PRFoods

Quarterly Report • Nov 28, 2025

Consolidated Unaudited Interim Report of AS PRFoods for the 1st quarter and 3 months of 2025/2026 financial year

Consolidated Unaudited Interim Report of AS PRFoods for the 1st quarter and 3 months of 2025/2026 financial year

MANAGEMENT COMMENTARY
PRFoods' 2025/2026 financial year began in an uncertain market environment
characterized by ongoing macroeconomic pressures and cautious consumer
behaviour. The quarter's sales revenue amounted to 3.6 million euros, which is
21% less than a year earlier. The decline in revenue was strongly influenced by
the drop in sales from the Estonian production unit, whose turnover decreased by
64.7% compared to the previous year. In contrast, sales in the United Kingdom
remained stable at 3.1 million euros, accounting for 85.4% of the Group's total
turnover.

The weaker turnover put pressure on the Group's profitability. The Group's gross
profit was 0.7 million euros, falling 0.2 million euros short of the previous
year. EBITDA from operating activities amounted to -0.1 million euros,
representing a decline of 0.2 million euros compared to a year earlier. The net
loss for the first quarter reached 0.8 million euros (Q1 2024/2025: -0.3 million
euros). The results were significantly affected by the effective interest
expenses related to restructured debt obligations from the 2024/2025 financial
year, amounting to 0.5 million euros and increasing financial costs.

Despite the lower sales volume, the Group's financial position remains stable,
and our activities are focused on consistently meeting the objectives set out in
the debt restructuring plan. We have continued to improve the efficiency of
production units, enforce strict cost control, and optimise processes. Although
operating expenses as a share of revenue increased due to lower turnover, the
nominal level of expenses has remained under control, creating the conditions
for margin improvement as revenue recovers.

Instability in the external environment and cautious ordering behaviour in
retail may affect demand in the short term. However, we are seeing some
stabilisation in sales prices and expect a modest recovery in demand towards the
end-of-year period, when the consumption of fish products is seasonally higher.
The Group's priorities remain the enhancement of production processes, the
strategic streamlining of the product portfolio, and the strengthening of sales
capabilities across all markets to ensure competitiveness and long-term
sustainability.

KEY RATIOS
INCOME STATEMENT

|mln EUR, unless indicated | | | | |
|otherwise |1Q 2025/2026|2024/2025|1Q 2024/2025|2023/2024|
| | | | | |
Sales 3.6 18.8 4.6 17.1

Gross profit 0.7 4.0 0.9 3.2

EBITDA from operations -0.1 0.1 0.1 -0.3

EBITDA -0.1 0.1 0.1 -0.3

EBIT -0.3 -0.6 0.0 -3.3

EBT -0.8 7.6 -0.3 -4.6

Net profit (-loss) -0.8 7.3 -0.3 -4.7

Gross margin 19.8% 21.2% 19.6% 18.7%

Operational EBITDA margin -4.0% 0.6% 2.2% -2.0%

EBITDA margin -4.0% 0.6% 2.2% -2.0%

EBIT margin -8.0% -3.3% 0.0% -19.4%

EBT margin -22.4% 40.4% -6.5% -26.9%

Net margin -22.8% 39.1% -6.5% -27.3%

Operating expense ratio 28.1% 24.0% 19.6% 27.1%

BALANCE SHEET

mln EUR,
unless
indicated
otherwise 30.09.2025 30.06.2025 30.09.2024 30.06.2024

Net debt 6.7 6.2 14.1 14.3

Equity
9.8 10.5 2.8                 3.2

Working
capital 0.4 1.2 -9.7 -9.2

Assets 20.1 20.2 21.8 21.9

Liquidity
ratio 1.1 1.5x 0.3x 0.3x

Equity ratio 48.8% 52.0% 12.8% 14.6%

Gearing ratio 40.7% 37.0% 83.4% 81.8%

Debt to total
assets 0.5x 0.5x 0.9x 0.9x

Net debt to
operating
EBITDA 125x 54.3x -199x -42.5x

ROE -160.9% 107.0% -144.6% -81.4%

ROA 22.1% 34.8% -19.9% -17.9%

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EUR '000 30.09.2025 30.06.2025

ASSETS

Cash and cash equivalents 177 305

Trade and other receivables 1,386 1,546

Prepayments 180 182

Inventories 1,822 1,656

Total current assets 3,565 3,689

Long-term financial investments 3,484 3,595

Tangible assets 13,084 12,956

Intangible assets 16,568 16,552

Total non-current assets 20,133 20,240

TOTAL ASSETS

EQUITY AND LIABILITIES 1,384 971

Interest-bearing liabilities 1,762 1,563

Trade and other payables 3,145 2,534

Total current liabilities

5,525 5,514

Interest-bearing liabilities 30 30

Deferred tax liabilities 1,407 1,421

Government grants 207 213

Total non-current liabilities 7,170 7,178

TOTAL LIABILITIES 10,315 9,713

Share capital 7,737 7,737

Share premium 14,007 14,007

Treasury shares - 390 -390

Statutory capital reserve 51 51

Currency translation differences 569 451

Retained profit (loss) -12,155 -11,327

TOTAL EQUITY 9,818 10,528

TOTAL EQUITY AND LIABILITIES 20,133 20,240

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

EUR '000 3m 2025/2026 3m 2024/2025

Revenue 3,632 4,621

Cost of goods sold -2,912 -3,747

Gross profit 720 874

Operating expenses -1,020 -907

Selling and distribution expenses -644 -612

Administrative expenses -375 -296

Other income / expense 9 -3

Fair value adjustment on biological assets 0 0

Operating profit (loss) -290 -36

Financial income / expenses -524 -265

Profit (Loss) before tax -814 -301

Income tax -13 -38

Net profit (loss) for the period -827 -339

Net profit (loss) attributable to:

Owners of the Parent Company -827 -339

Total net profit (loss) for the period -827 -339

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

Foreign currency translation differences 118 -52

Total comprehensive income (expense) -709 -391

Total comprehensive income (expense) attributable
to:

Owners of the Parent Company -709 -391

Total comprehensive income (expense) for the period -709 -391

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

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

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