MANAGEMENT COMMENTARY
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.
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% |
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% |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| EUR '000 | 30.06.2026 | 30.06.2025 |
| ASSETS | ||
| Cash and cash equivalents | 149 | 305 |
| Trade and other receivables | 3,154 | 1,546 |
| Prepayments | 391 | 182 |
| Inventories | 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 | 2,180 | 971 |
| Trade and other payables | 1,195 | 1,563 |
| Total current liabilities | 3,375 | 2,534 |
| Interest-bearing liabilities | 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 | 7,737 | 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 |
| TOTAL EQUITY AND LIABILITIES | 19,315 | 20,240 |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| EUR '000 | 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) | 0.00 | 0.21 | -0.06 | 0.19 |
| Diluted profit (loss) per share (EUR) | 0.00 | 0.18 | -0.05 | 0.16 |
Kristjan Kotkas
Member of the Management Board
investor@prfoods.ee
www.prfoods.ee
