MANAGEMENT COMMENTARY
PRFoods' 2025/2026 financial year began in an uncertain market environment characterized by ongoing macroeconomic pressures and cautious consumer behaviour. The quarter's sales revenue amounted to 3.6 million euros, which is 21% less than a year earlier. The decline in revenue was strongly influenced by the drop in sales from the Estonian production unit, whose turnover decreased by 64.7% compared to the previous year. In contrast, sales in the United Kingdom remained stable at 3.1 million euros, accounting for 85.4% of the Group's total turnover.
The weaker turnover put pressure on the Group's profitability. The Group's gross profit was 0.7 million euros, falling 0.2 million euros short of the previous year. EBITDA from operating activities amounted to -0.1 million euros, representing a decline of 0.2 million euros compared to a year earlier. The net loss for the first quarter reached 0.8 million euros (Q1 2024/2025: -0.3 million euros). The results were significantly affected by the effective interest expenses related to restructured debt obligations from the 2024/2025 financial year, amounting to 0.5 million euros and increasing financial costs.
Despite the lower sales volume, the Group's financial position remains stable, and our activities are focused on consistently meeting the objectives set out in the debt restructuring plan. We have continued to improve the efficiency of production units, enforce strict cost control, and optimise processes. Although operating expenses as a share of revenue increased due to lower turnover, the nominal level of expenses has remained under control, creating the conditions for margin improvement as revenue recovers.
Instability in the external environment and cautious ordering behaviour in retail may affect demand in the short term. However, we are seeing some stabilisation in sales prices and expect a modest recovery in demand towards the end-of-year period, when the consumption of fish products is seasonally higher. The Group's priorities remain the enhancement of production processes, the strategic streamlining of the product portfolio, and the strengthening of sales capabilities across all markets to ensure competitiveness and long-term sustainability.
KEY RATIOS
INCOME STATEMENT
| mln EUR, unless indicated otherwise | 1Q 2025/2026 | 2024/2025 | 1Q 2024/2025 | 2023/2024 |
| Sales | 3.6 | 18.8 | 4.6 | 17.1 |
| Gross profit | 0.7 | 4.0 | 0.9 | 3.2 |
| EBITDA from operations | -0.1 | 0.1 | 0.1 | -0.3 |
| EBITDA | -0.1 | 0.1 | 0.1 | -0.3 |
| EBIT | -0.3 | -0.6 | 0.0 | -3.3 |
| EBT | -0.8 | 7.6 | -0.3 | -4.6 |
| Net profit (-loss) | -0.8 | 7.3 | -0.3 | -4.7 |
| Gross margin | 19.8% | 21.2% | 19.6% | 18.7% |
| Operational EBITDA margin | -4.0% | 0.6% | 2.2% | -2.0% |
| EBITDA margin | -4.0% | 0.6% | 2.2% | -2.0% |
| EBIT margin | -8.0% | -3.3% | 0.0% | -19.4% |
| EBT margin | -22.4% | 40.4% | -6.5% | -26.9% |
| Net margin | -22.8% | 39.1% | -6.5% | -27.3% |
| Operating expense ratio | 28.1% | 24.0% | 19.6% | 27.1% |
BALANCE SHEET
| mln EUR, unless indicated otherwise | 30.09.2025 | 30.06.2025 | 30.09.2024 | 30.06.2024 |
| Net debt | 6.7 | 6.2 | 14.1 | 14.3 |
| Equity | 9.8 | 10.5 | 2.8 | 3.2 |
| Working capital | 0.4 | 1.2 | -9.7 | -9.2 |
| Assets | 20.1 | 20.2 | 21.8 | 21.9 |
| Liquidity ratio | 1.1 | 1.5x | 0.3x | 0.3x |
| Equity ratio | 48.8% | 52.0% | 12.8% | 14.6% |
| Gearing ratio | 40.7% | 37.0% | 83.4% | 81.8% |
| Debt to total assets | 0.5x | 0.5x | 0.9x | 0.9x |
| Net debt to operating EBITDA | 125x | 54.3x | -199x | -42.5x |
| ROE | -160.9% | 107.0% | -144.6% | -81.4% |
| ROA | 22.1% | 34.8% | -19.9% | -17.9% |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| EUR '000 | 30.09.2025 | 30.06.2025 |
| ASSETS | ||
| Cash and cash equivalents | 177 | 305 |
| Trade and other receivables | 1,386 | 1,546 |
| Prepayments | 180 | 182 |
| Inventories | 1,822 | 1,656 |
| Total current assets | 3,565 | 3,689 |
| Long-term financial investments | 3,484 | 3,595 |
| Tangible assets | 13,084 | 12,956 |
| Intangible assets | 16,568 | 16,552 |
| Total non-current assets | 20,133 | 20,240 |
| TOTAL ASSETS | ||
| EQUITY AND LIABILITIES | 1,384 | 971 |
| Interest-bearing liabilities | 1,762 | 1,563 |
| Trade and other payables | 3,145 | 2,534 |
| Total current liabilities | ||
| 5,525 | 5,514 | |
| Interest-bearing liabilities | 30 | 30 |
| Deferred tax liabilities | 1,407 | 1,421 |
| Government grants | 207 | 213 |
| Total non-current liabilities | 7,170 | 7,178 |
| TOTAL LIABILITIES | 10,315 | 9,713 |
| Share capital | 7,737 | 7,737 |
| Share premium | 14,007 | 14,007 |
| Treasury shares | - 390 | -390 |
| Statutory capital reserve | 51 | 51 |
| Currency translation differences | 569 | 451 |
| Retained profit (loss) | -12,155 | -11,327 |
| TOTAL EQUITY | 9,818 | 10,528 |
| TOTAL EQUITY AND LIABILITIES | 20,133 | 20,240 |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| EUR '000 | 3m 2025/2026 | 3m 2024/2025 |
| Revenue | 3,632 | 4,621 |
| Cost of goods sold | -2,912 | -3,747 |
| Gross profit | 720 | 874 |
| Operating expenses | -1,020 | -907 |
| Selling and distribution expenses | -644 | -612 |
| Administrative expenses | -375 | -296 |
| Other income / expense | 9 | -3 |
| Fair value adjustment on biological assets | 0 | 0 |
| Operating profit (loss) | -290 | -36 |
| Financial income / expenses | -524 | -265 |
| Profit (Loss) before tax | -814 | -301 |
| Income tax | -13 | -38 |
| Net profit (loss) for the period | -827 | -339 |
| Net profit (loss) attributable to: | ||
| Owners of the Parent Company | -827 | -339 |
| Total net profit (loss) for the period | -827 | -339 |
| Other comprehensive income (loss) that may subsequently be classified to profit or loss: | ||
| Foreign currency translation differences | 118 | -52 |
| Total comprehensive income (expense) | -709 | -391 |
| Total comprehensive income (expense) attributable to: | ||
| Owners of the Parent Company | -709 | -391 |
| Total comprehensive income (expense) for the period | -709 | -391 |
| Profit (Loss) per share (EUR) | -0.02 | -0.01 |
| Diluted profit (loss) per share (EUR) | -0.02 | -0.01 |
Kristjan Kotkas Timo Pärn
Member of the Management Board Member of the Management Board
investor@prfoods.ee
www.prfoods.ee
