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HKFOODS Half Year Financial Report January - June 2026 Juha Ruohola , CEO Mika Tilli , CFO 5 August 2026
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5.8.20262 Q2 2026: Growth in net sales and EBIT continued • HKFoods’ net sales growth and positive profit development continued. • Net sales from continuing operations grew by 5.3%. Sales grew across all sales channels. • Comparable EBIT from continuing operations strengthened by 19.3%. • Profit for the period from continuing operations improved, driven by a stronger EBIT. • Cash flow declined due to a change in working capital, as stocks were at an exceptionally low level during the comparison period. • Dividend of EUR 0.08 per share for 2025 was paid in May. • Outlook for 2026 unchanged. Half Year Financial Report 2026
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3 +5.3% Sales grew across all channels • In retail, sales increased particularly in Kariniemen® brand’s poultry products and meal components as well as in HK ® brand’s ready meals. Brands strengthened their market share in poultry products and ready meals. Beef sales showed a clear increase from the comparison period. Sales of grilling sausages were below target. • Sales in food service showed strong development in meal components and poultry products. • Export and industrial sales grew, driven particularly by poultry meat sales. EBIT strengthened once again • Comparable EBIT was strengthened by sales growth in retail and food service and by improved profitability at subsidiaries. • It was weakened by the rise in oil prices caused by the war in Iran and the resulting increase in logistics and packaging material costs, higher personnel costs and the price increase in purchased services. Sales price increases only partially covered the rise in costs. • The challenging global market situation for pork particularly weakened export profitability. Q2 2026: Net sales and EBIT Half Year Financial Report 2026 Net sales, M€, continuing operations Comparable EBIT, M€, continuing operations +19.3% 245.7 258.7 Q2/25 Q2/26 6.5 7.7 Q2/25 Q2/26 5.8.2026
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4 Quarterly net sales, M€, continuing operations 5.8.2026 Half Year Financial Report 2026 Year 2026: 501.2 M€ Year 2023: 933.0 M€ Year 2024: 1,001.8 M€ Year 2025: 996.4 M€ Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4 Year 2022: 877.2 M€ 185 218 229 234 243 216 234 255 246 259 224 231 252 247252 250 267 270 0 50 100 150 200 250 300 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4
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5 Net sales breakdown Q2 2026, continuing operations CategoriesSales channels Changes in percentage points vs. Q2 2025 in parantheses. Half Year Financial Report 2026 65%17% 5% 13% Retail Food service Industry Export (-1) (+1) 24% 30% 28% 18% Beef and pork Charcuterie, sausages and bacons Poultry Meals and meal components (-4) (+2) (+1) (+1) 5.8.2026
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6 Quarterly comparable EBIT from continuing operations, M€ Half Year Financial Report 20265.8.2026 Year 2026: 13.5 M€ Year 2023: 11.6 M€ Year 2024: 27.7 M€ Year 2025: 34.1 M€ Year 2022: -7.3 M€ -4.4 -2.3 1.4 4.6 5.7 -1.5 4.2 4.4 6.5 7.7 0.0 6.6 11.6 11.8 -1.3 3.0 10.3 11.2 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
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7 Events in April−June 2026 Half Year Financial Report 20265.8.2026
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8 The Finnish National Commission on Sustainable Development and the Parliament’s Committee for the Future recognised HKFoods’ nutritional commitment as one of the best sustainability commitments of 2025. The Commitment2050 award for measures supporting public health HKFoods’ nutritional commitment: 1. Reducing the salt content in the highest- volume HK-branded whole meat cold cuts 2. Increasing the number of consumer products that meet the Heart Symbol criteria 3. Creating recipes that meet the Heart Symbol criteria 4. Developing plant-based meals for the HoReCa sector Half Year Financial Report 20265.8.2026
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9 • The bronze level places HKFoods among top 35 per cent of assessed companies. • The total score was 71/100 (Advanced level). • Compared to the previous year, improvement was seen in all areas: • Environment • Labour and human rights • Business ethics • Sustainable procurement • The greatest improvement was seen in labour and human rights. • The highest score was achieved in the environment theme. Bronze medal in EcoVadis sustainability rating Half Year Financial Report 20265.8.2026
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10 • The project led by the John Nurminen Foundation brings together the food industry, retailers, agricultural producers and experts. • The goal is to reduce impacts of agriculture on water bodies in the Archipelago Sea catchment areas. • Approximately 20 of HKFoods’ contract producers will participate in the project, carried out in 2026–2028. • Expert advice and support are provided to farms to enable them to implement water protection measures that are tailored to their specific fields and have the greatest possible impact. HKFoods joins the Archipelago Sea Partners collaboration Half Year Financial Report 20265.8.2026
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11 • The programme for contract meat producers aims to improve profitability and production results for both producers and HKFoods, as well as to promote the wellbeing of animals and people, and a vital environment. • During the review period, farm-specific baseline data for emissions calculations was collected from the pilot farms. • Field visits were conducted in collaboration with ProAgria to assess emission reduction measures already implemented and to plan next steps. • The pilot phase’s collaboration and lessons learnt are to be expanded to other contract farms as well. The ETEVÄT producer programme running on 30 farms Half Year Financial Report 20265.8.2026
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12 The lost time injury rate (LTIR) developed favourably HKFoods’ Lost Time Injury Rate (LTIR) of work accidents leading to sick leave among own workforce for the previous 12 months per million working hours. The LTIR figure also covers information of the subsidiaries Kivikylän kotipalvaamo Oy, Lihatukku Harri Tamminen Oy and Jokisen Eväät Oy. 20.4 19.1 15.9 11.6 9.7 8.6 0 5 10 15 20 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Half Year Financial Report 20265.8.2026
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13 Outlook for 2026 unchanged HKFoods expects that in 2026 the Group’s comparable EBIT will grow compared to 2025. (Outlook published on 13 February 2026.) Half Year Financial Report 20265.8.2026
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14 African swine fever detected in Virolahti, Southeast Finland 5 August 2026 Events after the reporting period • According to preliminary investigations by the Finnish Food Authority, African swine fever (ASF) has been detected in wild boars found dead in Virolahti on 30 July 2026. The Food Authority’s results are still being verified at the EU Reference Laboratory (EURL) for African swine fever in Spain. However, immediate action has been taken to limit the spread of the disease. African swine fever does not infect humans. • HKFoods has no contract producers of pork within the infected zone designated by the authorities. • The detection has no impact on HKFoods’ deliveries in Finland and the EU. • Exports of pork and pork products to China and Japan, for example, have been suspended until further notice. HKFoods will redirect the products subject to these restrictions to other target markets. • Authorities are negotiating the resumption of exports to other non-EU countries. Infected zone Half Year Financial Report 2026 Infected zone established by the Finnish Food Authority on 30 July 2026 5.8.2026
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15 Financial review Half Year Financial Report 20265.8.2026
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16 Key figures, continuing operations EUR million 4−6/2026 4−6/2025 1−6/2026 1−6/2025 2025 Net sales 258.7 245.7 501.2 479.4 996.4 EBITDA 14.8 13.3 27.5 25.4 62.5 EBIT 7.2 6.2 12.6 10.8 32.9 - EBIT margin, % 2.8 2.5 2.5 2.3 3.3 Comparable EBIT 7.7 6.5 13.5 11.1 34.1 - EBIT margin, % 3.0 2.6 2.7 2.3 3.4 Profit for the period 3.1 2.0 5.9 2.8 14.2 EPS, EUR 0.01 0.00 0.04 0.00 0.08 Comparable EPS, EUR 0.02 0.01 0.05 0.00 0.09 Half Year Financial Report 20265.8.2026
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17 Key figures EUR million 4−6/2026 4−6/2025 1−6/2026 1−6/2025 2025 Cash flow from operating activities, incl. discontinued operations 11.9 21.2 6.0 16.6 51.0 Cash flow after investing activities, incl. discontinued operations 5.8 15.4 -4.1 5.6 36.1 Return on capital employed (ROCE) before taxes, %, incl. discontinued operations 8.0 6.3 6.6 Interest-bearing net debt 157.7 156.3 141.8 Net gearing, % 82.9 76.3 73.2 Leverage (Net debt to EBITDA ratio) 2.4 2.5 2.2 Half Year Financial Report 20265.8.2026
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18 Interest-bearing net debt and net gearing * ****** Half Year Financial Report 2026 * ****** The net gearing ratio limit for bank loans is 100 per cent from June 2026. The net gearing ratio limit for the bond is 120 per cent. 373 362 324 288 208 216 214 150 160 156 159 142 154 158 140% 139% 123% 121% 94% 98% 96% 70% 74% 76% 82% 73% 78% 83% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Korollinen nettovelka (milj. euroa) Nettovelkaantumisaste (%)Interest-bearing net debt (EUR million) Net gearing (%) 5.8.2026
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19 Debt profile and maturity structure as of 30 June 2026 Interest-bearing debt by credit type, M€*Maturity of the Group’s interest-bearing debt*, M€ Total interest-bearing debt without IFRS 16: EUR 116.8 million Half Year Financial Report 2026 *Without lease liabilities *EUR 20 million hybrid bond is treated as equity 89.4 12.8 1.9 2026 2027 2028 2029 >2029 0 40 80 120 Bonds Bank loans Pension loans ECA loans Commercial papers Other borrowing RCF (used) RCF (unused) 5.8.2026
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20 3.2 3.0 0.5 2.80.6 0.1 6.5 3.9 Q1-Q2/25 Q1-Q2/26 0 2 4 6 8 10 12 1.8 1.8 0.5 2.60,5 0.13.7 1.7 Q2/25 Q2/26 0 1 2 3 4 5 6 7 8 9 10 Investments Cash flow and working capital Cash flow from operating activities, M€, incl. discontinued operations Working capital, M€, incl. discontinued operations Strategic investments Other Efficiency improvement Maintenance Group investments, M€, continuing operations Half Year Financial Report 2026 6.5 6.2 9.8 10.8 21.2 11.9 -6,0 -1,0 4,0 9,0 14,0 19,0 24,0 Q2/25 Q2/26 6 15 0 2 4 6 8 10 12 14 16 6/25 6/26 16.6 6.0 -6,0 -1,0 4,0 9,0 14,0 19,0 Q1-Q2/25 Q1-Q2/26 5.8.2026
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21 5.8.2026 HK® brand novelties of autumn 2026 Half Year Financial Report 2026
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22 Kariniemen® novelties of autumn 2026 5.8.2026 Half Year Financial Report 2026
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23 Ready and easy meals for everyday food moments 5.8.2026 Half Year Financial Report 2026
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24 Next financial report Interim Report Q3 2026 4 November 2026 5.8.2026 Half Year Financial Report 2026
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