Consolidated Unaudited Interim Report of AS PRFoods for the 3rd quarter and 9 months of 2025/2026 financial year
MANAGEMENT COMMENTARY
PRFoods’ third quarter of the financial year continued to be affected by a challenging economic environment, characterised by weak consumer demand, price pressure and uncertainty in the retail sector both in Estonia and in neighbouring markets. Management has focused on stabilising operations and controlling the cost base, but lower sales volumes had a significant impact on the quarter’s results.
Third‑quarter revenue amounted to EUR 3.2 million, a decrease of 14% compared to the same period last year. Gross profit declined to EUR 0.4 million, driven by lower production volumes and higher raw material prices. EBITDA for the quarter was EUR ‑0.3 million (Q3 2024/2025: EUR 0.7 million), and operating loss totalled EUR ‑0.5 million (Q3 2024/2025: EUR ‑0.3 million). The net loss for the quarter was EUR ‑0.9 million, compared to a net loss of EUR ‑0.5 million a year earlier. The increase in net loss was further amplified by higher finance costs arising from restructured debt obligations, which amounted to EUR 0.4 million during the quarter.
Revenue for the first nine months reached EUR 11.9 million, a decrease of 21% year‑on‑year. Gross profit was EUR 2.1 million, 34% lower than in the same period last year, and nine‑month EBITDA amounted to EUR ‑0.5 million, compared to EUR 0.6 million in the previous year. Operating loss totalled EUR ‑0.8 million (9M 2024/2025: EUR 0.1 million), and net loss reached EUR ‑2.4 million (9M 2024/2025: EUR ‑0.9 million). The results were significantly affected by interest expenses related to restructured debt, which amounted to EUR 1.6 million over the nine‑month period.
Geographically, the Group’s sales remained heavily concentrated in the United Kingdom. Revenue in the UK amounted to EUR 10.4 million, representing 87% of total sales. Sales in Estonia declined to EUR 1.5 million, a decrease of nearly 65% year‑on‑year, reflecting persistently weak consumer demand and pressure in the retail sector.
The Group entered the third quarter in an uncertain market environment, and this uncertainty continues into the fourth quarter. Management remains focused on improving efficiency, controlling costs, managing financial obligations and implementing the restructuring plan. Activities aimed at strengthening the Group’s capital structure and ensuring long‑term sustainability are ongoing.
KEY RATIOS
INCOME STATEMENT
| mln EUR, unless indicated otherwise | 3Q 2025/2026 | 2024/2025 | 3Q 2024/2025 | 2023/2024 |
| Sales | 3.2 | 18.8 | 3.7 | 17.1 |
| Gross profit | 0.4 | 4.0 | 0.7 | 3.2 |
| EBITDA | -0.3 | 0.1 | -0.1 | -0.3 |
| EBIT | -0.5 | -0.6 | -0.3 | -3.3 |
| EBT | -2.4 | 7.6 | -0.5 | -4.6 |
| Net profit (-loss) | -0.9 | 7.3 | -0.5 | -4.7 |
| Gross margin | 13.8% | 21.2% | 18.1% | 18.7% |
| EBITDA margin | -8.9% | 0.6% | -3.5% | -2.0% |
| EBIT margin | -14.4% | -3.3% | -7.2% | -19.4% |
| EBT margin | -74.7% | 40.4% | -14.3% | -26.9% |
| Net margin | -29.1% | 39.1% | -14.5% | -27.3% |
| Operating expense ratio | -24.8% | 24.0% | -24.6% | -27.1% |
BALANCE SHEET
| mln EUR, unless indicated otherwise | 31.03.2026 | 30.06.2025 | 31.03.2025 | 30.06.2024 |
| Net debt | 7.7 | 6.2 | 13.3 | 14.3 |
| Equity | 8.2 | 10.5 | 2.2 | 3.2 |
| Working capital | 0.4 | 1.2 | -12.3 | -9.2 |
| Assets | 19.6 | 20.2 | 21.0 | 21.9 |
| Liquidity ratio | 1.2 | 1.5x | 0.3 | 0.3x |
| Equity ratio | 41.8% | 52.0% | 10.4% | 14.6% |
| Gearing ratio | 48.4% | 37.0% | 85.9% | 81.8% |
| Debt to total assets | 0.6x | 0.5x | 0.9x | 0.9x |
| Net debt to operating EBITDA | -8x | 54.3x | 25x | -42.5x |
| ROE | 110.8% | 107.0% | -61.6% | -81.4% |
| ROA | 28.4% | 34.8% | -7.7% | -17.9% |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| EUR '000 | 31.03.2026 | 30.06.2025 |
| ASSETS | ||
| Cash and cash equivalents | 418 | 305 |
| Trade and other receivables | 1,075 | 1,546 |
| Prepayments | 213 | 182 |
| Inventories | 1,521 | 1,656 |
| Total current assets | 3,226 | 3,689 |
| Long-term financial investments | 3,314 | 3,595 |
| Tangible assets | 13,084 | 12,956 |
| Intangible assets | 16,398 | 16,552 |
| Total non-current assets | 19,624 | 20,240 |
| TOTAL ASSETS | ||
| EQUITY AND LIABILITIES | 1,091 | 971 |
| Interest-bearing liabilities | 1,708 | 1,563 |
| Trade and other payables | 2,798 | 2,534 |
| Total current liabilities | ||
| 7,024 | 5,514 | |
| Interest-bearing liabilities | 29 | 30 |
| Deferred tax liabilities | 1,407 | 1,421 |
| Government grants | 161 | 213 |
| Total non-current liabilities | 8,621 | 7,178 |
| TOTAL LIABILITIES | 11,419 | 9,713 |
| Share capital | 7,737 | 7,737 |
| Share premium | 14,007 | 14,007 |
| Treasury shares | -390 | -390 |
| Statutory capital reserve | 418 | 51 |
| Currency translation differences | 574 | 451 |
| Retained profit (loss) | -14,139 | -11,327 |
| TOTAL EQUITY | 8,205 | 10,528 |
| TOTAL EQUITY AND LIABILITIES | 19,624 | 20,240 |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| EUR '000 | 3Q 2025/2026 | 3Q 2024/2025 | 9m 2025/2026 | 9m 2024/2025 |
| Revenue | 3,177 | 3,684 | 11,917 | 15,098 |
| Cost of goods sold | -2,738 | -3,018 | -9,805 | -11,901 |
| Gross profit | 439 | 665 | 2,112 | 3,197 |
| Operating expenses | -938 | -906 | -2,959 | -3,056 |
| Selling and distribution expenses | -557 | -580 | -1,810 | -1,982 |
| Administrative expenses | -381 | -327 | -1,149 | -1,073 |
| Other income / expense | 41 | -24 | 77 | -24 |
| Fair value adjustment on biological assets | 0 | 0 | 0 | 0 |
| Operating profit (loss) | -458 | -265 | -770 | 118 |
| Financial income / expenses | -483 | -261 | -1,604 | -886 |
| Profit (Loss) before tax | -940 | -526 | -2,373 | -769 |
| Income tax | 18 | -9 | -72 | -179 |
| Net profit (loss) for the period | -923 | -535 | -2,445 | -948 |
| Net profit (loss) attributable to: | ||||
| Owners of the Parent Company | -923 | -535 | -2,445 | -948 |
| Total net profit (loss) for the period | -923 | -535 | -2,445 | -948 |
| Other comprehensive income (loss) that may subsequently be classified to profit or loss: | ||||
| Foreign currency translation differences | 4 | -4 | 123 | -56 |
| Total comprehensive income (expense) | -919 | -539 | -2,322 | -1,004 |
| Total comprehensive income (expense) attributable to: | ||||
| Owners of the Parent Company | -919 | -539 | -2,322 | -1,004 |
| Total comprehensive income (expense) for the period | -919 | -539 | -2,322 | -1,004 |
| Profit (Loss) per share (EUR) | -0.02 | -0.01 | -0.06 | -0.02 |
| Diluted profit (loss) per share (EUR) | -0.02 | -0.01 | -0.05 | -0.02 |
Kristjan Kotkas Timo Pärn
Member of the Management Board Member of the Management Board
investor@prfoods.ee
www.prfoods.ee
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