Raisio (RAIKV) Q3 2024 earnings summary

Executive summary

• Net sales increased 5.4% in Q3 2024 and 4.0% for the nine months, driven by higher sales volumes, strong brand performance in Finland and the UK, and new product launches.

• Profitability was pressured by provisions, lower grain prices, fierce B2B price competition, higher investments, and a provision for retrospective payments.

• Cash flow and return on invested capital improved year-over-year.

Financial highlights

• Q3 2024 net sales: €59.1M (+5.4% YoY); comparable EBIT: €6.5M (-10.9% YoY); comparable EBITDA: €9.9M (-8.9% YoY).

• 1–9/2024 net sales: €172.0M (+4.0% YoY); comparable EBIT: €17.3M (+3.6% YoY); comparable EBITDA: €24.8M (+5.7% YoY).

• Cash flow improved to €32.1M (1–9/2024) from €28.0M (1–9/2023), mainly due to reduced working capital.

• Net interest-bearing debt decreased to -€64.0M; net gearing improved to -25.1%.

• Q3 EPS: €0.03 (down from €0.04); 1–9/2024 EPS: €0.09 (flat year-over-year).

Outlook and guidance

• Comparable EBIT for 2024 is projected to be at or slightly above the 2023 level (€22.7M).

• The company aims to maintain a steady annual dividend through 2025.