HKFoods’ Financial Statements Bulletin 1 January–31 December 2025

October–December 2025

  • HKFoods’ comparable EBIT from continuing operations strengthened in the fourth quarter of 2025 and has now improved for 12 consecutive quarters from the comparison period. The profit for the period from continuing operations also improved clearly.
  • HKFoods’ net sales from continuing operations increased by 1.2 per cent to EUR 270.0 (266.9) million. Sales developed favourably in the Finnish retail channel and food service channel and decreased as planned in industrial sales, which improved the sales structure.
  • Retail sales showed growth in HKFoods’ own branded products and as a result of a successful Christmas season. Sales grew in poultry products, ready meals and pork. Sales in the food service channel grew due to commercial measures and a comprehensive product range, and HKFoods’ market position in the channel strengthened. In particular, sales of poultry products showed strong development.
  • The Group’s comparable EBIT from continuing operations strengthened by 8.4 per cent to EUR 11.2 (10.3) million, representing 4.1 (3.9) per cent of net sales. The comparable EBIT improved due to a more favourable sales structure, savings generated by the company’s efficiency programme and increased production efficiency. The sharp rise in the purchase price of beef due to the shortage of beef weakened the comparable EBIT, as the increase in sales prices only partially covered the rise in raw material costs.
  • The Group’s profit for the period from continuing operations rose to EUR 4.0 (-2.7) million.
  • The company’s Board of Directors decided, with the authorisation of the Annual General Meeting held on 23 April 2025, to pay in December a second instalment of return of capital of EUR 0.05 per share from the company’s reserve for invested unrestricted equity.
  • Cash flow from business operations, including discontinued operations, decreased to EUR 27.9 (38.4) million.
  • Outi Henriksson announced her resignation from HKFoods Plc’s Board of Directors due to new commitments and left the company’s Board of Directors on 31 December 2025.

 

January–December 2025

  • HKFoods’ good profitability development continued and comparable EBIT from continuing operations strengthened.
  • HKFoods’ net sales from continuing operations were at the previous year’s level, totalling EUR 996.4 (1,001.8) million. Sales grew in the food service channel and were at the comparison period’s level in domestic retail. Industrial sales decreased as planned and export sales declined as well.
  • Sales of HKFoods’ own brands, particularly HK® and Kariniemen® pork and poultry products, showed positive development in retail. The national nutritional recommendations weakened demand for meat products especially in the first half of the year. However, the decline in demand levelled off as the year progressed and sales of meat products and ready meals under HKFoods’ own brands turned to growth in the second half of the year.
  • The Group’s comparable EBIT from continuing operations strengthened by 22.9 per cent to EUR 34.1 (27.7) million, representing 3.4 (2.8) per cent of net sales. The comparable EBIT was increased by the significant savings generated by the efficiency programme, which progressed as planned, as well as by an improved sales structure. 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 rise in the purchase price of beef due to the shortage of beef.
  • The Group’s profit for the period from continuing operations rose to EUR 14.2 (-1.8) million.
  • Financial expenses decreased significantly. 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 for the company.
  • Cash flow from operating activities, including discontinued operations, decreased to EUR 51.0 (60.8) million.
  • Interest-bearing net debt declined to EUR 141.8 (149.8) million. Net gearing was 73.2 (69.5) per cent.
  • Interest-bearing net debt excluding leasing liabilities under IFRS 16 was EUR 57.8 (62.2) million.
  • The Board of Directors proposes to the Annual General Meeting of spring 2026 that the company distribute a dividend of EUR 0.08 per share for the financial year 2025. The Board of Directors further proposes the Annual General Meeting to authorise the Board of Directors to decide, at its discretion, on the distribution of funds recorded in the reserve of invested unrestricted equity, up to a maximum of EUR 0.07 per share. Under the authorisation, the Board of Directors could resolve to distribute funds in one or more instalments after the Annual General Meeting of spring 2026. The authorisation would be valid until the beginning of the next Annual General Meeting.

 

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

 

Outlook for 2026

HKFoods expects that in 2026 the Group’s comparable EBIT will grow compared to 2025.  

 

 

 

KEY FIGURES, NET SALES, CONTINUING OPERATIONS

(EUR million)

10-12/2025

10-12/2024

1-12/2025

1-12/2024

Net sales

270.0

266.9

996.4

1,001.8

 

KEY FIGURES, EBIT, CONTINUING OPERATIONS

(EUR million)

10-12/2025

10-12/2024

1-12/2025

1-12/2024

EBIT

11.2

6.5

32.9

22.4

 - % of net sales

4.1

2.4

3.3

2.2

Comparable EBIT

11.2

10.3

34.1

27.7

    - % of net sales

4.1

3.9

3.4

2.8

 

KEY FIGURES, OTHER

(EUR million)

10-12/2025

10-12/2024

1-12/2025

1-12/2024

EBITDA, continuing operations

18.5

16.9

62.5

56.3

Profit before taxes, continuing operations

6.7

2.3

18.7

4.2

 - % of net sales

2.5

0.9

1.9

0.4

Profit for the period, continuing operations

4.0

-2.7

14.2

-1.8

 - % of net sales

1.5

-1.0

1.4

-0.2

EPS, EUR, continuing operations

0.02

-0.06

0.08

-0.09

Comparable EPS, EUR, continuing operations

0.02

-0.02

0.09

-0.04

Cash flow from operating activities, incl. discontinued operations

27.9

38.4

51.0

60.8

Cash flow after investing activities, incl. discontinued operations

22.1

64.3

36.1

141.7

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

 

 

6.6

0.9

Interest-bearing net debt

 

 

141.8

149.8

Net gearing %

 

 

73.2

69.5

 

 

 

HKFoods’ CEO Juha Ruohola

 

HKFoods’ good profitability development continued in 2025, and comparable EBIT from continuing operations has now improved for 12 consecutive quarters from the comparison period. Net sales from continuing operations were at the previous year’s level, totalling EUR 996.4 (1,001.8) million. The Group’s comparable EBIT from continuing operations strengthened by 22.9 per cent to EUR 34.1 (27.7) million, representing 3.4 (2.8) per cent of net sales.

In the last quarter of 2025, comparable EBIT strengthened once again. The profit for the period from continuing operations also improved clearly. Retail sales showed growth in HKFoods’ own branded products and as a result of a successful Christmas season. Sales grew in poultry products, ready meals and pork. Sales in the food service channel grew due to commercial measures and a comprehensive product range, and we strengthened our market position in the channel. In particular, sales of poultry products showed strong development.

In 2025, sales of pork and poultry products under the HK® and Kariniemen® brands grew in the retail channel. The national nutritional recommendations, published at the end of 2024, weakened demand for meat products in Finland especially in the first half of 2025. However, the decline in demand levelled off as the year progressed, and sales of meat products and ready meals under HKFoods’ own brands turned to growth in the second half of the year.

Over the past few years, alongside a significant restructuring, we have implemented an internal efficiency programme, which has progressed as planned and generated significant savings. Efficiency investments and other development measures improved production efficiency and cost savings reduced fixed costs. The investments completed at the Rauma and Forssa units in the summer of 2024, in particular, have improved HKFoods' production efficiency, and their impact is fully reflected in the fourth quarter results.

On the other hand, profitability in 2025 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 rise in the purchase price of beef due to the shortage of beef. We were able to only partially compensate for this increase with higher sales prices in the second half of the year. Regarding the availability of beef, the situation continues to be tight in the early part of 2026. On the other hand, this development is reflected in the growing sales of poultry and pork, which supports HKFoods’ strategic choices.

According to the strategy updated in early autumn, HKFoods’ goal is to achieve profitable and sustainable growth as well as a strong presence in consumers’ food moments as a valued partner. Our focus is on growing product segments: strong and innovative poultry products, and meals and meal components. Our core business includes pork, beef and poultry meat, meat products, ready meals and meal components. Our production line investments completed last year in our Eura and Vantaa units are related to the strategic choices listed above. 

Measures strengthening our balance sheet in 2025 also included new EUR 20 million capital securities issued in August and the redemption of the old capital securities, which will generate annual interest savings of EUR 2.4 million.

 

Responsibility is a key part of our business. We are developing responsible food production throughout our value chain, from farms to consumers, by continuing the goal-oriented responsibility work. In late 2025, HKFoods Plc’s Board of Directors confirmed the company's new responsibility programme for 2026–2028. The programme lays the foundation for HKFoods’ responsibility work, and its focus areas are environment, people, animal welfare, and good governance and corporate culture.

 

Our hard work over the past few years has paid off. As a result of our significant development efforts, we have been able to improve both the level of our operations and our key financial indicators extensively. I would like to express my warmest thanks to our employees, our contract producers, customers and our other partners. We will now focus on implementing our strategy and continue our determined work towards our long-term financial targets updated in August.

 

Key events in 2025

 

HKFoods developed the Flavoured Salt innovation

HKFoods has developed a new Flavoured Salt, which has allowed the salt content of several HK® and Kariniemen® products to be reduced by up to 25 per cent while retaining the familiar taste. Part of the salt in the products has been replaced by the new Flavoured Salt, which contains no sodium. Flavoured Salt consists of potassium chloride and flavourings. HKFoods has exclusive rights to it for the time being. The first renewed products were launched in stores in January 2025.

Details on the matter were provided in Finnish in the following releases: 28 January 2025 and 11 April 2025 

Paimio unit operations ended

HKFoods decided to transfer Paimion Teurastamo Oy’s operations to the external service provider Liha Hietanen Oy in Sastamala from 31 March 2025, after which the Paimio-based production unit was closed. The Paimio unit slaughtered cattle and sows. The decision was based on HKFoods’ goal to build a stronger foundation for the future competitiveness of its business and improve its profitability by streamlining operations. Through the efficiency plan, HKFoods aims to achieve annual savings of approximately EUR 1 million, which have begun to accumulate since the second quarter of 2025. The savings are expected to be realised in full during 2026.

Details on the matter were provided in the following release: 7 March 2025

HKFoods cancelled treasury shares

The Board of Directors of HKFoods Plc resolved to cancel 8,376,408 series A and 665,000 series K treasury shares. The cancellation was registered in the trade register on 25 March 2025.

The cancellation reduced the number of issued series A and K shares with the corresponding amount but had no effect on the share capital. The cancelled amount equalled approximately 8.95 per cent of the total number of series A shares, approximately 12.31 per cent of the total number of series K shares and approximately 9.14 per cent of the total number of shares in the Company before the cancellation.

After the cancellation, the total number of shares and votes in the Company are 85,175,373 series A shares, representing the same number of votes, 4,735,000 series K shares, representing 94,700,000 votes and in total 89,910,373 shares, representing 179,875,373 votes.

Details on the matter were provided in the following stock exchange release: 20 March 2025

Food industry strike in April 2025

Following the failure of the mediation between the Finnish Food Workers’ Union (SEL) and the Finnish Food and Drink Industries’ Federation (ETL) in early April 2025, a three-day strike in the meat and staple food sector took place from 8 to 10 April 2025. HKFoods’ units in Forssa, Mikkeli and Vantaa were covered by the strike. The strike and the overtime and shift change bans related to labour market negotiations significantly affected the availability of the company’s products, caused a pig backlog at the company’s contract farms and resulted in additional costs for HKFoods during the review period.

HKFoods distributed capital returns in two instalments 

The Annual General Meeting (AGM) held on 23 April 2025 resolved to distribute EUR 0.09 per share from the reserve for invested unrestricted equity as a return of capital for 2024. The capital return was paid in May. In addition, the AGM authorised the Board of Directors to decide on the distribution of funds recorded in the reserve for invested unrestricted equity up to a total of EUR 0.05 per share. On 17 December, the company’s Board of Directors decided to pay a second instalment of capital return of EUR 0.05 per share. The capital return was paid on 30 December 2025.

Details on the matter were provided in the following stock exchange releases: 23 April 2025 and
17 December 2025.

The future of the Polish production unit was assessed – the unit will continue as part of the HKFoods Group

 

On 28 April 2025, HKFoods announced that it had launched an investigation to assess the future of its bacon production unit in Swinoujście, Poland, including the possible sale of the unit. The investigation was a continuation of HKFoods’ assessment of its Group structure, and the objective of a possible sale was to strengthen the Group’s balance sheet. On 3 July 2025, HKFoods announced that it had completed the assessment and 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.

 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. 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 
 

Updated 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. The company 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 margin, net gearing and dividend.

Details on the matter were provided 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. 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 AS Maag Grupp’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 is reported as a result of discontinued operations.

Details on the matter were provided in the following stock exchange release: 26 September 2025


New responsibility programme completed

The Board of Directors of HKFoods Plc confirmed the company’s new responsibility programme for 2026–2028 in late 2025. The programme lays the foundation for HKFoods’ responsibility work, and its focus areas are environment, people, animal welfare, and good governance and corporate culture. More information on the programme is provided under the section Corporate responsibility.

Change in HKFoods’ Board of Directors

Outi Henriksson announced her resignation from HKFoods Plc’s Board of Directors due to her new commitments and left the company’s Board on 31 December 2025. Henriksson was appointed to the Board at HKFoods’ Annual General Meeting on 23 April 2025. HKFoods’ Board continues with seven members from the beginning of January 2026 until further notice. The Board appointed Terhi Tuomi as the new Chairman of the Audit Committee.

The change was disclosed in the following stock exchange release: 17 December 2025

Board of Directors’ proposal on the distribution of profit and the authorisation of the Board of Directors to resolve on the distribution of funds recorded in the reserve for invested unrestricted equity  

The parent company’s distributable equity amounts to EUR 162.0 (167.2) million, including a free equity reserve of EUR 194.5 (216.2) million and results for the financial year 2025 of EUR 7.3 (-23.1) million. The Board of Directors proposes to the Annual General Meeting that the company distribute a dividend of EUR 0.08 per share for the financial year 2025 (which would correspond to a total of approximately EUR 7.2 million for all 89,910,373 shares currently outstanding) and that the remainder of the profit for the financial year be recorded in retained earnings from previous financial years. The dividend is paid to a shareholder who is registered in the shareholders’ register of the company maintained by Euroclear Finland Ltd on the record date of the payment. The record date is 24 April 2026, and the payment date is 4 May 2026.  

 

The Board of Directors further proposes that the Annual General Meeting authorises the Board of Directors to decide, at its discretion, on the distribution of funds recorded in the reserve for invested unrestricted equity, up to a maximum of EUR 0.07 per share (which would correspond to a total of approximately EUR 6.3 million for all 89,910,373 shares currently outstanding). Under the authorisation, the Board of Directors could resolve to distribute funds in one or more instalments. The authorisation is valid until the beginning of the next Annual General Meeting. The company will announce any decision of the Board of Directors on repayment of capital and, at the same time, confirm the record and payment dates for capital repayments. Capital repayments payable under the authorisation will be paid to shareholders entered in the shareholders’ register of the company maintained by Euroclear Finland Ltd on the record date for the capital repayment in question.  

Annual General Meeting 2026

HKFoods’ Annual General Meeting will be held in Turku on Wednesday, 22 April 2026.
The invitation will be published later.

 

 

 

Turku, 13 February 2026

 

HKFoods Plc
Board of Directors

 

Webcast

In connection with its Financial Statements Bulletin 2025, HKFoods will hold a briefing for analysts, institutional investors and media on 13 February 2026 at 10:00 a.m. EET. The event will take place in the conference room "1940" of the Helsinki Olympic Stadium at Paavo Nurmen tie 1, 00250 Helsinki. Entrance is from the Visitor Centre in Tornipiha.

The event can also be followed as a webcast at https://hkfoods.events.inderes.com/q4-2025.

The event will be held in Finnish, and the recording will be available later in the day at www.hkfoods.com.

The Financial Statements Bulletin 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 in 2026
 

HKFoods’ Annual Review 2025 will be published in week 14/2026 at the latest.

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 2025, our net sales totalled EUR 1 billion. www.hkfoods.com

 

 

DISTRIBUTION: 

Nasdaq Helsinki 
Key media 
www.hkfoods.com 

 

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