PRFoods

Earnings Release • May 30, 2025

Consolidated Unaudited Interim Report of AS PRFoods for the 3rd quarter and 9 months of 2024/2025 financial year

Consolidated Unaudited Interim Report of AS PRFoods for the 3rd quarter and 9 months of 2024/2025 financial year

MANAGEMENT COMMENTARY

PRFoods' third quarter of the 2024/2025 financial year has come to an end. We
can conclude that it has been a challenging period due to market volatility and
Estonia's poor economic climate. However, we have still managed to increase the
Group's profitability and reduce expenses. At this point, we must commend our
teams both in Estonia and the United Kingdom, where the goals are clear and the
focus is steady in moving towards the set objectives.

The approval of PRFoods' bond restructuring plan has also been finalized, which
will allow our production units to better focus on business development going
forward.

In the third quarter, the Group's unaudited consolidated revenue was 3.7 million
euros, representing a 3% decrease compared to the previous financial year.
EBITDA from operating activities improved from -0.2 million euros in the
2023/2024 financial year to -0.1 million euros, and the net loss decreased from
-0.7 million euros to -0.5 million euros. The third quarter of the financial
year is one of the most challenging, and we can acknowledge that we are moving
in the right direction.

When comparing the results of the first nine months of the 2023/2024 and
2024/2025 financial years, we can be pleased. The unaudited consolidated revenue
was 15.1 million euros, representing a 20% increase compared to the same period
last year. EBITDA from operating activities increased to 0.6 million euros.
Operating profit was 0.1 million euros, whereas in the previous year, it was an
operating loss of -0.9 million euros. The net loss for the nine months was -0.9
million euros, compared to a net loss of -2.1 million euros in the previous
financial year.

Our UK production unit, John Ross Jr., continues to operate profitably and with
growth. Our Estonian production unit has also seen improvement. However, it must
be noted that due to the economic downturn in Estonia and general consumer
behavior, demand for fish products in Estonia has significantly decreased
overall. While Saare Kala is able to maintain its position, in today's volatile
market and with the tax hikes that are shaking the economic environment, food
producers and retail businesses in Estonia are among those hit hardest. In
addition to the domestic market, we also see declining consumption in the Baltic
countries and Finland. Predicted tariffs on the US market are also causing
various shifts in fish and fish product exports. Both input prices and export
capacity are being squeezed. In these difficult and changing times, we must
acknowledge that every increase in efficiency indicators is a significant
achievement for us.

The preparation of the restructuring plan for PRFoods AS bonds has also been
completed. The restructuring plan was approved by the bondholders on April
17, 2025. In addition, an additional loan from the majority shareholder Amber
Trust II S.C.A., SICAR (in liquidation) has been confirmed to provide working
capital, which will enable the operating companies to grow better than before.
We would like to thank all shareholders, bondholders, and the company's
supervisory board for their support and trust.

KEY RATIOS
INCOME STATEMENT

|mln EUR, unless indicated | | | | |
|otherwise |3Q 2024/2025|2023/2024|3Q 2023/2024|2022/2023|
| | | | | |
Sales 3.7 17.1 3.8 19.6

Gross profit 0.7 3.2 0.5 3.6

EBITDA -0.1 -0.3 -0.2 0.3

EBIT -0.3 -3.3 -0.5 -1.0

EBT -0.5 -4.6 -0.7 0.4

Net profit (-loss) -0.5 -4.7 -0.7 0.3

Gross margin 18.1% 18.7% 13.2% 18.3%

EBITDA margin -3.5% -2.0% -5.5% 1.5%

EBIT margin -7.2% -19.4% -13.2% -5.1%

EBT margin -14.3% -26.9% -18.3% 2.0%

Net margin -14.5% -27.3% -18.4% 1.5%

Operating expense ratio -24.6% -27.1% -27.2% 24.0%

BALANCE SHEET

mln EUR, unless indicated
otherwise 31.03.2025 30.06.2024 31.03.2024 30.06.2023

Net debt 13.3 14.3 13.6 16.7

Equity 2.2 3.2 5.8 8.3

Working capital -12.3 -9.2 -8.5 0.0

Assets 21.0 21.9 24.3 30.2

Liquidity ratio 0.3 0.3x 0.4x 1.0x

Equity ratio 10.4% 14.6% 24.0% 27.4%

Gearing ratio 85.9% 81.8% 70.0% 66.9%

Debt to total assets 0.9x 0.9x 0.8x 0.7x

Net debt to operating
EBITDA 25x -42.5x 36.2x 55.8x

ROE -61.6% -81.4% -9.8% 4.1%

ROA -7.7% -17.9% -2.5% 1.0%

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EUR '000 31.03.2025 30.06.2024

ASSETS

Cash and cash equivalents 669 203

Trade and other receivables 1,599 2,212

Prepayments 192 173

Inventories 1 663 1,644

Total current assets 4,124 4,232

Long-term financial investments 0 418

Tangible assets 3,763 4,164

Intangible assets 13,084 13,102

Total non-current assets 16,848 17,684

TOTAL ASSETS 20,971 21,916

EQUITY AND LIABILITIES

Interest-bearing liabilities 13,182 10,899

Trade and other payables 3,197 2,559

Total current liabilities 16,379 13,458

Interest-bearing liabilities 801 3,600

Deferred tax liabilities 1,422 1,420

Government grants 186 247

Total non-current liabilities 2,408 5,267

TOTAL LIABILITIES 18,787 18,725

Share capital 7,737 7,737

Share premium 14,007 14,007

Treasury shares -390 -390

Statutory capital reserve 51 51

Currency translation differences 383 439

Retained profit (loss) -19,601 -18,653

Equity attributable to parent 2,186 3,191

Non-controlling interest 0 0

TOTAL EQUITY 2,186 3,191

TOTAL EQUITY AND LIABILITIES 20,971 21,916

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

EUR '000 3Q 2024/2025 3Q 2023/2024 9m 2024/2025 9m 2023/2024

Revenue 3,684 3,768 15,098 12,625

Cost of goods sold -3,018 -3,226 -11,901 -9,985

Gross profit 665 542 3,197 2,640

Operating expenses -906 -1,024 -3,056 -3,533

Selling and

distribution expenses -580 -598 -1,982 -1,946

Administrative expenses         -327         -426       -1,073       -1,587

Other income / expense -24 26 -24 6

Fair value adjustment on
biological assets 0 0 0 0

Operating profit (loss) -265 -456 118 -887

Financial income /
expenses -261 -240 -886 -1,082

Profit (Loss) before tax -526 -696 -769 -1,969

Income tax -9 2 -179 -109

Net profit (loss) for the
period -535 -694 -948 -2,078

Net profit (loss)
attributable to:

Owners of the Parent
Company -535 -694 -948 -2,075

Non-controlling interests 0 0 0 -4

Total net profit (loss)
for the period -535 -694 -948 -2,079

Other comprehensive income
(loss) that may
subsequently be classified
to profit or loss:

Foreign currency
translation differences -4 138 -56 -101

Total comprehensive income
(expense) -539 -556 -1,004 -2,180

Total comprehensive income
(expense) attributable to:

Owners of the Parent
Company -539 -556 -1,004 -2,176

Non-controlling interests 0 0 0 -4

Total comprehensive income
(expense) for the period -539 -556 -1,004 -2,180

Profit (Loss) per share
(EUR) -0.01 -0.02 -0.02 -0.05

Diluted profit (loss) per
share (EUR) -0.01 -0.02 -0.02 -0.05

Kristjan Kotkas Timo Pärn
Member of the Management Board Member of the
Management Board
[email protected]
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