Raisio’s Half-Year Financial ReportJanuary-June 2017CEO Jarmo PuputtiRaisio plc9 August2017

An international success story

Wellbeing for life

Convenience & natural wellbeing

Genuine taste& familiar

brandsAn innovative

growth inspirer

Raisio Group Businesses

HEALTHY FOOD RAISIO CONFECTIONERY

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Raisio’s Q2/2017 in brief

• Group net sales* 104.3 (124.1) M€ • Impact of the weaker pound on net sales some 3 M€• Net sales for the comparison period include the loss-

making UK snack bar business divested in July 2016 • Divestment of the Southall industrial property was

an important deal for Raisio• Group EBIT* 13.1 (15.0) M€

• EBIT* 12.5 (12.1) % of net sales• EBIT* weakened primarily due to prolonged

operational and commercial challenges at the Leicester plant and the pound conversion to the euros

* Comparable net sales and EBIT

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Highlights in Q2/2017

• Weaker pound decreased net sales and EBIT in the UK’s Benecol and confectionery businesses

• In Benecol UK, increased production costs resulting from higher raw material prices and profitability impact of the weakening pound could not be compensated by price increases negotiated last autumn

• Czech confectionery business continued its steady performance

• Continued sales growth in Elovena products• Competition intensified further in cattle feeds• Sales season of fish feeds went well

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10152025303540455055

5

Group EBIT 2008-Q2/2017

Comparable EBIT, rolling 12 months

M€

2008 2009 2010 2011 2012 2013 2014 2015 2016 Q2/2017

Group EBIT

6

39.3 34.8 51.7 50.7 24.7 23.6

7.1%7.0%

9.9% 11.6%10.4%

12.0%

0

5

10

15

0

10

20

30

40

50

60

2013 2014 2015 2016 1-6/2016 1-6/2017

%Comparable EBITM€

EBIT EBIT %

Group net sales

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M€

305 306 385 320178 145

254 202

146127

6559

0

100

200

300

400

500

600

2013 2014 2015 2016 1-6/2016 1-6/2017

521

436494

558

Brands Raisioagro

238197

Comparable net sales

Group EBIT and net sales Q2

8

15.0 13.1

12.1% 12.5%

0

5

10

15

0

5

10

15

20

Q2/2016 Q2/2017

%Comparable EBITM€

124 104

0

50

100

150

Q2/2016 Q2/2017

M€ Comparable net sales

EBIT EBIT %

Group EBIT by quarters

9

8.0

5.4

9.6 9.7 10.6 11.0

8.5

14.015.0

13.112.0 12.1

16.0

14.0

8.4 8.9

12.0 12.0

0

5

10

15

20

Q1 Q2 Q3 Q4

M€

20172014 201620152013

Comparable figures

Group net sales by quarters

10

128117 123

11493

149133

142

124104

150127 135

103

131118 123

95

0

50

100

150

200

Q1 Q2 Q3 Q4

M€

20172014 201620152013

Comparable figures

Key figures, comparable income statement

4-6/2017

4-6/2016

1-6/2017

1-6/2016 2016

Net sales M€ 104.3 124.1 196.8 238.1 436.3

Change in net sales % -16.0 -12.3 -17.3 -9.8 -16.3

EBIT M€ 13.1 15.0 23.6 24.7 50.7

EBIT % 12.5 12.1 12.0 10.4 11.6

Depreciation and impairment M€ -2.8 -3.1 -5.4 -6.1 -11.3

EBITDA M€ 15.9 18.1 29.0 30.8 62.0

Financial items M€ -0.6 -0.9 -0.6 -1.8 -2.2

Earnings per share (EPS) € 0.06 0.07 0.12 0.12 0.2511

Key figures, balance sheet

1-6/2017

1-6/2016 2016

Equity ratio % 68.3 61.4 66.8

Gearing % 1.8 19.7 8.5

Net-interest-bearing debt M€ 5.3 59.6 26.7

Equity per share € 1.87 1.92 1.99

Investments M€ 8.3 8.3 18.3

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Benecol• Net sales in Benecol business at the comparison period level

without the pound conversion to euro• Net sales 31.1 (32.2) M€ • UK’s net sales increased in local currency

• Benecol’s EBIT decrease from the comparison period due to:• Weakening of the pound’s exchange rate• Increased raw material and production costs could not be

fully passed on to sales prices in the UK

• In UK, Benecol minidrinks to Marks & Spencer’s selection• In Finland, the distribution of Benecol products improved and

sales volume increased

• Intense price competition continued in Poland

• Benecol partners’ sales grew in Asia

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Healthy food

• Net sales increased by about 5%• Net sales 18.0 (17.1) M€

• Good sales development in Elovena products continued• Deliveries to the bakery industry increased• Net sales increased and EBIT improved in the Eastern

European operations

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Continued sales growth in Elovena snacks

• Strong sales growth in snack biscuits continues• Sales has tripled in six years• Elovena Dark Chocolate snack biscuit is one of

the best-selling biscuits in Finland• In the spring, Raisio’s extensive marketing campaign on

the pleasure of eating boosted interest in the brand and especially in our new products

• Consumers and the trade has welcomed healthy Elovena snack ice-cream

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New brand Nordic to the Central European markets

• Starring Finnish oat• Product range with snack biscuits and porridges• Nordic launched in Poland, available in stores during

the autumn• In July, a promotional campaign in the biggest beach

event for bloggers in Poland

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Confectionery• Net sales 24.1 (26.6) M€• The Czech business continued its steady performance,

in terms of net sales and EBIT• Sales growth in Pedro brand continued in

the Czech Republic and Slovakia• UK’s net sales and EBIT clearly down from comparison

period• Raisio continues solving operational problems at the UK

Leicester plant. Tackling the commercial challenges will take longer than expected

• In UK, clearly decreased sales for our branded products• Increased net sales and sales volume for Nimbus

Brand Division’s EBIT and net sales Q2

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14.2 12.3

16.1% 16.9%

0

5

10

15

20

0

5

10

15

Q2/2016 Q2/2017

%Comparable EBITM€

8873

0

20

40

60

80

100

Q2/2016 Q2/2017

M€ Comparable net sales

EBIT EBIT %

21

Brand Division’s EBIT by quarters

9.4

6.4

11.311.4 12.011.1

8.2

14.3 14.2

12.310.810.8

15.8

11.1 10.010.6

13.9 13.8

0

5

10

15

20

20172014 201620152013

Q1 Q2 Q3 Q4

M€ Comparable figures

21

22

Brand Division’s net sales by quarters

75 72

9490

72 78 74

9888

73 73 76

96

6878

8598

73

0

50

100

150

20172014 201620152013

Q1 Q2 Q3 Q4

M€ Comparable figures

22

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Raisioagro

• Net sales 34.3 (37.7) M€, -9%• Planned sales reduction in low-margin farming supplies• Fish feed season started later than usual due to cold spring• Net sales in grain trade increased

• Fast restructuring of milk farms continued• Demand for cattle feeds focused on the products of lower

added value• Raisioagro did not join the tightening price competition

• Increased cattle feed export to Russia• Russia actively developing its own milk production

• Increased fish feed export to Northwest Russia

Russia invests in milk production

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Over 3 million cowsin Russia

Avg. production /cow in Russia 4,500 (in Finland 8,800) litres / year

Volga federation 965,000 cows

Northwestern federation 233,000 cows

Central federation 724,000 cows

Number of dairy farmsin Finland

Raisioagro’s EBIT and net sales Q2

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Comparable EBITM€

38 34

0

10

20

30

40

50

Q2/2016 Q2/2017

M€ Net sales

1.4 1.3

3.8% 3.7%

0

1

2

3

4

5

0

1

2

3

4

5

Q2/2016 Q2/2017

EBIT EBIT %

27

Raisioagro’s EBIT by quarters

-0.6

0.00.1

0.0

-0.3

1.3 1.4 1.4 1.41.3

2.6

2.0

1.3

2.3

-0.3

0.0 0.0 0.0

-1

0

1

2

3M€ Comparable EBIT

Q1 Q2 Q3 Q4

20172014 201620152013

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Raisioagro’s net sales by quarters

5449

3327 24

7163

4538

34

76

54

4037

53

36

2825

0

40

80

Q1 Q2 Q3 Q4

M€

20172014 201620152013

Raisio revised its 2017 outlook on 21 July 2017

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For the full year 2017, Raisio estimates its comparable EBIT to be approximately EUR 45 million.

The outlook revision was due to the prolonged commercial and production challenges, lower than expected profitability and the weakening of the pound against the euro.

Exchange rates will continue to significantly affect Raisio’s EBIT. In line with the renewed strategy, Raisio continues to invest in brands, product concepts,

sales&marketing and to streamline its operations.

Wellbeing for lifeRaisio’s renewed strategy 2017 – 2022

Great place to workCompetence,

wellbeing & motivation

Investments in brands• Developing the brands with consumer insight• Activity in social media

Digital solutions• Wellbeing• E-commerce• Internet of Farming

New markets• Benecol and Nordic brands to Central Europe • Oat ingredients export globally• Feeds to Russia and the Baltics

New categories• Plant-based meals and meal components• Snacks and easy cholesterol lowering• Special feeds

• Enhancing wellbeing withthe most desired brands

• Sustainable growth for a better world

• Operational excellence

Core of the Raisio Group’s renewed strategy

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• An international brand company• Products and services promoting wellbeing and profitable growth• Plant-based, healthy and responsible foods, and feeds that meet consumer and

customer needs• Determined expansion into new markets and new product categories

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Raisio Group’s organic growth• Benecol

• New home markets in Europe• Securing sterol procurement• Novelties faster to the markets

• Confectionery• The UK unit’s turnaround• Growth in own branded products in the Czech Republic

• Healthy Food• New product categories and markets• Novelties faster to the markets

• Raisioagro• Investment in exports• Focus on value adding products and services

• Lean approach introduced in all businesses

Growth through acquisitions

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Company size• Net sales 50-80 M€, EBIT 10-15% • Or few smaller startups with great future

potential

Company type• Already profitable business (with growth

potential) or promising start-ups• Brands, knowhow, innovations

High level of interest

Medium level of interest

Not interested

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Mission

Raisio makes your world better.

Vision

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We enhance wellbeing and strive for sustainable growth with the most desired brands.

Raisio is a great place to work.