HKFoods’ Interim Report 1 January–30 September 2025  

July–September 2025 
 

  • HKFoods’ good profitability development continued in the third quarter. Comparable EBIT continued to grow and was better than in the comparison period. The result for the period from continuing operations also increased. 
  • HKFoods’ net sales from continuing operations decreased by 1.8 per cent to EUR 247.1 (251.6) million. Sales to the Finnish retail channel and food service channel grew, and industrial sales and exports decreased as planned, which improved the sales structure.  
  • Retail sales increased particularly in meat products, and HKFoods strengthened its position in the meat product market. Sales also increased in poultry products and pork. Despite the challenging market situation, food service sales increased due to successful commercial measures and a comprehensive product range. 
  • The Group’s comparable EBIT from continuing operations increased to EUR 11.8 (11.6) million or 4.8 (4.6) per cent of net sales. Comparable EBIT improved due to a better sales structure, savings generated by the company's efficiency programme and increased production efficiency. The sharp increase in the purchase price of beef due to the shortage of beef weakened the comparable EBIT.  
  • The Group’s result for the period from continuing operations increased to EUR 7.4 (6.4) million.  
  • 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. 
  • Cash flow from business operations, including discontinued operations, decreased to EUR 6.4 (7.5) million.  
  • In connection with the sale of its Baltic operations, HKFoods received the final EUR 10 million fixed purchase price instalment and made a write-down of EUR 6.9 million on the conditional purchase price receivable. The write-down will not affect the comparable EBIT and will have no impact on cash flow. The write-down will be reported as a result of discontinued operations. 
  • The Board of Directors of HKFoods approved the company’s updated strategy and long-term financial targets. 
  • On 3 July 2025, the company announced that it had completed the assessment of the future of its unit in Swinoujście, Poland, and that the Polish production unit would continue to operate as part of the HKFoods Group.  
     

January–September 2025 
 

  • HKFoods’ good profitability development continued and comparable EBIT increased. 
  • HKFoods’ net sales from continuing operations decreased by 1.2 per cent to EUR 726.5 (735.0) million. Sales grew in the food service channel and were almost at the comparison period’s level in domestic retail. The decline in net sales was mainly due to a planned reduction in industrial sales and a decrease in exports. 
  • Nutritional recommendations have had a negative impact on demand for meat products in 2025. The decline in demand levelled off at the end of the review period. Sales increased in poultry products and pork. 
  • The Group’s comparable EBIT from continuing operations increased to EUR 22.9 (17.4) million or 3.2 (2.4) per cent of net sales. The comparable EBIT was increased by the significant savings resulting from the company's efficiency programme and a better sales structure. The overall sales structure improved due to growth in food service sales, a decline in less profitable meat exports, and a planned reduction in industrial sales, among others. 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 increase in the purchase price of beef due to the shortage of beef. 
  • The Group’s result for the period from continuing operations increased to EUR 10.2 (0.9) million. 
  • Cash flow from business operations, including discontinued operations, strengthened to EUR 23.0 (22.4) million.  
  • Interest-bearing net debt decreased to EUR 159.4 (213.8) million. Net gearing was 81.7 (96.4) per cent. 
  • Interest-bearing net debt excluding leasing liabilities under IFRS 16 was EUR 74.6 (124.2) million.  

 

The figures in parentheses refer to the same period in the previous year, unless otherwise mentioned. The figures are unaudited. 

 


Outlook for 2025 


HKFoods expects that in 2025 the Group’s comparable EBIT will grow compared to 2024.    

 

 

KEY FIGURES, NET SALES, CONTINUING OPERATIONS

(EUR million)

7-9/2025

7-9/2024

1-9/2025

1-9/2024

2024

Net sales

247.1

251.6

726.5

735.0

1,001.8

 

KEY FIGURES, EBIT, CONTINUING OPERATIONS

(EUR million)

7-9/2025

7-9/2024

1-9/2025

1-9/2024

2024

EBIT

10.9

11.6

21.8

15.9

22.4

 - % of net sales

4.4

4.6

3.0

2.2

2.2

Comparable EBIT

11.8

11.6

22.9

17.4

27.7

    - % of net sales

4.8

4.6

3.2

2.4

2.8

 

KEY FIGURES, OTHER

(EUR million)

7-9/2025

7-9/2024

1-9/2025

1-9/2024

2024

EBITDA, continuing operations

18.5

19.2

43.9

39.4

56.3

Profit before taxes, continuing operations

8.1

7.0

12.0

1.9

4.2

 - % of net sales

3.3

2.8

1.6

0.3

0.4

Profit for the period, continuing operations

7.4

6.4

10.2

0.9

-1.8

 - % of net sales

3.0

2.5

1.4

0.1

-0.2

EPS, EUR, continuing operations

0.06

0.05

0.06

-0.03

-0.09

Comparable EPS, EUR, continuing operations

0.07

0.05

0.07

-0.02

-0.04

Cash flow from operating activities, incl. discontinued operations

6.4

7.5

23.0

22.4

60.8

Cash flow after investing activities, incl. discontinued operations

8.4

6.8

14.0

77.4

141.7

Return on capital employed (ROCE) before taxes, %, incl. discontinued operations

 

 

4.8

-2.4

0.9

Interest-bearing net debt

 

 

159.4

213.8

149.8

Net gearing %

 

 

81.7

96.4

69.5

 


HKFoods’ CEO Juha Ruohola 

 
Our good profitability development continued in the third quarter. Comparable EBIT continued to grow and was better than in the comparison period, now for the eleventh consecutive time. The result for the period from continuing operations also showed growth. 

  

In July−September, HKFoods’ net sales from continuing operations decreased by 1.8 per cent to EUR 247.1 (251.6) million. However, January−September net sales of EUR 726.5 (735.0) million were almost at the comparison period’s level. Sales to the Finnish retail channel and food service channel grew, and industrial sales and exports decreased as planned, which improved the sales structure.  

  

Our sales grew in the retail channel, especially in meat products, where we strengthened our market position. Sales also increased in poultry products and pork. It was particularly positive that, despite the challenging market situation, sales in our food service channel grew thanks to our successful commercial measures and comprehensive product range.  


The company’s comparable EBIT increased to EUR 11.8 (11.6) million in the third quarter. The comparable EBIT margin was 4.8 (4.6) per cent. The improvement was seen both compared to the comparison period and the previous quarter. Comparable EBIT was increased by an improved sales structure as well as efficiency measures and investments in production that improved operational efficiency and profitability. The sharp increase in the purchase price of beef due to the shortage of beef weakened the comparable EBIT. 

  

Our production investments in Vantaa and Eura have been completed. The investments enable growth in meals, meal components and snacks, which increases added value and improves profitability.

 

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.   


In connection with the sale of its Baltic business, HKFoods received the final EUR 10 million fixed purchase price instalment in the third quarter of 2025. At the end of the review period, HKFoods wrote down the conditional purchase price receivable related to the sale of its Baltic business.  

 

We updated our strategy and long-term financial targets in August. Our goal is to achieve profitable and sustainable growth and a strong presence in consumers' food moments as a valued partner in line with our vision updated in 2024. Our focus is on growing product segments: strong and innovative poultry products as well as meals and meal components. The company’s core business continues to be pork, beef and poultry meat, meat products, ready meals and meal components. Our strategic focus areas are: growth in selected food moments, operational excellence, competent and healthy personnel and a sustainable value chain. 

  

Following the successful restructuring of our business and strengthening of our profitability and balance sheet, we also updated the company's financial targets and raised target levels for EBIT margin, net gearing and dividend.  

  

In the review period, HKFoods also completed its new responsibility programme for 2026–2028, which is based on the material responsibility topics identified in the company’s double materiality analysis in 2025. The key themes of the programme are environment, people, animal welfare and good governance and corporate culture. Our goals include reducing greenhouse gas emissions and waste, increasing the recyclability of packaging and preventing biodiversity loss in our value chain. In addition to the occupational safety and wellbeing of our own personnel, it is important to us that our producer community is competitive and socially sustainable. Safe food that supports wellbeing is at the heart of everything we do. We will continue our determined efforts to develop in these areas.  

 

 

Key events in July–September 2025 

 

Polish production unit to continue as part of the Group   

  

HKFoods completed the assessment of the future of its unit in Swinoujście, Poland, and announced on 3 July 2025 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. HKFoods Poland Sp. z o.o.’s net sales in 2025 are estimated at EUR 70 million. The unit also has intra-group sales and employs approximately 300 people.   

  

Details on the matter were provided in the following stock exchange releases: 28 April 2025 and 3 July 2025. 

 

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. The proceeds were used particularly for refinancing the existing capital securities issued earlier. 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 and 14 August 2025.  
 

HKFoods updated its 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. HKFoods 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, net gearing and dividend.  


The matter was announced in the following stock exchange release: 26 August 2025. 

 
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. As announced in HKFoods' Half Year Financial Report published on 6 August 2025, the fair value of the conditional purchase price was determined to be EUR 6.9 million at the end of June 2025. 


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 the company’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 will be reported as a result of discontinued operations. 
 
Details on the matter were provided in the following stock exchange release: 26 September 2025. 
 


Events after the reporting period  

  

On 15 October 2025, HKFoods announced the composition of the company's Shareholders' Nomination Board. The largest shareholders of HKFoods Plc have, according to the charter of the Shareholders’ Nomination Board, nominated Veikko Kemppi (Managing Director, LSO Cooperative), Tommi Mäkelä (CIO, Pharmacy Pension Fund) and Petter Langenskiöld (Portfolio Manager, Mutual Fund EVLI Hannibal) as members of the Nomination Board. Furthermore, the Board of Directors of HKFoods Plc nominated as member of the Nomination Board Jari Mäkilä, deputy chair of the Board of Directors. The Nomination Board elected amongst its members Veikko Kemppi as chairman. 

 

Details on the matter were provided in the following stock exchange release: 15 October 2025. 

 

 

 

Turku, 5 November 2025 

 

HKFoods Plc 
 

Board of Directors 

 

 

Webcast  


In connection with its Interim Report for January–September 2025, HKFoods will hold a briefing for analysts, institutional investors and media on 5 November 2025 at 10:00 a.m. EET as a webcast at https://hkfoods.events.inderes.com/q3-2025. The event will be held in Finnish, and the recording will be available later in the day at www.hkfoods.com. 
 
The Interim Report for January–September 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 and AGM in 2026 
 

  • Financial Statements Bulletin for 2025 will be published on Friday 13 February 2026 at approximately 8:30 a.m. EET.  
  • HKFoods' Annual Review 2025 will be published in week 14/2026 at the latest.  

 

The Annual General Meeting (AGM) will be held in Turku on Wednesday 22 April 2026. The invitation to HKFoods’ AGM will be published later as a separate invitation. 
 

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 50 538 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 2024, our net sales totalled EUR 1 billion. www.hkfoods.com 

 

The brands mentioned in this report – HK®, Kariniemen® and Via® – are registered trademarks of HKFoods Group.  

 

 

 

DISTRIBUTION: 

Nasdaq Helsinki 
Key media 
www.hkfoods.com 

 

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