Slides
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Interim Report January−September 2026 4 November 2026 Juha Ruohola, CEO Mika Tilli, CFO
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4.11.20262 Q3 2026: Growth and profit improvement continued – refinancing supports strategy implementation • Net sales growth and positive profit development continued despite cost pressures. • Sales increased across all sales channels. • Sales growth in the retail and food service channels strengthened the comparable EBIT. • Cost increases resulting from the war in Iran have been incorporated into sales prices from the end of the review period onwards. • We issued new senior secured notes of EUR 90 million, the proceeds of which were used to refinance the notes maturing in 2027. In addition, we agreed on a new bank financing arrangement. • The lower margin on the new notes will bring annual cash flow savings of approximately EUR 3.5 million. • The profit for the period from continuing operations improved mainly due to a calculational modification gain related to the refinancing of the notes. Interim Report Q3 2026
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3 Interim Report Q3 20264.11.2026 +5.3% +3.2% Comparable EBIT, M€, continuing operations Net sales, M€, continuing operations 247.1 255.1 200,0 210,0 220,0 230,0 240,0 250,0 260,0 270,0 280,0 Q3/25 Q3/26 11.8 12.4 0,0 2,0 4,0 6,0 8,0 10,0 12,0 14,0 16,0 18,0 20,0 Q3/25 Q3/26 Sales increased across all sales channels • In retail, growth was particularly strong in Kariniemen® brand’s poultry products and in HK® brand’s ready meals, in line with our strategy. The higher sales prices of beef also increased net sales. The market share of HKFoods’ brands in retail strengthened in poultry products and ready meals. • The market for meat products was sluggish compared with the start of the year. Sales of grilling sausages were below our target. • Sales in the food service channel developed favourably. • Export sales of poultry meat showed clear growth. Sales growth in retail and food service strengthened comparable EBIT • The profitability of beef also improved. • Although the EBIT strengthened, it was burdened by the rise in oil prices due to the war in Iran and the increase in logistics and packaging materials costs, as well as higher personnel costs. Cost increases resulting from the war in Iran have been incorporated into sales prices from the end of the review period onwards. • The challenging global market situation for pork and the ASF detected in wild boars in Southeast Finland weakened export profitability. In Finland, pork consumption has increased. Q3 2026: Net sales and EBIT
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4 Quarterly net sales, M€, continuing operations Interim Report Q3 20264.11.2026 Year 2026: 756.3 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€ 185 218 229 234 243 216 234 255 246 259 224 231 252 247 255252 250 267 270 0 50 100 150 200 250 300 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
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5 Net sales breakdown in Q3 2026, continuing operations Interim Report Q3 20264.11.2026 CategoriesSales channels Changes in percentage points vs. Q3 2025 in parantheses (0) (0) 23% 30% 28% 19% Beef and pork Charcuterie, sausages and bacons Poultry Meals and meal components (-4) (+1.5)(+1) 64% 19% 4% 13% Retail Food service Industry Export (+1) (-1)(0) (0) (+1.5)
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6 Quarterly comparable EBIT from continuing operations, M€ Interim Report Q3 20264.11.2026 Year 2026: 25.9 M€ Year 2023: 11.6 M€ Year 2024: 27.7 M€ Year 2025: 34.1 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 12.4 -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 Year 2022: -7.3 M€
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7 Events in July−September 2026 4.11.2026 Interim Report Q3 2026
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8 • ASF was first detected on 30 July 2026 in wild boars found dead in Southeast Finland. During the autumn, ASF cases have also been detected in Virolahti and Pyhtää, outside the core area of the infected zone established by the authorities. • HKFoods has no contract producers of pork within the infected zone, and the situation has had no impact on our deliveries in Finland or within the EU. • Export restrictions to countries outside the EU have suspended the export of pork and pork products to e.g. China and Japan. Exports to these markets are not expected to resume within the next 2–3 years. • We have directed these products to other target markets. • ASF does not infect humans, and pork is safe to eat. • It is estimated that the ASF cases detected will have an impact of approximately EUR 1 million on HKFoods’ EBIT for 2026. ASF situation in Southeast Finland The Finnish Food Authority expanded the core area of the infected zone on 29 October 2026 4.11.2026 Interim Report Q3 2026
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9 • HKFoods’ updated inventory of greenhouse gas emissions and review of measures to reduce emissions was completed, forming the basis for Group’s emissions calculation. • In the ETEVÄT producer programme, we continued to collect primary data from farms to be used in environmental calculation and impact assessment. • The work to review the calculation of land-based (FLAG) emissions continued. • At the Eura production unit, we decided to invest in recovery and recycling of heat generated by production processes. • The goal is to reduce the use of fossil energy at the production unit by approximately 70% from the current level. Climate work in HKFoods’ value chain Interim Report Q3 20264.11.2026
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10 20.4 19.1 15.9 11.6 9.9 9.9 11.0 0 5 10 15 20 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 4.11.2026 Interim Report Q3 2026 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. The lost time injury rate (LTIR) decreased from the comparison period, in line with the Group- wide development programme
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11 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.) Interim Report Q3 20264.11.2026
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12 Financial review Interim Report Q3 20264.11.2026
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13 Key figures, continuing operations Interim Report Q3 20264.11.2026 EUR million 7−9/2026 7−9/2025 1−9/2026 1−9/2025 2025 Net sales 255.1 247.1 756.3 726.5 996.4 EBITDA 19.5 18.5 47.0 43.9 62.5 EBIT 12.3 10.9 24.9 21.8 32.9 - EBIT margin, % 4.8 4.4 3.3 3.0 3.3 Comparable EBIT 12.4 11.8 25.9 22.9 34.1 - EBIT margin, % 4.9 4.8 3.4 3.2 3.4 Financial income and expenses 7.5 -3.5 0.6 -11.2 -14.9 Profit for the period 16.8 7.4 22.7 10.2 14.2 EPS, EUR 0.17 0.06 0.20 0.06 0.08 Comparable EPS, EUR 0.17 0.07 0.21 0.07 0.09
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14 Key figures Interim Report Q3 20264.11.2026 EUR million 7−9/2026 7−9/2025 1−9/2026 1−9/2025 2025 Cash flow from operating activities, incl. discontinued operations -0.5 6.4 5.5 23.0 51.0 Cash flow after investing activities, incl. discontinued operations -5.8 8.4 -9.9 14.0 36.1 Return on capital employed (ROCE) before taxes, %, incl. discontinued operations 10.4 4.8 6.6 Interest-bearing net debt 149.6 159.4 141.8 Net gearing, % 72.6 81.7 73.2 Net debt to EBITDA ratio 2.2 2.5 2.2
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15 124% 121% 70% 73% 82% 73% 2022 2023 2024 2025 Q3/25 Q3/26 Interest-bearing net debt and net gearing Interim Report Q3 20264.11.2026 The net gearing ratio limit for bank loans is 110 per cent. * ****** 353 288 150 142 159 150 2022 2023 2024 2025 Q3/25 Q3/26 5.6x 2.2x 2.5x 2.2x Interest-bearing net debtand net debt to EBITDA ratio, M€ Net gearing, % The terms of bank loans include a covenant limit for the net debt to EBITDA ratio of 3.25x. The bond has an incurrence-based covenant limit for the ratio of net debt to EBITDA of 3.25x.
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16 • HKFoods issued senior secured notes of EUR 90 million. • The four-year notes mature on 18 September 2030 and carry a floating interest at the rate of EURIBOR 3 months plus a margin of 3.6 per cent. The notes had an issue price of 100 per cent. • The proceeds were used to refinance notes maturing in 2027. HKFoods redeemed the outstanding maturing notes after the review period in early October. The new bond strengthens financing structure and supports strategy implementation Interim Report Q3 20264.11.2026 In addition, we agreed on a new bank financing arrangement A three-year term loan facility of EUR 20 million and a three-year revolving credit facility of EUR 72 million with an additional two-year option, comprising of: • EUR 50 million credit facility • EUR 22 million ancillary facilities and • EUR 20 million uncommitted accordion facility.
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17 Debt profile and maturity structure as of 30 September 2026 Interim Report Q3 20264.11.2026 Total interest-bearing debt without IFRS 16: 90.5 M€* *Without lease liabilities *20 M€ hybrid bond is treated as equity 73.4 2.3 12.8 1.9 New maturity profile of interest-bearing debt*, M€Old maturity profile of interest-bearing debt*, M€ 2026 2027 2028 2029 >2029 0 40 80 120 Bonds Commercial papers Other borrowing RCF (unused) 2026 2027 2028 2029 >2029 0 40 80 Bond 2030 Bond 2026 Commercial papers Other borrowing RCF (unused) Term loan (undrawn) 2030
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18 Calculational modification gain related to the refinancing of the bond 4.11.2026 Year 1 2 3 4 Interest (cash flow) -5.7 -5.7 -5.7 -5.7 Amortisation of modification gain and transaction costs (non-cash) -4.2 -4.2 -4.2 -4.2 Total -9.9 -9.9 -9.9 -9.9 73.4 77.6 81.7 85.9 90.05,4 11.2 0 1 2 3 4 Vuosi Tasearvo Transaktiokulut (preemio, pankki, laki) Modifiointitulos • The refinancing of the bond has been accounted for as a modification of the old notes. • A one-off modification gain of EUR 11.2 million was recognised in the reporting period, calculated by discounting the future cash flows of the bond using the effective interest rate of the old bond. • The modified carrying amount of the bond is measured at amortised cost in the balance sheet, with transaction costs of EUR 5.4 million amortised over the term of the new bond. As the modification gain is recognised in full upfront, the financial expenses recognised over the remaining term will be correspondingly higher. • The transaction costs were paid in connection with the refinancing of the bond, and the modification gain has no cash flow impact. • The lower margin on the new notes will bring annual cash flow savings of approximately EUR 3.5 million. Estimated impact of the bond on finance costs at the current 3-month Euribor rate, M€ Carrying amount of the bond, M€ Interim Report Q3 2026 Carrying amount Transaction costs (premium, bank, law) Modification gain Year
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19 1.6 2.6 0.8 0.70.3 0.1 5.3 1.7 Q3/25 Q3/26 0 2 4 6 8 10 Interim Report Q3 20264.11.2026 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 5.1 8.0 6.4 -0.5 -10,0 -8,0 -6,0 -4,0 -2,0 0,0 2,0 4,0 6,0 8,0 Q3/25 Q3/26 16 25 0 5 10 15 20 25 30 35 40 9/25 9/26 4.8 5.5 1.3 3.50.9 0.3 11.8 5.5 Q1-Q3/25 Q1-Q3/26 0 2 4 6 8 10 12 14 16 18 20 14.8 18.8 23.0 5.5 -15,0 -10,0 -5,0 0,0 5,0 10,0 15,0 20,0 25,0 Q1-Q3/25 Q1-Q3/26
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20 • Kariniemen® story began in 1966 with Hannes Kariniemi’s vision of making chicken a part of Finnish food moments. • Over the course of six decades, the brand has grown into one of Finland’s best-known poultry brands. • The anniversary year is celebrated together with employees and primary producers, and by highlighting the brand’s history, the importance of eating together, and flavours familiar to Finns. • The brand has refreshed its visual identity and launched new products. Kariniemen® brand celebrates 60th anniversary 4.11.2026 Interim Report Q3 2026
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21 Selected Kariniemen® novelties of autumn 2026 4.11.2026 Interim Report Q3 2026
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22 HK® brand supports young top athletes through the Finnish Olympic Committee’s Next Generation programme • The HK® brand is one of the key partners. • The aim is to support and care for young athletes as they work towards international success. • A varied, nutritious food is one of the foundations of everyday life. The cooperation develops food solutions to support young athletes’ daily lives and well-being, among others. Interim Report Q3 20264.11.2026 The team supported by HK Pyry Posio (snowboarding), Rico Salmela (road racing) and Enni Virjonen (athletics, heptathlon)
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23 Selected HK® novelties of autumn 2026 4.11.2026 Interim Report Q3 2026
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24 Financial reporting and AGM 2027 Financial Statements Bulletin 2026 10 Feb 2027 Annual Review 2026 Week 13/2027 (at the latest) AGM 22 Apr 2027 Interim Report Q1 2027 5 May 2027 Half Year Financial Report 2027 4 Aug 2027 Interim Report Q3 2027 3 Nov 2027 4.11.2026 Interim Report Q3 2026
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