Consolidated Unaudited Interim Report of AS PRFoods for the 3rd quarter and 9 months of 2025/2026 financial year
MANAGEMENT COMMENTARY
PRFoods' third 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 both in Estonia and in
neighbouring markets. Management has focused on stabilising operations and
controlling the cost base, but lower sales volumes had a significant impact on
the quarter's results.
Third?quarter revenue amounted to EUR 3.2 million, a decrease of 14% compared to
the same period last year. Gross profit declined to EUR 0.4 million, driven by
lower production volumes and higher raw material prices. EBITDA for the quarter
was EUR ?0.3 million (Q3 2024/2025: EUR 0.7 million), and operating loss
totalled EUR ?0.5 million (Q3 2024/2025: EUR ?0.3 million). The net loss for the
quarter was EUR ?0.9 million, compared to a net loss of EUR ?0.5 million a year
earlier. The increase in net loss was further amplified by higher finance costs
arising from restructured debt obligations, which amounted to EUR 0.4 million
during the quarter.
Revenue for the first nine months reached EUR 11.9 million, a decrease of 21%
year?on?year. Gross profit was EUR 2.1 million, 34% lower than in the same
period last year, and nine?month EBITDA amounted to EUR ?0.5 million, compared
to EUR 0.6 million in the previous year. Operating loss totalled EUR ?0.8
million (9M 2024/2025: EUR 0.1 million), and net loss reached EUR ?2.4 million
(9M 2024/2025: EUR ?0.9 million). The results were significantly affected by
interest expenses related to restructured debt, which amounted to EUR 1.6
million over the nine?month period.
Geographically, the Group's sales remained heavily concentrated in the United
Kingdom. Revenue in the UK amounted to EUR 10.4 million, representing 87% of
total sales. Sales in Estonia declined to EUR 1.5 million, a decrease of nearly
65% year?on?year, reflecting persistently weak consumer demand and pressure in
the retail sector.
The Group entered the third quarter in an uncertain market environment, and this
uncertainty continues into the fourth quarter. Management remains focused on
improving efficiency, controlling costs, managing financial obligations and
implementing the restructuring plan. Activities aimed at strengthening the
Group's capital structure and ensuring long?term sustainability are ongoing.
KEY RATIOS
INCOME STATEMENT
|mln EUR, unless indicated | | | | |
|otherwise |3Q 2025/2026|2024/2025|3Q 2024/2025|2023/2024|
| | | | | |
Sales 3.2 18.8 3.7 17.1
Gross profit 0.4 4.0 0.7 3.2
EBITDA -0.3 0.1 -0.1 -0.3
EBIT -0.5 -0.6 -0.3 -3.3
EBT -2.4 7.6 -0.5 -4.6
Net profit (-loss) -0.9 7.3 -0.5 -4.7
Gross margin 13.8% 21.2% 18.1% 18.7%
EBITDA margin -8.9% 0.6% -3.5% -2.0%
EBIT margin -14.4% -3.3% -7.2% -19.4%
EBT margin -74.7% 40.4% -14.3% -26.9%
Net margin -29.1% 39.1% -14.5% -27.3%
Operating expense ratio -24.8% 24.0% -24.6% -27.1%
BALANCE SHEET
mln EUR,
unless
indicated
otherwise 31.03.2026 30.06.2025 31.03.2025 30.06.2024
Net debt 7.7 6.2 13.3 14.3
Equity
8.2 10.5 2.2 3.2
Working
capital 0.4 1.2 -12.3 -9.2
Assets 19.6 20.2 21.0 21.9
Liquidity
ratio 1.2 1.5x 0.3 0.3x
Equity ratio 41.8% 52.0% 10.4% 14.6%
Gearing ratio 48.4% 37.0% 85.9% 81.8%
Debt to total
assets 0.6x 0.5x 0.9x 0.9x
Net debt to
operating
EBITDA -8x 54.3x 25x -42.5x
ROE 110.8% 107.0% -61.6% -81.4%
ROA 28.4% 34.8% -7.7% -17.9%
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 31.03.2026 30.06.2025
ASSETS
Cash and cash equivalents 418 305
Trade and other receivables 1,075 1,546
Prepayments 213 182
Inventories 1,521 1,656
Total current assets 3,226 3,689
Long-term financial investments 3,314 3,595
Tangible assets 13,084 12,956
Intangible assets 16,398 16,552
Total non-current assets 19,624 20,240
TOTAL ASSETS
EQUITY AND LIABILITIES 1,091 971
Interest-bearing liabilities 1,708 1,563
Trade and other payables 2,798 2,534
Total current liabilities
7,024 5,514
Interest-bearing liabilities 29 30
Deferred tax liabilities 1,407 1,421
Government grants 161 213
Total non-current liabilities 8,621 7,178
TOTAL LIABILITIES 11,419 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 574 451
Retained profit (loss) -14,139 -11,327
TOTAL EQUITY 8,205 10,528
TOTAL EQUITY AND LIABILITIES 19,624 20,240
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
EUR '000 3Q 2025/2026 3Q 2024/2025 9m 2025/2026 9m 2024/2025
Revenue 3,177 3,684 11,917 15,098
Cost of goods sold -2,738 -3,018 -9,805 -11,901
Gross profit 439 665 2,112 3,197
Operating expenses -938 -906 -2,959 -3,056
Selling and
distribution expenses -557 -580 -1,810 -1,982
Administrative expenses -381 -327 -1,149 -1,073
Other income / expense 41 -24 77 -24
Fair value adjustment on
biological assets 0 0 0 0
Operating profit (loss) -458 -265 -770 118
Financial income /
expenses -483 -261 -1,604 -886
Profit (Loss) before tax -940 -526 -2,373 -769
Income tax 18 -9 -72 -179
Net profit (loss) for the
period -923 -535 -2,445 -948
Net profit (loss)
attributable to:
Owners of the Parent
Company -923 -535 -2,445 -948
Total net profit (loss)
for the period -923 -535 -2,445 -948
Other comprehensive income
(loss) that may
subsequently be classified
to profit or loss:
Foreign currency
translation differences 4 -4 123 -56
Total comprehensive income
(expense) -919 -539 -2,322 -1,004
Total comprehensive income
(expense) attributable to:
Owners of the Parent
Company -919 -539 -2,322 -1,004
Total comprehensive income
(expense) for the period -919 -539 -2,322 -1,004
Profit (Loss) per share
(EUR) -0.02 -0.01 -0.06 -0.02
Diluted profit (loss) per
share (EUR) -0.02 -0.01 -0.05 -0.02
Kristjan Kotkas Timo Pärn
Member of the Management Board Member of the
Management Board
[email protected]
(https://www.globenewswire.com/Tracker?data=rC6nTFsXfAk47BCmSNymd1qjlKokh_io6YT7
cBY7XVTUVSwhXqruHXZ0s0SpPAoq9iEAmXSwL0OUDZshgistMcGjrpO7cs0303ISTgb3jQs=)
www.prfoods.ee
(https://www.globenewswire.com/Tracker?data=Uz8lLtlqJp18YW0VU6Yi5uITkXQbfseVYPsJ
9WLpanSgjqk2RUCCqHdKatZJByOD4n2Tm-mLYbRFEcyubwPGsw==)