q2 comparable EBITDA was €10.2M (18.7% margin).

• H1 earnings per share increased to €0.07 from €0.06 year-over-year.

• Cash flow for H1 2025 was €14.8M, with investments totaling €4.7M.

Outlook and guidance

• Comparable EBIT for continuing operations in 2025 is projected to increase versus 2024.

• Strategy targets EBIT over €30M and net sales over €250M by 2027, focusing on organic growth and acquisitions.

• Dividend policy remains unchanged, targeting 50-100% of EPS as annual dividends.