1

Raisio’s Half-year financial report

January-June 2016

CEO Matti Rihko Raisio plc

10 August 2016

-5

0

5

10

15

20

25

30

35

40

45

50

55

Group EBIT

2

7/2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q2/2016

M€

Rolling 12 months EBIT

(Comparable EBIT)

The Group

• EBIT 15.0 (14.0) M€

• EBIT margin 12.1 (9.9) %

• Net sales 124.1 (141.5) M€

Brands

• EBIT 14.2 (14.3) M€

• EBIT margin 16.1 (14.6) %

• Net sales 88.2 (97.8) M€

Raisioagro

• EBIT 1.4 (1.4) M€

• Net sales 37.7 (44.7) M€

3

Raisio’s Q2/2016 in figures

Raisio’s Q2/2016

• Honey Monster brand licensed

• After the review period, Newport snack bar business sold

• Raisio still owns a land area of over three hectares in Southall, London

• Brexit affects exchange rates and increases economic uncertainty in the short and long term

• A time-out with Benemilk’s international licensing

• In Finland, Benemilk has made a breakthrough; sales continued as usual

4

34.6

39.3

34.8

51.7

23.7 24.7

0

2

4

6

8

10

12

0

10

20

30

40

50

60

2012 2013 2014 2015 1-6/2015 1-6/2016

EBIT EBIT %

M€ % Comparable figures

5

Group EBIT

6.6 8.0

5.4

9.6 9.7 10.6 11.0

8.5

14.0

15.0

10.7 12.0

12.1

16.0

6.6

8.4

8.9

12.0

0

5

10

15

20

Group EBIT by quarters

M€

6

Q1 Q2 Q3 Q4

2012 2013 2014 2015 2016

Comparable figures

0

100

200

300

400

500

600

700

2012 2013 2014 2015 1-6/2015 1-6/2016

Group net sales

7

M€

584 558

264 238

Brands Raisioagro

494 521

Key figures, comparable income statement

4-6/ 2016

4-6/ 2015

1-6/ 2016

1-6/ 2015 2015

Net sales M€ 124.1 141.5 238.1 264.0 521.2

Change in net sales % -12.3 6.8 -9.8 6.0 5.5

EBIT M€ 15.0 14.0 24.7 23.7 51.7

EBIT % 12.1 9.9 10.4 9.0 9.9

Depreciation and impairment M€ -3.1 -5.9 -6.1 -9.5 -16.5

EBITDA M€ 18.1 20.0 30.8 33.2 68.1

Financial items M€ -0.9 -0.4 -1.8 -0.8 -2.5

Earnings per share (EPS) € 0.07 0.07 0.12 0.12 0.26

8

Key figures, balance sheet

1-6/ 2016

1-6/ 2015

2015

Equity ratio % 61.4 57.5 62.3

Gearing % 19.7 22.4 12.1

Net-interest-bearing debt M€ 59.6 75.6 42.2

Equity per share € 1.92 2.15 2.23

Investments M€ 8.3 5.1 11.0

9

10

Brands

37.4 41.4

35.9

55.4

25.6 25.6

0

2

4

6

8

10

12

14

16

0

10

20

30

40

50

60

2012 2013 2014 2015 1-6/2015 1-6/2016

EBIT EBIT %

Brand Division’s EBIT

11

M€ % Comparable figures

9.0 9.4

6.4

11.3 11.4 11.0 11.1

8.2

14.3 14.2

9.7 10.8

10.8

15.8

7.6

10.0

10.6

13.9

0

5

10

15

20

Brand Division’s EBIT by quarters

M€

12

Q1 Q2 Q3 Q4

2012 2013 2014 2015 2016

Comparable figures

Brand Division’s net sales

330

305 306

385

192 178

0

50

100

150

200

250

300

350

400

450

2012 2013 2014 2015 1-6/2015 1-6/2016

13

M€

Benecol

• Net sales slightly decreased from the comparison period due to the weakened pound; sales volume remained the same

• EBIT improved from the comparison period

• Home markets, consumer products: • Volumes of spreads increased in the UK, Poland and Finland

• Net sales increased in Hong Kong

• Increase in Benecol ingredient sales to licensing partners

14

• Retail sales of Elovena products developed well. Particularly good sales growth for new Elovena snack biscuits, snack bars and instant porridges

• Positive EBIT in Russia and Ukraine

• Increased sales volume

• Divested HM and Newport at a loss

• Honey Monster brand was licensed

• Newport snack bar business was divested in July after the review period

Healthy Snacking

15

Confectionery

• EBIT improved and net sales increased

• In the UK, sales growth for Raisio’s own Fox’s brand

• In the Czech Republic, sales grew in Raisio’s own Pedro brand

• Sales volumes continued to grow in products made under partner brands and retailers’ private label products

16

17

Consumers involved in the development of naturally healthier snacks

• Raisio has interviewed more than 4,000 consumers during the year

- Snacking at home and at work

- Consumer Online Team has refined findings into ideas

• Traditional products updated with new ingredients

• Novelties in interesting product groups

• Integration of packaging and social media brought Elovena the Xerox Best-of-the-Best Packaging Award

18

19

Raisioagro

-0.3

3.1 3.4 2.8

1.5 1.4

-3

-2

-1

0

1

2

3

4

5

2012 2013 2014 2015 1-6/2015 1-6/2016

Raisioagro’s EBIT

20

M€ Comparable figures

-1.8

-0.6

0.0 0.1 0.0 0.4

1.3 1.4 1.4 1.4 1.2

2.6

2.0

1.3

-0.1 -0.3

0.0 0.0

-3

-2

-1

0

1

2

3

Raisioagro’s EBIT by quarters

M€

21

Q1 Q2 Q3 Q4

2012 2013 2014 2015 2016

Comparable figures

54 54 49

33 27

65

71

63

45 38

75 76

54

40

61

53

36

28

0

10

20

30

40

50

60

70

80

90

Raisioagro’s net sales by quarters

M€

22

Q1 Q2 Q3 Q4

2012 2013 2014 2015 2016

Raisioagro Q2/2016

23

Kiristyvä kilpailu lisännyt tarvetta tarkastella eri toimintojen kannattavuutta

• Net sales decreased due to lower grain exports and fertiliser sales

• EBIT at the comparison period level and ROCE above 10%

• Good start for fish feed season in Finland; sales volumes increased

• Eco-friendly and healthy Benella Rainbow Trout performed well in the market

• Successful launch for the Baltic Blend brand

• Dairy farms continued to switch from added value feeds to more affordable feeds, around 7% of Finnish dairy cows fed with Benemilk

New ecosystem for the dairy chain emerging in Finland

• Digital service innovation optimising milk production per cow

• More than 100 milking robot farms involved

24

25