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

Attachment

PRF 2025_2026_q4_en_eur_con_00 (1)

Consolidated Unaudited Interim Report of AS PRFoods for the 4th quarter and 12 months of 2025/2026 financial year