Kaisa and Pauli have prepared a pre-earnings report on HKFoods :), as the company will publish its Q1 report on Wednesday, May 6. 
We expect revenue to have turned to growth and adjusted operating profit to have improved from the comparison period, supported by operational efficiency and a better sales mix. However, we have slightly lowered our earnings forecasts for the current year due to cost pressures and typical delays in pricing. Based on our forecasts assuming moderate earnings growth, the stock’s valuation (2026e adj. EV/EBIT: 9x) is neutral, and the expected return on a one-year horizon remains sluggish in our view. Consequently, we are lowering our recommendation to Reduce (prev. Accumulate) and our target price to EUR 1.70 (prev. EUR 2.00), reflecting the forecast changes.