Interim report
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1 Consolidated unaudited interim report 3rd quarter and 6 months of 2024/2025 financial year AS PRFoods Consolidated Unaudited Interim Report 4th quarter and 12 months of 2025/2026 (translation from the Estonian original) 2025/2026 4th QUARTER & 12 MONTHS
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2 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year Business name AS PRFoods Commercial registry code 11560713 Address Kärsa, Suure-Rootsi küla, Saaremaa vald, Saare maakond, 94129, Eesti Phone +372 452 1470 Website prfoods.ee Main activities Production and sale of fish products Reporting period 1 April 2026 – 30 June 2026 Auditor KPMG Baltics OÜ
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3 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year TABLE OF CONTENTS CORPORATE PROFILE .......................................................................................................................................................................... 4 MANAGEMENT REPORT ........................................................................................................................................................................ 7 OVERVIEW OF ECONOMIC ACTIVITIES ........................................................................................................................................... 7 MANAGEMENT AND SUPERVISORY BOARD ................................................................................................................................. 14 SHARE AND SHAREHOLDERS ........................................................................................................................................................ 15 BOND AND BONDHOLDERS ............................................................................................................................................................ 16 CONDENSED INTERIM ACCOUNTING REPORT ................................................................................................................................ 18 CONSOLIDATED STATEMENT OF FINANCIAL POSITION .............................................................................................................. 19 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME ............................................................. 20 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .............................................................................................................. 21 CONSOLIDATED STATEMENT OF CASH FLOWS .......................................................................................................................... 22 NOTES TO THE INTERIM REPORT ................................................................................................................................................. 23 NOTE 1. SUMMARY OF MATERIAL ACCOUNTING POLICIES .................................................................................................... 23 NOTE 2. CASH AND CASH EQUIVALENTS ................................................................................................................................. 24 NOTE 3. RECEIVABLES AND PREPAYMENTS ............................................................................................................................ 24 NOTE 4. INVENTORIES ................................................................................................................................................................ 24 NOTE 5. INTEREST-BEARING LIABILITIES ................................................................................................................................. 25 NOTE 6. PAYABLES AND PREPAYMENTS .................................................................................................................................. 26 NOTE 7. EQUITY ........................................................................................................................................................................... 26 NOTE 8. RELATED PARTY TRANSACTIONS ............................................................................................................................... 27 NOTE 9. SUBSIDIARIES ............................................................................................................................................................... 27 NOTE 10. SEGMENT REPORTING ............................................................................................................................................... 28 MANAGEMENT BOARD’S CONFIRMATION TO THE INTERIM REPORT ............................................................................................ 34
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4 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year CORPORATE PROFILE AS PRFoods ("Group") is a company engaged in fish farming, processing, and sales. The company’s shares were listed on the Nasdaq Tallinn Stock Exchange Main List from 5 May 2010 until 3 September 2025. Since 4 September 2025, the company’s shares have been listed on the Baltic Secondary List. The company’s bonds have been listed on the Nasdaq Tallinn Stock Exchange bond list since 6 April 2020. Main activities of the Group are manufacturing and sale of fish products. The main products are salmon and rainbow trout products. The raw fish is purchased from Estonia, Norway and Denmark. Fish products are manufactured in two modern factories in Saaremaa (Estonia) and in Aberdeen (Great Britain). Products of the Group are sold as leading brands in their respective operating market and the primary focus is on higher value-added premium products, increasing thereby the profitability of the company. We process mostly rainbow trout and salmon in our factories, in smaller quantities also whitefish, perch, pikeperch, vendace, Atlantic and Baltic herrings. We always keep the fish in a place of honour, which is why we smoke it with alder chips in the traditional way. As our product range is quite wide, a favourite product can be found for the whole family – lightly salted trout slices that have won the title of the Best Fish Product in Estonia, children's favourite trout cutlets or trout roe for a more festive occasion. The Group is actively involved in developing new products for expanding also to new export markets. THE GEOGRAPHY OF PRODUCTION AND SALES Purchase of raw fish Norway Denmark Production Estonia Great Britain Salse Great Britain Estonia
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5 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year GROUP STRUCTURE AS AT 30.06.2026 The most significant trademarks of the Group are “PRFoods” and “John Ross Jr Aberdeen“ 64% of Coln Valley Smokery Ltd shares owned by JRJ & PRF Ltd and 36% by John Ross Jr (Aberdeen) Ltd
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6 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year MANAGEMENT REPORT
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7 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year MANAGEMENT REPORT OVERVIEW OF ECONOMIC ACTIVITIES PRFoods’ fourth 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. Management remained focused on stabilising operations and implementing the restructuring plan. Fourth‑quarter revenue amounted to EUR 3.4 million, a decrease of 8% compared to the same period last year. Gross profit declined to EUR 0.4 million, mainly due to lower production volumes in the Estonian production unit and volatility in raw material prices. EBITDA improved year‑on‑year by EUR 0.1 million and totalled EUR ‑0.3 million. Operating loss amounted to EUR ‑0.6 million, which is EUR 0.2 million better than in the same period last year. Net profit for the quarter was EUR 0.1 million, but the result was significantly affected by a one-off gain of EUR 1.0 million from the sale of the Saaremaa production unit. Excluding this effect, the net loss for the quarter would have been EUR -0.9 million. For comparison, last year’s fourth-quarter net profit of EUR 8.3 million was driven by a one-off gain from the restructuring of debt obligations; without this, the net loss for the same period last year would have been EUR -1.3 million. During the fourth quarter, the Group sold its Estonian production unit in Saaremaa. The transaction formed part of the restructuring plan, reduced the Group’s cost base and enables a stronger focus on higher value‑added products in the United Kingdom. The Management Board expresses its gratitude to the Saaremaa production team for their contribution, innovation and commitment to high quality standards, and acknowledges the work of Management Board member Timo Pärn for his leadership of both the Saaremaa unit and the wider Group. The Group’s revenue for the financial year amounted to EUR 15.3 million, a decrease of 19% year‑on‑year. Geographically, sales remained heavily concentrated in the United Kingdom. Revenue in the UK totalled EUR 13.4 million (87.4% of total sales), a decrease of 3% compared to the previous year. Sales in Estonia declined to EUR 1.9 million, down 61% year‑on‑year. The Group’s gross profit decreased to EUR 2.5 million, 36% lower than in the previous year. The decline in profitability was driven by reduced volumes in the Estonian production unit and lower margins in the UK operations due to volatility in salmon prices. Group EBITDA amounted to EUR ‑0.9 million (12M 2024/2025: EUR 0.1 million) and operating loss totalled EUR ‑1.3 million (12M 2024/2025: EUR ‑0.6 million). The net loss for the financial year was EUR ‑2.4 million, including a one‑off gain of EUR 1.0 million from the sale of the Saaremaa production unit. The comparable period’s net profit of EUR 7.3 million included a one‑off restructuring gain; excluding this, last year’s result would have been a net loss of EUR ‑1.8 million. The Group enters the new financial year with a leaner management structure, a simplified organisation and clear strategic priorities aligned with the restructuring plan. The Group’s only remaining production unit in the United Kingdom ended the financial year profitably, despite sector‑wide challenges and raw material price volatility. Management’s focus will be on further improving the profitability of the UK operations. We thank all our employees, partners and investors for their dedication, trust and continued support. Sincerely, Kristjan Kotkas Member of the Management Board
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8 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year UNAUDITED FINANCIAL RESULTS OF AS PRFOODS, THE 4TH QUARTER OF THE FINANCIAL YEAR 2025/2026 COMPARED TO THE 4TH QUARTER OF FINANCIAL YEAR 2024/2025 ● Unaudited consolidated revenue 3.4 million euros (4Q 2024/2025: 3.7 million euros) ● EBITDA -0.3 million euros (4Q 2024/2025: -0.5 million euros) ● Operating loss -0.6 million euros (4Q 2024/2025: operating loss 0.7 million euros) ● Net loss 0.1 million euros (4Q 2024/2025: net loss 8.3 million euros) SUMMARY OF FINANCIAL RESULTS: 4TH QUARTER OF 2025/2026 COMPARED TO 4TH QUARTER OF 2024/2025 mln EUR 4Q 2025/2026 4Q 2024/2025 Change, mln EUR Change, % Impact Sales 3.4 3.7 -0.3 -8% ▼ Gross profit 0.4 0.8 -0.4 -46% ▼ EBITDA -0.3 -0.5 0.1 -31% ▲ Depreciation and amortisation -0.3 -0.3 -0.0 -14% ▲ Operating profit (-loss) -0.6 -0.7 0.2 -24% ▲ Financial income (-expense) -0.4 9.2 -9.6 -104% ▼ Net profit (-loss) 0.1 8.3 -8.2 -99% ▼
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9 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year UNAUDITED FINANCIAL RESULTS OF AS PRFOODS, 12 MONTHS OF THE FINANCIAL YEAR 2025/2026 COMPARED TO THE 12 MONTHS OF FINANCIAL YEAR 2024/2025 ● Unaudited consolidated revenue 15.3 million euros (12m 2024/2025: 18.8 million euros). ● EBITDA -0.9 million euros (12m 2024/2025: 0.1 million euros). ● Operating loss -1.3 million euros (12m 2024/2025: operating loss -0.6 million euros). ● Net loss -2.4 million euros (12m 2024/2025: net profit 7.3 million euros) SUMMARY OF FINANCIAL RESULTS: 12 MONTHS OF 2025/2026 COMPARED TO 12 MONTHS 2024/2025 mln EUR 12m 2025/2026 12m 2024/2025 Change, mln EUR Change, % Impact Sales 15.3 18.8 -3.5 -19 % ▼ Gross profit 2.5 4.0 -1.4 -36 % ▼ EBITDA -0.9 0.1 -1.1 -924 % ▼ Depreciation and amortisation -0.4 -0.7 0.3 -47 % ▲ Operating profit (loss) -1.3 -0.6 -0.7 113 % ▼ Financial income/expense -2.0 8.3 -10.3 -124 % ▼ Net profit (loss) -2.4 7.3 -9.7 -132 % ▼ KEY RATIOS – INCOME STATEMENT mln EUR, unless indicated otherwise 4Q 2025/2026 2025/2026 4Q 2024/2025 2024/2025 Sales 3.4 15.3 3.7 18.8 Gross profit 0.4 2.5 0.8 4.0 EBITDA -0.3 -0.9 -0.5 0.1 EBIT -0.6 -1.3 -0.7 -0.6 EBT -2.3 -2.3 7.6 7.6 Net profit (-loss) 0.1 -2.4 8.3 7.3 Gross margin 12.6% 16.6% 21.4% 21.2% EBITDA margin -9.2% -6.1% -12.3% 0.6% EBIT margin -16.6% -8.7% -20.2% -3.3% EBT margin -68.1% -15.1% 205.8% 40.4% Net margin 2.3% -15.5% 224.9% 39.1% Operating expense ratio -25.8% -25.8% -24.0% -24.0% EBITDA = Profit (Loss) before interest, tax, depreciation, and amortisation EBIT = Operating profit (loss) EBT = Profit (Loss) before tax Gross margin = Gross profit / Net sales EBITDA margin = EBITDA / Net sales EBIT margin = EBIT / Net sales EBT margin = EBT / Net sales Net margin = Net earnings / Net sales Operating expense ratio = Operating expenses / Net sales
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10 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year KEY RATIOS – BALANCE SHEET mln EUR, unless indicated otherwise 30.06.2026 30.06.2025 30.06.2024 Net debt 8.1 6,2 14.3 Equity 8.3 10,5 3.2 Working capital 1.1 1,2 -9.2 Assets 19.3 20,2 21.9 Liquidity ratio 1.3 1,5x 0.3x Equity ratio 43.0% 52,0% 14.6% Gearing ratio 49.4% 37,0% 81.8% Debt to total assets 0.6x 0,5x 0.9x Net debt to operating EBITDA -9x 54,3x -42.5x ROE -25.1% 107,0% -81.4% ROA -12.0% 34,8% -17.9% Net debt = Short- and long-term loans and borrowings – Cash Working capital = Current assets – Current liabilities Liquidity ratio = Current assets / Current liabilities Equity ratio = Equity / Total assets Gearing ratio = Net debt / (Equity + Net debt) Debt to total assets = Debt / Total assets Net debt to operating EBITDA. = Net debt / EBITDA from operations for the trailing 12 months ROE = Net earnings for the trailing 12 months / Average equity ROA = Net earnings for the trailing 12 months / Average assets BALANCE SHEET As at 30.06.2026 consolidated total assets of PRFoods stood at 19.3 million euros. As at 30.06.2025 the balance sheet totalled 20.2 million euros. The Group`s current assets stood at 4.5 million euros as at 30.06.2026 (30.06.2025: 3.7 million euros). Non-current assets totalled 14,8 million euros (30.06.2025: 16.6 million euros). Current liabilities totalled 3.4 million euros as at 30.06.2026 (30.06.2025: 2.5 million euros). Non-current liabilities totalled 7.6 million euros (30.06.2025: 7.2 million euros). Equity of PRFoods was 8.2 million euros (30.06.2025: 10.5 million euros). 77%82%23%18%0%20%40%60%80%100%30.06.2026 30.06.2025AssetsNon-current assetsCurrent assets57%48%43%52%0 %20 %40 %60 %80 %100 %30.06.2026 30.06.2025CapitalLiabilitiesEquity
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11 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year REVENUE The main products of the Group are salmon and rainbow trout goods. The Group is mainly known as a seller of smoked fish products in the UK and a seller of raw fish in Estonia as well as the biggest supplier of caviar to Estonian stores. The Group’s revenue during the 12 months of the financial year 2025/2026 was 15.3 million euros, less by 3.5 million euros compared to the same period of the previous financial year, when the sales amounted to 18.8 million euros. GEOGRAPHICAL SEGMENTS mln EUR 12m 25/26 Share, % 12m 24/25 Share, % Change, mln EUR Change, % Imp. United Kingdom 13.4 87.4% 13.8 73.4% -0.4 -3.1% ▼ Estonia 1.9 12.6% 5.0 26.6% -3.1 -61.3% ▼ Total 15.3 100.0% 18.8 100.0% -3.5 -18.6% ▼ The Group's largest market was the United Kingdom, with sales amounting to 13.4 million euros, accounting for 87.4% of total revenue. Revenue in Estonia amounted to EUR 1.9 million until the sale of the subsidiary Saare Kala Tootmine OÜ, accounting for 12.6% of total sales. 87.4% 12.6% GREAT BRITAIN
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12 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year COSTS 12m 25/26 12m 24/25 Change Imp. 12m 25/26 12m 24/25 Change Imp. mln EUR mln EUR mln EUR as % of sales as % of sales %-point Sales 15.3 18.8 -3.5 ▼ 100.0% 100.0% Cost of goods sold -12.8 -14.8 2.0 ▲ -83.4% -78.7% 4.7% ▲ materials in production & cost of goods purchased for resale -9.0 -10.8 1.8 ▲ -58.8% -57.4% 1.4% ▲ labour costs -2.7 -2.7 0.0 - -17.8% -14.4% 3.4% ▲ Depreciation -0.4 -0.5 0.1 ▲ -2.5% -2.7% -0.2% ▼ other cost of goods sold -0.7 -0.8 0.1 ▲ -4.4% -4.3% 0.1% ▲ Operating expenses -4.0 -4.5 0.6 ▲ -25.8% -24.0% 1.9% ▲ labour costs -1.4 -1.4 0.0 - -9.4% -7.7% 1.7% ▲ transport & logistics services -1.0 -1.1 0.1 ▲ -6.4% -6.0% 0.4% ▼ Depreciation 0.0 -0.2 0.2 ▲ -0.1% -1.1% -1.0% ▼ advertising. marketing and product development -0.1 -0.1 0.0 - -0.5% -0.7% -0.2% ▲ other operating expenses -1.4 -1.6 0.2 ▲ -9.5% -8.6% 0.8% ▲ Other income/expenses 0.1 -0.1 0.2 ▲ -0.5% -0.5% 0.0% ▲ Financial income / expense -1.0 8.3 -9.3 ▼ -6.4% 44.1% 50.5% ▲ PRICE OF FISH The fish production industry is extremely dependent on availability and the price of raw fish. Large producers make their production plans for three years in advance as it is difficult and expensive in shorter perspective to adapt a fish farm’s production cycle to market needs. Therefore, the world market fish supply is rigid in the short-term, while demand is somewhat shifting depending on the season. This imbalance in fish supply and demand results in constantly fluctuating price of raw fish. Moreover, the far-reaching change in supply chains during the past month in connection with the spread of the virus has increased the amplitude and unpredictability of prices. The Group counters the impact of external environment and volatility of fish price through the changes of the Group’s production and sales strategy. MARKET PRICE OF FISH EUR/kg 30.06.2026 30.06.2025 30.06.26 vs 30.06.25 30.06.2024 30.06.26 vs 30.06.24 30.06.2023 30.06.26 vs 30.06.23 Salmon 5.7 6.0 -4.8% 6.6 -13.5% 7.5 -23.9% Rainbow trout 5.2 6.0 -13.3% 7.2 -27.8% 7.3 -28.8%
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13 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year As at the end of the reporting period, the market price of salmon had decreased by 4.8% compared to a year earlier, while the price of rainbow trout had fallen by 13.3%. Compared to prices two years ago, salmon was down 13.5% and rainbow trout 27.8%. When compared to the price level three years ago, salmon had declined by 23.9% and rainbow trout by 28.8% AVERAGE MARKET PRICE OF FISH EUR/kg 2025/2026 2024/2025 2025/2026 vs 2024/2025 2023/2024 2025/2026 vs 2023/2024 2022/2023 2025/2026 vs 2022/2023 Salmon 6.7 6.6 1.0% 9.1 -26.7% 7.7 -13.4% Rainbow trout 6.1 6.6 -7.0% 8.0 -23.3% 8.4 -26.9% The average price of salmon increased by 1.0% during the reporting period compared to the same period of the previous financial year. In contrast, the average price of rainbow trout decreased by 7.0% over the same period. Compared to average prices two years ago, salmon prices have fallen by 26.7%, and compared to three years ago by 13.4%. The average price of rainbow trout has declined by 23.3% compared to the same period two years ago, and by 26.9% compared to three years ago.
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14 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year MANAGEMENT AND SUPERVISORY BOARD As of 10 June 2026, the Management Board of AS PRFoods consists of a single member, Kristjan Kotkas, appointed by the Supervisory Board. The term of office of the Management Board member is valid until 7 December 2026. The Management Board operates independently in the company’s day‑to‑day management and acts in the best interests of all shareholders, thereby ensuring the sustainable development of the company in line with its objectives and strategy. The Management Board also ensures the functioning of internal control and risk‑management procedures within the company. The Supervisory Board of AS PRFoods appoints management board members for a three-year term. The articles of association prescribe the management board to consist of one to four members. Kristjan Kotkas is an adviser in KJK private equity fund and serves as a member of management or supervisory board in several entities (Cederberg Invest OÜ, Protea Invest OÜ, Rondebosch OÜ, Zegul Kayaks OÜ, Tahe Outdoors OÜ, KJK Participations III Sarl, KJK BALKAN HOLDING S.a.r.l., KJK Discovery Holding S.à r.l., KJK Sports Lithuania UAB, Stala OY, SHC Invest OÜ, Alwark UAB. Baltik Vairas UAB, KJK III AcquiCo d.o.o., KJK EE Investments 1 OÜ). He is also a member of the management board of PRFoods AS subsidiary Saaremaa Kala AS. The Supervisory Board of AS PRFoods is currently comprised of four members. The board is chaired by Lauri Kustaa Äimä, members of the supervisory board are Harvey Sawikin and Vesa Jaakko Karo. The highest governing body of a public limited company is a general meeting of shareholders. According to law, the general meetings of shareholders are either ordinary or extraordinary. Pursuant to law, a supervisory board of a public limited company is a supervisory body responsible for planning the activities of a company, organising its management and supervising the activities of its management board. According to the Articles of Association of AS PRFoods, the supervisory board has three to seven members elected by the general meeting of shareholders for the term of three years. Information on the education and careers of the members of the supervisory board as well as their management positions in other companies is available on PRFoods’ website www.prfoods.ee. PRFOODS’ SHARES HELD BY THE MEMBERS OF THE MANAGEMENT AND SUPERVISORY BOARDS AND THE PERSONS/COMPANIES RELATED TO THEM AS AT 30.06.2026: Shareholder Number of shares Ownership interest Member of the supervisory board – Lauri Kustaa Äimä 125,000 0.32% Member of the supervisory board – Vesa Jaakko Karo 90,000 0.23% Total 215,000 0.56%
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15 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year SHARE AND SHAREHOLDERS The registered share capital of the company is 7,736,572 euros which is divided to 38,682,860 ordinary shares without nominal value. All shares are freely transferable and of the same kind. i.e. have equal voting and dividend rights. PRFoods shares are listed in the main list of Nasdaq Tallinn Stock Exchange since 5 May 2010. PRFoods shares do not have an official market maker. PRFoods share is a component in OMX Tallinn General Index. PRFoods has twice reduced the nominal value of shares with making payments to shareholders: in 2012 by 10-euro cents and in 2015 by 30-euro cents. The general meeting of shareholders from 26 May 2016 resolved to adopt shares without nominal value and on 30 June 2016 the commercial registry registered the shares without nominal value. The accountable nominal value of a share is 0.20 euro (nominal value of a share was 10.0 Estonian kroons until 13 April 2011. 0.60 euro till 3 September 2012. and 0.50 euro till 2 October 2015). PRFOODS SHARE PRICE. INDICES AND TRADING ACTIVITY Tallinn Stock Exchange All-Share index decreased by 0.7% and PRFoods share price increased by 43,0%. Index / Share Ticker / index 30.06.2026 30.06.2025 Change PRFoods share, EUR PRF1T 0.06 0.05 18.2 OMX Tallinn GI OMXTGI 2105.16 2069.49 1.7% TRADING STATISTICS Price (EUR) 2Q 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Open 0.068 0.057 0.058 0.053 0.058 0.064 0.096 0.100 0.135 High 0.072 0.085 0.060 0.064 0.058 0.070 0.106 0.108 0.135 Low 0.057 0.056 0.056 0.050 0.049 0.057 0.055 0.094 0.097 Last 0.060 0.071 0.057 0.059 0.053 0.058 0.064 0.096 0.10 Traded volume. mln 0.22 0.60 0.38 0.64 1.3 0.65 0.88 0.57 0.57 Number of trades 639 1,064 914 452 1,978 1,486 2,275 857 2,496 Average trade volume 338 480 388 357 537 357 297 194 194 Turnover. mln 0.01 0.01 0.01 0.01 0.07 0.04 0.06 0.02 0.06 Market capitalization. Mln 2.32 2.75 2.24 2.05 2.05 2.24 2.48 3.87 3.87 In the second quarter of 2026, a total of 639 transactions were carried out with PRFoods shares. During the period, 224,897 shares changed ownership, representing 0.58% of all outstanding shares. The average transaction size was 338 shares. Turnover in PRFoods shares amounted to EUR 0.01 million in the second quarter of 2026, with the highest price recorded at EUR 0.072 and the lowest at EUR 0.057. The closing price as at 30 June 2026 was EUR 0.060, and the company’s market capitalisation stood at EUR 2.32 million
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16 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year BOND AND BONDHOLDERS PRFoods issued in the 2019/2020 financial year a total of 90,096 secured bonds in a private placement and 9,904 secured bonds in a public offering, with nominal value of 100 euros per bond, the interest rate of 6.25% p.a., and with initial maturity on 22.01.2025. According to the terms of the bonds, the interest on the bonds is paid semi-annually (July and January). At the end of bond subscription period, PRFoods owned 4,926 bonds. Following the completion of the public offering of the bonds, the bonds were listed on Tallinn Stock Exchange. Trading on Nasdaq Tallinn bond list started on 6 April 2020. As of 30.06.2026, the number of bonds owned by PRFoods is 14,770 with a nominal value of 1,477 thousand euros. In the 2020/2021 financial year, PRFoods issued 237 subordinated convertible bonds, with a total nominal value of up to 2.4 million euros, with a nominal value of 10,000 euros per subordinated convertible bond, with an interest rate of 7% per calendar year and an initial maturity date of 01.10.2025. In addition, PRFoods announced an additional issue of secured bonds with up to 10,000 bonds with a nominal value of 100 euros per bond, initial maturity date of 22.01.2025 and 6.25% per calendar year. The additional issue was a targeted placement of PRFoods shareholder Amber Trust II S.C.A. In addition, PRFoods announced an additional issue of secured bonds (issued in accordance with the terms of issue of PRFoods on 14.01.2020) in the amount of up to 1.0 million euros, with up to 10,000 bonds with a nominal value of 100 euros per bond, initial maturity date of 22.01.2025 and 6.25% per calendar year. The additional issue was a targeted placement of PRFoods shareholder Amber Trust II S.C.A to refinance the investment loan granted to PRFoods by the said shareholder in connection with the maturity of the loan. AS PRFoods carried out a partial repurchase of secured bonds on 14.01.2024, with a total volume of up to 15% of the total nominal value of all issued bonds. In total, AS PRFoods repurchased 14,235 bonds from persons who submitted repurchase offers, with a total nominal value of 1,423,500 euros, which accounts for approximately 13% of the total nominal value of all issued bonds. During the bondholders’ meeting held on 18.07.2024, a decision was made regarding the secured bonds to postpone the interest payment date of 22.07.2024 until the bond redemption date of 22.01.2025. By adopting this decision, PRFoods committed to paying bondholders compensation equal to 1% per annum of the nominal value of each bond for the extended period. In addition, interest calculated according to the terms and final conditions applies, meaning that for the extended period, the total of interest (calculated at 6.25% per annum) and compensation (1% per annum) amounts to 7.25% per annum of the nominal value of each bond. On 17.01.2025 and 21.03.2025, bondholder votes were held to postpone the bond redemption date and interest payments in connection with the bond restructuring process. On 21.04.2025, a written bondholder vote was conducted, resulting in a decision by the bondholders to extend the maturity of the bonds until 31.03.2028 and to apply a 0% interest rate on the bonds as of 31.03.2025. As of 30.06.2026, PRFoods has issued 110,237 bonds, of which 110,000 are secured bonds with a nominal value of 100 euro per secured bond, with a total value of 11.0 million euros, and 237 are subordinated convertible bonds with a nominal value of 10,000 euro per subordinated convertible bond, with a total value of 2.37 million euros.
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17 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year BONDHOLDER STRUCTURE SEVEN LARGEST BONDHOLDERS OF AS PRFOODS Value of bonds 30.06.2026 % of total 30.06.2026 Value of bonds 30.06.2025 % of total 30.06.2025 Change Swedbank Pension Fund for people born in 1970-79 3,349,000 25.0% 3,349,000 25.0% 0 ING Luxembourg S.A. AIF nominee account 2,920,000 21.8% 2,920,000 21.8% 0 Swedbank Pension Fund for people born in 1960-69 680,000 5.1% 680,000 5.1% 0 Clearstream Banking AG 637,500 4.8% 637,500 4.8% 0 Compensa Life Vienna Insurance Group SE 484,600 3.6% 484,600 3.6% 0 Spring Capital Growth Fund 1 428,700 3.2% 428,700 3.2% 0 AS SEB Bankas 301,600 2.3% 301,600 2.3% 0 Total largest bondholders 8,801,400 65.8% 8,801,400 65.8% 0 Other minority bondholders 3,091,600 23.1% 3,091,600 23.1% 0 Treasury bonds 1,477,000 11.0% 1,477,000 11.0% 0 BONDHOLDERS BY VALUE OF BONDS 30.06.2026 Value of bonds Number of bondholders % of bondholders Value of bonds % of bond value 1 … 1,000 306 59.0% 120,500 0.9% 1,001 … 10,000 133 25.6% 518,000 3.9% 10,001 … 50,000 60 11.6% 1,237,400 9.3% 50,001 … 100,000 6 1.1% 499,900 3.7% 100,001 … 14 2.7% 10,994,200 82.2% Total 519 100.0% 13,370,000 100.0%
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18 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year CONDENSED INTERIM ACCOUNTING REPORT
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19 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year CONDENSED INTERIM ACCOUNTING REPORT CONSOLIDATED STATEMENT OF FINANCIAL POSITION EUR '000 Note 30.06.2026 30.06.2025 ASSETS Cash and cash equivalents 2 149 305 Trade and other receivables 3 3,154 1,546 Prepayments 3 391 182 Inventories 4 894 1,656 Total current assets 4,524 3,689 Tangible assets 1,707 3,595 Intangible assets 13,084 12,956 Total non-current assets 14,791 16,552 TOTAL ASSETS 19,315 20,240 EQUITY AND LIABILITIES Interest-bearing liabilities 5 2,180 971 Trade and other payables 6 1,195 1,563 Total current liabilities 3,375 2,534 Interest-bearing liabilities 5 6,085 5,514 Trade and other payables 29 30 Deferred tax liabilities 1,379 1,421 Government grants 132 213 Total non-current liabilities 7,625 7,178 TOTAL LIABILITIES 10,999 9,713 Share capital 7 7,737 7,737 Share premium 14,007 14,007 Treasury shares -390 -390 Statutory capital reserve 418 51 Currency translation differences 604 451 Retained profit (loss) -14,059 -11,327 TOTAL EQUITY 8,316 10,528
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20 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME EUR '000 Note 4Q 2025/2026 4Q 2024/2025 12m 2025/2026 12m 2024/2025 Revenue 3,390 3,684 15,307 18,782 Cost of goods sold -2,965 -2,895 -12,770 -14,796 Gross profit 425 789 2,537 3,986 Operating expenses -996 -1,450 -3,955 -4,506 Selling and distribution expenses -579 -828 -2,389 -2,810 Administrative expenses -418 -622 -1,567 -1,695 Other income / expense 7 -82 84 -106 Fair value adjustment on biological assets 0 0 0 0 Operating profit (loss) -564 -743 -1,334 -625 Financial income / expenses -397 9,233 -2,001 8,347 Share of result of associates and joint ventures 0 -139 0 -139 Profit (loss) from the sale of the subsidiary 1,024 0 1,024 0 Profit (Loss) before tax 63 8,352 -2,310 7,583 Income tax 14 -65 -58 -244 Net profit (loss) for the period 76 8,287 -2,369 7,339 Net profit (loss) attributable to: Owners of the Parent Company 76 8,287 -2,369 7,339 Total net profit (loss) for the period 76 8,287 -2,369 7,339 Other comprehensive income (loss) that may subsequently be classified to profit or loss: Foreign currency translation differences 30 68 153 12 Total comprehensive income (expense) 106 8,355 -2,216 7,351 Total comprehensive income (expense) attributable to: Owners of the Parent Company 106 8,355 -2,216 7,351 Total comprehensive income (expense) for the period 106 8,355 -2,216 7,351 Profit (Loss) per share (EUR) 7 0.00 0.21 -0.06 0.19 Diluted profit (loss) per share (EUR) 7 0.00 0.18 -0.05 0.16
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21 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year CONSOLIDATED STATEMENT OF CHANGES IN EQUITY EUR '000 Share capital Share premium Treasury shares Statutory capital reserve Unrea- lised currency differ. Retained earnings (- loss) Total Balance at 30.06.2024 7,737 14,007 -390 51 439 -18,653 3,191 Net profit (loss) for the year 0 0 0 0 0 7,339 7,339 Other comprehensive income (expense) 0 0 0 0 12 0 12 Total comprehensive income (expense) for the period 0 0 0 0 12 7,339 7,351 Other movements 0 0 0 0 0 -12 -12 Balance at 30.06.2025 7,737 14,007 -390 51 451 -11,327 10,528 Net profit (loss) for the year 0 0 0 0 0 -2,369 -2,369 Other comprehensive income (expense) 0 0 0 0 153 0 153 Total comprehensive income (expense) for the period 0 0 0 0 153 -2,369 -2,216 Other movements 0 0 0 367 0 -367 0 Balance at 30.06.2026 7,737 14,007 -390 418 604 -14,063 8,313 Additional information in Note 7.
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22 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year CONSOLIDATED STATEMENT OF CASH FLOWS EUR '000 Note 12m 2025/2026 12m 2024/2025 Cash flow from operating activities Net profit (loss) -2,369 7,339 Adjustments: Depreciation 394 758 Loss from sale and write-offs of subsidiary -1,024 0 Loss from sale and write-offs of associate 0 138 Other non-cash items 1,825 -8,586 Changes in receivables and prepayments 179 756 Changes in inventories 762 -12 Changes in payables and prepayments -370 -334 Net cash inflow (outflow) from operating activities -603 59 Cash flow from investing activities Sale of tangible and intangible fixed assets 0 15 Purchase of tangible and intangible fixed assets -32 -57 Acquisition of subsidiaries, net cash received 171 0 Cash received from sale of associate 0 0 Net cash inflow (outflow) from investing activities 139 238 Cash flow from financing activities Repayments of loans received -153 -565 Change in factoring liability 47 -128 Proceeds from borrowings 500 620 Repayments of lease liabilities -21 -24 Interests paid -65 -110 Net cash inflow (outflow) from financing activities 308 -207 Net increase (decrease) in cash and cash equivalents -156 90 Cash and cash equivalents at beginning of the period 2 305 203 Change in cash and cash equivalents -156 102 Cash and cash equivalents at the end of the period 2 149 305
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23 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year NOTES TO THE INTERIM REPORT NOTE 1. SUMMARY OF MATERIAL ACCOUNTING POLICIES AS PRFoods is a company incorporated in Estonia. The interim financial statements compiled as per 30.06.2026 incorporate results of AS PRFoods (hereinafter Parent Company) and companies directly and indirectly held by it: Saaremere Kala AS and Saare Kala Tootmine OÜ (until 31.05.2026) in Estonia and JRJ & PRF Ltd, John Ross Jr (Aberdeen) Ltd, Coln Valley Smokery Ltd in the United Kingdom (hereinafter also referred to as the Group). JRJ & PRF Ltd, John Ross Jr (Aberdeen) Ltd, Coln Valley Smokery Ltd are consolidated from 01.07.2017. AS PRFoods shares were listed on the Nasdaq Tallinn Stock Exchange main list from 5 May 2010 to 3 September 2025 – as of 4 September 2025, the shares are listed on the Baltic secondary list. The company’s bonds have been listed on the Nasdaq Tallinn Stock Exchange bond list since 6 April 2020. The Group’s consolidated audited annual report for the financial year that ended on 30 June 2025 is available on PRFoods’ website www.prfoods.ee. CONFIRMATION OF COMPLIANCE The current unaudited consolidated interim report complies with the requirements of international accounting standards IAS 34 “Interim Financial Reporting” on condensed interim financial statements. While preparing the interim report at hand. the same accounting principles as in the audited annual report for the financial year ended on 30.06.2025 were applied. The report does not hold all the information that shall be presented in a full annual report. It should thus be read together with the Group’s audited consolidated annual report for the financial year that ended on 30.06.2025 compiled in accordance with the international finance reporting standards (IFRS) as adopted by the European Union. In the opinion of the management. this interim report for the 12 months of the financial year 2025/2026 of AS PRFoods presents correctly and fairly the financial results of the Group as a going concern. The current interim report is neither audited nor reviewed by auditors in any other way and contains only the consolidated reports of the Group. BASIS OF PREPARATION The functional currency is euro. The consolidated interim report is presented in thousands of euros and all numerical indicators have been rounded to the nearest thousand. if not indicated otherwise. In the report. thousand euros is indicated as EUR ‘000. SIGNIFICANT MANAGEMENT DECISIONS AND ASSESSMENTS In preparing this interim report, the management has made decisions and assessments that affect the application of the Group's accounting principles, and the amounts reflected in assets and liabilities, revenues, and expenses. Actual results may differ from these estimates. The significant decisions made by the management in applying the Group's accounting principles and the key sources of estimation uncertainty were the same as those described in the latest consolidated financial statements for the fiscal year. FINANCIAL RISK MANAGEMENT In its daily operations, the Group encounters various risks, and managing these risks is essential and an integral part of the company's business activities. The company's ability to identify, measure, and control various risks is a significant input into the overall profitability of the Group. Risk, as defined by the management, is a potential negative deviation from expected financial results. The main risk factors include market risk (including currency risk, interest rate risk, and price risk), credit risk, liquidity risk, and operational risk. The foundation of the Group's risk management is based on the requirements set by Nasdaq Tallinn Stock Exchange, Financial Inspection and other regulatory bodies, compliance with generally accepted accounting standards and best practices, as well as the company's internal regulations and risk policies. Risk management at a general level involves defining, measuring, and controlling risks. The primary responsibility for risk management and approval of risk procedures lies with the parent company's board. The parent company's board oversees the measures taken by the management to mitigate risks.
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24 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year The condensed interim financial report does not contain all the information about the Group's financial risk management that should be disclosed in the annual financial statements. Therefore, this interim report should be read in conjunction with the financial statements for the fiscal year ended 30 June 2025. There have been no significant changes in the Group's risk management principles compared to the end of the previous fiscal year. NOTE 2. CASH AND CASH EQUIVALENTS EUR '000 30.06.2026 30.06.2025 Bank accounts 149 305 Total cash and cash equivalents 149 305 NOTE 3. RECEIVABLES AND PREPAYMENTS EUR '000 30.06.2026 30.06.2025 Trade receivables 991 1,252 Other receivables 2,100 294 Prepaid expenses 292 106 Prepaid taxes 98 75 Total receivables and prepayments 3,482 1,727 Write-down on receivables was not recognised during the accounting period. NOTE 4. INVENTORIES EUR ’000 30.06.2026 30.06.2025 Raw materials and materials 654 619 Work-in-progress 0 455 Finished goods 240 418 Goods purchased for sale 0 163 Total inventories 894 1,655
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25 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year NOTE 5. INTEREST-BEARING LIABILITIES EUR '000 30.06.2026 30.06.2025 Interest-bearing liabilities at the beginning of the period 6,485 14,498 Loans received 500 620 Lease liabilities -21 0 Change in factoring liabilities 47 -128 Other non-monetary movements 0 -155 Debt restructuring 0 -8,212 Effective interest charged on restructured debt 1 934 451 Repayments of interest-bearing liabilities -153 -589 Decrease due to sale of subsidiary -529 Interest-bearing liabilities at the end of the period 8,264 6,485 Interest liability at the beginning of the period 0 697 Interest accrued 65 779 Debt restructuring 0 -1,366 Interest paid -65 -110 Interest liability at the end of the period 0 0 EUR '000 30.06.2026 30.06.2024 Lease liabilities 21 22 Investment loans 741 694 Other loan 0 255 Listed bonds 1,117 0 Investment loans 300 0 Total short-term interest-bearing liabilities 2,180 971 Finance lease liabilities 189 209 Listed bonds 5,625 4,411 Investment loans 630 895 Total long-term interest-bearing liabilities 6,085 5,515 incl. payable within 1-5 years 6,085 5,515 Restructuring of Debt Obligations (Bonds, Loans Received from Shareholders) In the 2024/2025 financial year, a voluntary out-of-court restructuring took place of the listed convertible bonds and shareholder loans (the restructured debt obligations). The main terms of the restructuring were as follows: The maturity of all restructured debt obligations was extended until 31 March 2028. A 0% interest rate applies to the restructured debt obligations starting from 31 March 2025. The Company may take an additional loan of up to 1,500 thousand euros from its shareholder Amber Trust II S.C.A, SICAR. During the three-year restructuring period, PRFoods will continue operations with the aim of increasing asset value and selling specified fixed assets, allocating the net proceeds from such sales in an agreed manner to cover financial obligations.
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26 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year As of 30.06.2026, the carrying amount of the restructured debt obligations was 7,312 thousand euros. The effective interest expense recognised during the reporting period from the restructured debt obligations was 1,934 thousand euros. Management regularly reviews its estimates of future cash flows and the effective interest rate in accordance with IFRS 9 and makes adjustments as necessary. The management draws attention to the fact that amounts received from the sale of assets may differ from their carrying amounts, and upon realization of the assets, bondholders may be entitled to receive loan repayments in an amount greater than carrying amount of the liabilities as of the reporting date. NOTE 6. PAYABLES AND PREPAYMENTS EUR '000 30.06.2026 30.06.2025 Trade payables 535 799 Payables to employees 54 101 Other short-term liabilities 72 63 Interest payables 0 0 Other payables 326 127 Tax liabilities 214 473 Total short-term payables and prepayments 1,201 1,563 Other long-term liabilities 29 28 Total long-term payables and prepayments 29 28 Total payables and prepayments 1,230 1,591 NOTE 7. EQUITY SHARE CAPITAL As at 30.06.2026 the Group had 38,682,860 shares (30.06.2024: 38,682,860), including 1,000,000 treasury shares (30.06.2025: 1,000,000 treasury shares). TREASURY SHARES As of 01.07.2014, the Group initiated a buy-back programme of its own shares in accordance with the resolution of the general meeting of shareholders held on 29.05.2014, according to which up to 500,000 own shares were to be bought back until 31.05.2017. The initial buy-back programme was completed on 18.05.2016. The ordinary general meeting of shareholders held on 26.05.2016 adopted a resolution to expand the existing buy-back programme, according to which up to additional 500,000 own shares were to be bought back until 29.05.2019. On 14 June 2016, the Management Board of AS PRFoods entered into a service agreement with AS SEB Pank to continue the implementation of the buy-back programme of own shares. As at 30.06.2026 AS SEB Pank had acquired 1,000,000 shares of AS PRFoods in the name and on the account of the Group with average price of 0.4915 euros per share. The buy-back programme was implemented in compliance with the resolutions of the general meetings of shareholders held on 29.05.2014 and 26.05.2016, and the Commission Regulation (EU) No. 2016/1052 of 8 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures. CAPITAL RESERVE AND RETAINED EARNINGS The Estonian Commercial Code requires companies to create a capital reserve. Each year at least 1/20 of profit for the year has to be transferred to the capital reserve until the reserve amounts to 1/10 of share capital. The capital reserve may be used for covering losses and increasing the share capital but not for making distributions to shareholders.
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27 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year EARNINGS PER SHARE Earnings per share have been calculated by dividing the net profit attributable to the shareholders by the average number of shares for the period. 12m 2025/2026 12m 2024/2025 Net profit (-loss) attributable to equity holders of the company. EUR ‘000 -2,369 -948 Average number of shares. Thousand 38,683 38,683 Earnings (-loss) per share. EUR -0,06 -0.02 Basic earnings (-loss) per share. EUR -0,06 -0.02 Diluted earnings (-loss) per share. EUR -0,05 -0.02 NOTE 8. RELATED PARTY TRANSACTIONS The Company considers parties to be related when one party has control over the other party or has significant influence over the business decision of the other party. Related parties include: ● shareholders with significant influence (the largest shareholder of PRFoods is the international investment fund Amber Trust II S.C.A.) ● members of the Supervisory Board and members of all management boards of group entities ● close family members of the persons mentioned above, and the companies related to them. At the balance sheet date, there were no receivables from related parties. Payables are listed in the table below. Party Creditor Payables Payables as at 30.06.2026 Payables as at 30.06.2025 EUR '000 EUR '000 Amber Trust II S.C.A. Shareholder Investment loan and interest 1,423 923 Amber Trust II S.C.A. Shareholder Bond and interest of bond 3,496 3,496 Total 4,919 4,419 NOTE 9. SUBSIDIARIES Subsidiary Domicile Ownership interest 30.06.2026 Ownership interest 30.06.2025 Area of activity Owner Saaremere Kala AS Estonia 100% 100% Fish group holding company AS PRFoods Saare Kala Tootmine OÜ* Estonia 0% 100% Production of fish products Saaremere Kala AS JRJ & PRF Limited Scotland 100% 100% Fish group holding company Saaremere Kala AS John Ross Jr. (Aberdeen) Limited Scotland 100% 100% Production and sale of fish products JRJ & PRF Limited Coln Valley Smokery Limited Great Britain 100% 100% Production and sale of fish products 64% JRJ & PRF Limited 36% John Ross Jr. (Aberdeen) Limited *Ownership was sold on 10.06.2026 The ownership percentage of subsidiaries’ equity equals the voting rights. The shares of subsidiaries are not listed.
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28 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year Sale of Saare Kala Tootmine OÜ On 10.06.2026, Saaremere Kala AS sold its entire 100% shareholding in Saare Kala Tootmine OÜ, together with the inventory loan and shareholder loans, to Akciju Sabiedriba “BRIVAIS VILNIS” (the Buyer). The purpose of the transaction is to reduce the Group’s debt obligations in accordance with the terms of the restructured debt. Sale price and payment terms The Buyer will pay Saaremere Kala AS a total of 2,000 thousand euros for the transfer of the shareholding and shareholder loan receivables. For the transfer of the inventory-loan receivable, the Buyer will pay a separate purchase price equal to the principal amount of the inventory loan, which is 300 thousand euros. The Buyer undertakes to pay Saaremere Kala AS as follows: 200 thousand euros on the transaction completion date; 300 thousand euros no later than 31 December 2026; 1,800 thousand euros no later than 30 May 2027. The purchase price is secured by a share pledge agreement over the Buyer’s shares, under which 30% of the Buyer’s registered share capital is encumbered in favour of Saaremere Kala AS. Impact of the transaction on the Group’s financial position As at the date of sale, the carrying values of Saare Kala Tootmine OÜ’s net assets were as follows: 31.05.2026 Sale price 2,000 Shareholder loans -1,765 Other receivables from Saare Kala Tootmine OÜ -38 Net assets at the time of disposal -828 Gain/(loss) on disposal of subsidiary 1,024 A significant portion of the assets sold consisted of property, plant and equipment (land, buildings, machinery and equipment) totalling 1,565 thousand euros. The gain from the sale of the subsidiary is recognised in the consolidated statement of comprehensive income under Gain/(loss) on disposal of subsidiary. NOTE 10. SEGMENT REPORTING The Group's segments are defined based on the reports monitored and analysed by the parent company's management board. The management follows financial results based on both business areas and geographic regions, but reports by geographic regions carry more weight for monitoring financial performance and allocating resources. Therefore, this classification forms the basis for defining business segments. The Group's business segments are as follows: Estonia United Kingdom Central Activities The Estonia business segment involves the production of trout products. This segment includes the Group's production company Saare Kala Tootmine OÜ (until 31.05.2026). The United Kingdom business segment includes the production of salmon products. This segment consists of the Group's production companies, John Ross Jr (Aberdeen) Ltd and Coln Valley Smokery Ltd, as well as the UK fish company holding firm JRJ & PRF Ltd. The Central Activities segment is reported separately and does not form a distinct business area. It includes the parent company, AS PRFoods, and the Group's fish company holding firm, Saaremere Kala AS. Central activities mainly encompass the Group’s financial support activities.
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31 Consolidated unaudited interim report 3rd quarter and 6 months of 2024/2025 financial year SEGMENT REPORTING 4TH QUARTER 2025/2026 AND 12 MONTHS 2025/2026 4Q 2025/2026 12m 2025/2026 EUR '000 Estonia United Kingdom Central Activities Eliminations Total Estonia United Kingdom Central Activities Eliminations Total Revenue 386 3,004 30 -30 3,390 1,933 13,374 120 -120 15,307 Cost of goods sold -636 -2,329 0 0 -2,965 -2,413 -10,357 0 0 -12,770 Gross profit -249 675 30 -30 425 -479 3,017 120 -120 2,537 Operating expenses -40 -822 -253 120 -996 -737 -2,892 -445 120 -3,955 Selling and distribution expenses -7 -570 -1 0 -579 -505 -1,882 -1 0 -2,389 Administrative expenses -33 -252 -252 120 -418 -232 -1,010 -444 120 -1,567 Other income / expense -24 26 4 0 7 -36 125 -6 0 84 Operating profit (loss) -314 -121 -219 90 -564 -1,253 250 -331 0 -1,334 Financial income / expenses -22 -15 -361 0 -398 -112 -48 -1,841 0 -2,001 Share of result of associates and joint ventures 0 0 0 0 0 0 0 0 0 0 Profit (loss) from the sale of the subsidiary 0 0 1,024 0 1,024 0 0 1,024 0 1,024 Profit (Loss) before tax -336 -136 445 90 63 -1,365 202 -1,147 0 -2,310 Income tax 0 14 0 0 14 0 -58 0 0 -58 Net profit (loss) for the period -336 -122 445 90 76 -1,365 144 -1,147 0 -2,369
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32 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year SEGMENT REPORTING 4TH QUARTER 2024/2025 AND 12 MONTHS 2024/2045 4Q 2024/2025 12m 2024/2025 EUR '000 Estonia United Kingdom Central Activities Eliminations Total Estonia United Kingdom Central Activities Eliminations Total Revenue 609 3,075 61 -61 3,684 4,985 13,797 100 -100 18,782 Cost of goods sold -749 -2,145 0 0 -2,895 -4,889 -9,906 0 0 -14,796 Gross profit -141 930 61 -61 789 95 3,891 100 -100 3,986 Operating expenses -268 -916 -367 100 -1,451 -1,022 -3,069 -515 100 -4,506 Selling and distribution expenses -179 -649 -1 0 -828 -732 -2,078 -1 0 -2,810 Administrative expenses -89 -267 -366 100 -622 -290 -991 -514 100 -1,695 Other income / expense 12 0 -94 0 -82 -17 0 -89 0 -106 Operating profit (loss) -396 14 -400 39 -743 -943 822 -504 0 -625 Financial income / expenses -23 -31 9,285 0 9,231 -93 -98 8,536 0 8,345 Share of result of associates and joint ventures 0 0 -139 0 -139 0 0 -139 0 -139 Profit (loss) from the sale of the subsidiary 0 0 0 0 0 0 0 0 0 0 Profit (Loss) before tax -420 -17 8,746 39 8,349 -1,037 724 7,893 0 7,581 Income tax 0 -65 0 0 -65 0 -244 0 0 -244 Net profit (loss) for the period -420 -82 8,746 39 8,284 -1,037 480 7,893 0 7,337
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33 Consolidated unaudited interim report 3rd quarter and 6 months of 2024/2025 financial year SALES REVENUE BY GEOGRAPHICAL SEGMENT EUR '000 4Q 2025/2026 4Q 2024/2025 12m 2025/2026 12m 2024/2025 Great Britain 3,004 3,075 13,374 13,797 Estonia 386 609 1,933 4,985 Total 3,390 3,684 15,307 18,782 NON-CURRENT ASSETS BY LOCATION EUR '000 30.06.2026 30.06.2025 Great Britain 14,791 14,065 Estonia 0 2,486 Total 14,791 16,550
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34 Consolidated unaudited interim report 4th quarter and 12 months of 2025/2026 financial year MANAGEMENT BOARD’S CONFIRMATION TO THE INTERIM REPORT The Management Board confirms the correctness and completeness of the consolidated condensed interim report for the 4th quarter and 12 months of the financial year 2025/2026 of AS PRFoods and its subsidiaries (together the Group) presented in the pages 6-32 hereof and confirms to the best of its knowledge that: ● the activities report of the consolidated interim report presents adequate and fair overview of the development and results of business activities of the Group and the financial position thereof and includes the description of the main risk factors and uncertainties. ● the accounting principles applied in the preparation of the consolidated condensed interim accounting report are in compliance with the International Financial Reporting Standard (IFRS) IAS 34 Interim Financial Reporting as adopted by the European Union. ● the consolidated interim report provides a true and fair overview of the assets. liabilities and financial position of the Group and of the results of its operations and its cash flows. Kristjan Kotkas Member of the Management Board 31.08.2026