HKFoods Plc, Financial Statements Bulletin, 13 February 2026 at 8:30 a.m. EET
HKFoods' Financial Statements Bulletin 1 January-31 December 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 10 1-12/2025 1-12/2024
-12/20 -12/20
25 24
EBITDA, continuing operations 18.5 16.9 62.5 56.3
Profit before taxes, continuing 6.7 2.3 18.7 4.2
operations
- % of net sales 2.5 0.9 1.9 0.4
Profit for the period, continuing 4.0 -2.7 14.2 -1.8
operations
- % 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 0.02 -0.02 0.09 -0.04
operations
Cash flow from operating activities, 27.9 38.4 51.0 60.8
incl. discontinued operations
Cash flow after investing activities, 22.1 64.3 36.1 141.7
incl. discontinued operations
Return on capital employed (ROCE) before 6.6 0.9
taxes, %, incl. discontinued operations
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 Kariniemen® 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 (https://www.hkfoods.com/fi/uutishuone/press
-releases/2025/01/hkfoodsin-makusuola-innovaatio-c4977374/)and11 April
2025 (https://www.hkfoods.com/fi/uutishuone/news/2025/04/hkfoodsille
-kunniamaininta-vuoden-elintarvikeinnovaatiokilpailussa/)
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 (https://www.hkfoods.com/en/newsroom/news/2025/03/hkfoods-to-increase
-efficiency-c5003447/)
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 (https://www.hkfoods.com/en/newsroom/stock-releases/2025/03/hkfoods
-plc-cancels-treasury-shares-c5011736/)
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 company'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 (https://www.hkfoods.com/en/newsroom/stock
-releases/2025/04/resolutions-passed-by-the-annual-c5036486/) and
17 December 2025 (https://www.hkfoods.com/en/newsroom/stock
-releases/2025/12/hkfoods-plc-distributes-eur-0.05-c5275017).
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 (https://www.hkfoods.com/en/newsroom/stock-releases/2025/04/hkfoods
-has-launched-the-investigation-c5039662/) and 3 July
2025 (https://www.hkfoods.com/en/newsroom/stock-releases/2025/07/inside
-information-hkfoods-assessment-c5136180/)
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 (https://www.hkfoods.com/en/newsroom/stock-releases/2025/08/inside
-information-hkfoods-plc-c5190432/) and
14 August 2025 (https://www.hkfoods.com/en/newsroom/stock
-releases/2025/08/hkfoods-to-redeem-its-outstanding-c5190893/)
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 (https://www.hkfoods.com/en/newsroom/stock-releases/2025/08/hkfoods
-updates-its-strategy-and-c5197477/)
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 (https://www.hkfoods.com/en/newsroom/stock
-releases/2025/09/hkfoods-writes-down-conditional-c5220698/)
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 (https://www.hkfoods.com/en/newsroom/stock-releases/2025/12/change-in-the
-hkfoods-plcs-board-c5275060/)
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,
includinga free equity reserve of EUR 194.5 (216.2) million and results for
thefinancial year 2025 of EUR 7.3 (-23.1) million.The Board of Directorsproposes
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 theshareholders' registerof the
companymaintainedby Euroclear Finland Ltd on the record date of the payment.The
record date is 24 April2026,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 thereserve forinvested 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 onrepayment of capitaland, at the same time,
confirm the record and payment dates forcapital repayments. Capitalrepayments
payable under the authorisation will be paid to shareholders entered in the
shareholders' registerof the companymaintainedby Euroclear Finland Ltdon the
record date for thecapitalrepayment 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 www.hkfoods.com. (https://www.hkfoods.com/fi/)
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
suvi.oksava@hkfoods.com.
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 50538 5793
HKFoods Media Service Desk email communications@hkfoods.com 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 (https://www.hkfoods.com/en/)
DISTRIBUTION:
Nasdaq Helsinki
Key media
www.hkfoods.com (https://www.hkfoods.com/en/) (https://www.hkfoods.com/en/)