Börsiteade

Pealkiri

Consolidated Unaudited Interim Report of AS PRFoods for the 4th quarter and 12 months of 2024/2025 financial year

Teade

MANAGEMENT COMMENTARY

PRFoods'  fourth quarter of the 2024/2025 financial year  has come to an end. We
can state that it has been a challenging period due to market volatility and the
weak  economic environment in Estonia. Estonia's move into the group of European
countries  with the  highest food  VAT strongly  affects all  food producers and
consumption,  impacting  both  sales  volumes  and  consumer  demand, as well as
increasing  the tax burden and budgetary  pressures. In the fisheries sector, as
is  well known, the  only options are  to purchase most  goods and raw materials
outside Estonia, which means that VAT refunds on purchases are relatively low in
our industry.

In  the fourth quarter,  the Group's unaudited  consolidated revenue amounted to
3.8 million euros, decreasing by 15% compared to the same period of the previous
financial  year.  Due  to  one-off  costs  related to bond restructuring, fourth
quarter  EBITDA amounted to -0.2 million  euros, which is 0.2 million euros less
than  a year earlier. The  Group's net loss decreased  from 2.4 million euros to
0.6 million euros.

Comparing  the 12-month results of  the 2023/2024 and 2024/2025 financial years,
we  can be encouraged. Unaudited consolidated revenue was 18.9 million euros, up
10% compared  to the same period of the  previous year. EBITDA increased to 0.2
million  euros. Operating loss  amounted to -0.5  million euros (2023/2024: -3.3
million  euros). Net loss in the 2024/2025 financial year was -1.7 million euros
compared to -4.7 million euros in the previous year.

Our  UK production unit, John Ross Jr., continues to operate profitably and grow
further.  The increase  in the  number of  clients and improved profitability is
certainly commendable.

Our  Estonian unit also  deserves recognition, not  because of growing financial
indicators,   but  because  the  team  has  managed,  in  a  difficult  economic
environment,  to continue making strategic  plans, maintain motivation, and look
positively  toward the future. Production efficiency and optimization have borne
fruit,  and the  restructuring of  production processes  in Estonia has now been
completed.  Our ambition is to become the market leader in Estonia in all trout-
and  salmon-related categories and to significantly expand the unit's assortment
over the next nine months.

We  are also  pleased to  note that  the reputation  and image  of all companies
within  the Group  are on  the rise  in Estonia.  We are  no longer  as strongly
associated  with  minority  shareholders  and  former  management board members.
According  to a  study commissioned  by the  Estonian Fish  Farmers Association,
awareness  of our Saare Kala brand is good and growing strongly. In addition, we
are  clearly  associated  with  quality,  and  strong  product  development also
provides feedback on innovation and growth.


KEY RATIOS
INCOME STATEMENT

+-----------------------+------------+---------+------------+---------+
|Mln EUR                |4Q 2024/2025|2024/2025|4Q 2023/2024|2023/2024|
+-----------------------+------------+---------+------------+---------+
|Sales                  |         3.8|     18,9|         4.5|     17,1|
+-----------------------+------------+---------+------------+---------+
|Gross profit           |         0.8|      4,0|         0.6|      3,2|
+-----------------------+------------+---------+------------+---------+
|EBITDA                 |        -0.2|      0,2|         0.0|     -0,3|
+-----------------------+------------+---------+------------+---------+
|EBIT                   |        -0.6|     -0,5|        -2.4|     -3,3|
+-----------------------+------------+---------+------------+---------+
|EBT                    |        -0.6|     -1,4|        -2.6|     -4,6|
+-----------------------+------------+---------+------------+---------+
|Net profit (loss)      |        -0.7|     -1,7|        -2.6|     -4,7|
+-----------------------+------------+---------+------------+---------+
|Gross margin           |       21.4%|    21,2%|       12.5%|    18,7%|
+-----------------------+------------+---------+------------+---------+
|EBITDA margin          |       -5.2%|     1,2%|       -0.7%|    -2,0%|
+-----------------------+------------+---------+------------+---------+
|EBIT margin            |      -16.5%|    -2,7%|      -54.2%|   -19,4%|
+-----------------------+------------+---------+------------+---------+
|EBT margin             |      -17.1%|    -7,5%|      -58.7%|   -26,9%|
+-----------------------+------------+---------+------------+---------+
|Net margin             |      -18.8%|    -8,8%|      -58.2%|   -27,3%|
+-----------------------+------------+---------+------------+---------+
|Operating expense ratio|      -37.7%|   -23,7%|      -24.4%|   -27,1%|
+-----------------------+------------+---------+------------+---------+

BALANCE SHEET

+-------------------------------------+------------+------------+------------+
| Mln EUR, unless indicated otherwise | 30.06.2025 | 30.06.2024 | 30.06.2023 |
+-------------------------------------+------------+------------+------------+
| Net debt                            |       13.9 |       14.3 |       16.7 |
+-------------------------------------+------------+------------+------------+
| Equity                              |        1.5 |        3.2 |        8.3 |
+-------------------------------------+------------+------------+------------+
| Working capital                     |      -12.4 |       -9.2 |        0.0 |
+-------------------------------------+------------+------------+------------+
| Assets                              |       20.4 |       21.9 |       30.2 |
+-------------------------------------+------------+------------+------------+
| Liquidity ratio                     |        0.2 |       0.3x |       1.0x |
+-------------------------------------+------------+------------+------------+
| Equity ratio                        |       7.5% |      14.6% |      27.4% |
+-------------------------------------+------------+------------+------------+
| Gearing ratio                       |      90.1% |      81.8% |      66.9% |
+-------------------------------------+------------+------------+------------+
| Debt to total assets                |       0.9x |       0.9x |       0.7x |
+-------------------------------------+------------+------------+------------+
| Net debt to operating EBITDA        |        60x |     -42.5x |      55.8x |
+-------------------------------------+------------+------------+------------+
| ROE                                 |     -70.0% |     -81.4% |       4.1% |
+-------------------------------------+------------+------------+------------+
| ROA                                 |      -7.8% |     -17.9% |       1.0% |
+-------------------------------------+------------+------------+------------+

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

+----------------------------------+------------+------------+
| EUR '000                         | 30.06.2025 | 30.06.2024 |
+----------------------------------+------------+------------+
| ASSETS                           |            |            |
+----------------------------------+------------+------------+
| Cash and cash equivalents        |        305 |        203 |
+----------------------------------+------------+------------+
| Trade and other receivables      |      1,741 |      2,212 |
+----------------------------------+------------+------------+
| Prepayments                      |        198 |        173 |
+----------------------------------+------------+------------+
| Inventories                      |      1,580 |      1,644 |
+----------------------------------+------------+------------+
| Total current assets             |      3,824 |      4,232 |
+----------------------------------+------------+------------+
|                                  |            |            |
+----------------------------------+------------+------------+
| Long-term financial investments  |          0 |        418 |
+----------------------------------+------------+------------+
| Tangible assets                  |      3,622 |      4,164 |
+----------------------------------+------------+------------+
| Intangible assets                |     12,928 |     13,102 |
+----------------------------------+------------+------------+
| Total non-current assets         |     16,551 |     17,684 |
+----------------------------------+------------+------------+
| TOTAL ASSETS                     |     20,375 |     21,916 |
+----------------------------------+------------+------------+
|                                  |            |            |
+----------------------------------+------------+------------+
| EQUITY AND LIABILITIES           |            |            |
+----------------------------------+------------+------------+
| Interest-bearing liabilities     |     13,309 |     10,899 |
+----------------------------------+------------+------------+
| Trade and other payables         |      2,929 |      2,559 |
+----------------------------------+------------+------------+
| Total current liabilities        |     16,238 |     13,458 |
+----------------------------------+------------+------------+
|                                  |            |            |
+----------------------------------+------------+------------+
| Interest-bearing liabilities     |        937 |      3,600 |
+----------------------------------+------------+------------+
| Trade and other payables         |         30 |          0 |
+----------------------------------+------------+------------+
| Deferred tax liabilities         |      1,421 |      1,420 |
+----------------------------------+------------+------------+
| Government grants                |        213 |        247 |
+----------------------------------+------------+------------+
| Total non-current liabilities    |      2,602 |      5,267 |
+----------------------------------+------------+------------+
| TOTAL LIABILITIES                |     18,839 |     18,725 |
+----------------------------------+------------+------------+
|                                  |            |            |
+----------------------------------+------------+------------+
| Share capital                    |      7,737 |      7,737 |
+----------------------------------+------------+------------+
| Share premium                    |     14,007 |     14,007 |
+----------------------------------+------------+------------+
| Treasury shares                  |       -390 |       -390 |
+----------------------------------+------------+------------+
| Statutory capital reserve        |         51 |         51 |
+----------------------------------+------------+------------+
| Currency translation differences |        451 |        439 |
+----------------------------------+------------+------------+
| Retained profit (loss)           |    -20,318 |    -18,653 |
+----------------------------------+------------+------------+
| Equity attributable to parent    |      1,536 |      3,191 |
+----------------------------------+------------+------------+
| Non-controlling interest         |          0 |          0 |
+----------------------------------+------------+------------+
| TOTAL EQUITY                     |      1,536 |      3,191 |
+----------------------------------+------------+------------+
| TOTAL EQUITY AND LIABILITIES     |     20,375 |     21,916 |
+----------------------------------+------------+------------+

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

+--------------------------------------------------+-------------+-------------+
|EUR '000                                          |12m 2024/2025|12m 2023/2024|
+--------------------------------------------------+-------------+-------------+
|Revenue                                           |       18,878|       17,086|
+--------------------------------------------------+-------------+-------------+
|Cost of goods sold                                |      -14,872|      -13,888|
+--------------------------------------------------+-------------+-------------+
|Gross profit                                      |        4,006|        3,198|
+--------------------------------------------------+-------------+-------------+
|                                                  |             |             |
+--------------------------------------------------+-------------+-------------+
|Operating expenses                                |       -4,483|       -4,623|
+--------------------------------------------------+-------------+-------------+
|   Selling and distribution expenses              |       -2,787|       -2,663|
+--------------------------------------------------+-------------+-------------+
|   Administrative expenses                        |       -1,695|       -1,960|
+--------------------------------------------------+-------------+-------------+
|Other income / expense                            |          -30|      - 1,882|
+--------------------------------------------------+-------------+-------------+
|Fair value adjustment on biological assets        |            0|            0|
+--------------------------------------------------+-------------+-------------+
|Operating profit (loss)                           |         -506|       -3,307|
+--------------------------------------------------+-------------+-------------+
|Financial income / expenses                       |         -769|       -1,057|
+--------------------------------------------------+-------------+-------------+
|Share of result of associates and joint ventures  |            0|           46|
+--------------------------------------------------+-------------+-------------+
|Profit (-loss) from the sale of the subsidiary    |            0|         -271|
+--------------------------------------------------+-------------+-------------+
|Profit (-loss) from the sale of the associate     |         -139|            0|
+--------------------------------------------------+-------------+-------------+
|Profit (Loss) before tax                          |       -1,414|       -4,589|
+--------------------------------------------------+-------------+-------------+
|Income tax                                        |         -244|          -84|
+--------------------------------------------------+-------------+-------------+
|Net profit (loss) for the period                  |       -1,658|       -4,673|
+--------------------------------------------------+-------------+-------------+
|                                                  |             |             |
+--------------------------------------------------+-------------+-------------+
|Net profit (loss) attributable to:                |             |             |
+--------------------------------------------------+-------------+-------------+
|Owners of the Parent Company                      |       -1,658|       -4,668|
+--------------------------------------------------+-------------+-------------+
|Non-controlling interests                         |            0|           -4|
+--------------------------------------------------+-------------+-------------+
|Total net profit (loss) for the period            |       -1,658|       -4,673|
+--------------------------------------------------+-------------+-------------+
|                                                  |             |             |
+--------------------------------------------------+-------------+-------------+
|Other comprehensive income (loss) that may        |             |             |
|subsequently be classified to profit or loss:     |             |             |
+--------------------------------------------------+-------------+-------------+
|Foreign currency translation differences          |           12|         -169|
+--------------------------------------------------+-------------+-------------+
|Total comprehensive income (expense)              |       -1,646|       -4,841|
+--------------------------------------------------+-------------+-------------+
|                                                  |             |             |
+--------------------------------------------------+-------------+-------------+
|Total comprehensive income (expense) attributable |             |             |
|to:                                               |             |             |
+--------------------------------------------------+-------------+-------------+
|Owners of the Parent Company                      |       -1,646|       -4,837|
+--------------------------------------------------+-------------+-------------+
|Non-controlling interests                         |            0|           -4|
+--------------------------------------------------+-------------+-------------+
|Total comprehensive income (expense) for the      |             |             |
|period                                            |       -1,646|       -4,841|
+--------------------------------------------------+-------------+-------------+

Kristjan Kotkas                                        Timo Pärn
Member of the Management Board                                Member of the
Management Board
[email protected]
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