Raisio (RAIKV) Q1 2025 earnings summary

Executive summary

• Net sales grew 4.2% year-over-year to €57.8 million in Q1 2025, driven by volume growth in Benecol and Elovena brands.

• Comparable EBIT rose 44% to €6.1 million, with margin improvement to 10.6% of net sales.

• Growth in Finland and the UK was led by consumer products, while B2B faced profitability pressure from lower grain prices and competition.

• Divestment of the loss-making plant protein business completed in March, expected to improve operational results.

• New strategy for 2025–2027 targets organic growth above market, expansion in breakfast/snack and heart-healthy products, and targeted acquisitions.

Financial highlights

• Comparable EBITDA rose 25.2% year-over-year to €8.5 million, with margin up to 14.8%.

• Cash flow from operations was €7.6 million, down from €8.5 million in Q1 2024; investments increased to €2.6 million.

• Net interest-bearing debt improved to -€82.6 million, with net gearing at -31.4%.

• Comparable EPS remained at €0.03; equity ratio stable at 79.3%.

• Return on invested capital (ROIC) improved to 10.1% from 7.4% year-over-year.

Outlook and guidance

• Projects comparable EBIT for continuing operations to increase in 2025 compared to 2024.

• Strategy aims for over €250 million net sales and over €30 million EBIT by 2027, focusing on organic growth and acquisitions.

• Dividend policy unchanged: target to distribute 50-100% of earnings per share as dividends annually.