Does anyone know what Raision’s significant rise today is based on? Is it just (with a delay) last week’s announcement of the organizational restructuring?
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Good question, but I don’t have a good answer. There seemed to be several atypical large trades for Raisio, which usually has low trading volume, in the size class of 30,000-60,000 units. At least I can still add that I don’t remember such a price increase for Raisio. Perhaps at most when there was hype about a miracle feed that was supposed to change the boundary conditions of cattle farming.
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For my part, it’s pointless speculation, but what if Raisio has found something to buy. And if it turns out to be a good deal, someone has indicated they are willing to buy shares with a large percentage increase. However, in these cases, information first spreads to a small circle.
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I’ve noticed this topic has been touched upon before, but to me, it’s a bit like “virtue signaling” type of marketing when products are marketed as healthy, but there’s so much sugar that you’ll get diabetes from these products if you eat them.
I was looking at product labels again, and for example, the new Elovena Big oat bar weighs 48g and has almost 10g of sugar. This is not an “isolated case”; sugar doesn’t seem to be spared in any product.
Is it that I just don’t know how to interpret nutritional information, or that it’s some less processed, “healthier” sugar, or are Raisio’s, especially Elovena’s, products actual diabetes bombs?
As an investor, one wonders how important consumer trust is. For products to be left on the shelf, all it takes is one Yle MOT program about misleading health claims involving Raisio.
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It largely depends on what you compare it to. “Elovena dark chocolate soft oat bar” has 18% sugars (this seems to be the primary amount in Elovena bars) and “Elovena 100% oat snack biscuit blueberry & white chocolate” contains 13% sugars. The latter is advertised on Kesko’s website as follows: “High-fiber biscuit contains 30% less sugar than snack biscuits on average.”
If we compare them to other bars, the amount of sugar in candy/chocolate bars seems to be around 50%. Typical international brand snack bars (Nestle, Alpen, Corny, etc.) seem to be around 25%. For example, a Piltti bar (Nestle) has 35% sugar! Of course, completely sugar-free options can be found on the protein bar shelf, but those are also sweetened with artificial sweeteners.
If we look at the nutritional content in other respects, Elovena bars are completely superior in terms of fat and fiber when compared to competitor products. The amount of hard fats in competing bars is many times higher, and they provide hardly any fiber.
In this sense, it could be stated that Elovena bars are a healthy alternative to other snack bars on the market. Of course, the healthiest option of all is not to eat bars at all and focus solely on oatmeal and berries/fruits. However, it is likely that not all consumers are switching to just oatmeal due to taste preferences and the hustle and bustle of everyday life.
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Well analyzed! I don’t have the competence to evaluate nutritional issues in these (or any) respects.
Relatively, the amount of sugar is small, but absolutely, the amount of sugar sounds quite large to a layperson like me. I don’t know how dangerous those amounts of sugar are, but the idea has ingrained itself in my mind that processed sugar is a poison that should be avoided at all costs for the sake of teeth and general health. However, this perception might be precisely because I am a layperson and not even a rudimentary expert in the field.
Nevertheless, one would hope that sugar could be replaced with a sweetener that is otherwise not harmful to health, without compromising on taste. Perhaps Raisio’s product development will someday find an innovation for this too.
Healthiness and related claims are quite sensitive, and restoring trust is expensive if it is ever lost. As I understand it, healthiness is Raisio’s spearhead, aiming to achieve slightly better margins. In this, they also seem to have succeeded so far when looking at the numbers.
In @Karo_Hamalainen’s interview was Raisio’s CEO Pasi Flinkman. 
Raisio is exceptionally international for a Finnish food company: half of its consumer-branded sales come from outside Finland.
Raisio’s international presence is practically Benecol, which has a strong position not only in Finland but also in Great Britain, Ireland, and Poland, but Raisio has a strong desire to also take the health message of oats and the Elovena brand abroad.
Pasi Flinkman started as Raisio’s CEO a year ago and has shaken things up. The new strategy, focusing on Benecol and Elovena, exudes a desire for growth. Growth is also sought through acquisitions, although Raisio’s history in this regard is not particularly encouraging.
A strong balance sheet provides opportunities even for large deals, and on the other hand, due to the quiet exit market in recent years, private equity investors, for example, have pockets full of targets they are trying to divest. Flinkman doesn’t promise anything about the schedule.
”We want to make sensible deals, value-creating transactions, instead of wanting to achieve something quickly," he says.
In collaboration with: Raisio
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This topic has been touched upon at times, but what kind of pricing power does Raisio have in Finland?
This Finnish practical duopoly in the grocery trade is often criticized (rightly so). Raisio is one of those companies that has a name, and its products are practically a must-have in the selection if one wants to be a “serious” grocery store.
Is there a risk that Kesko and SOK will tell Raisio that they will no longer pay more than X€ for products, due to weakened consumer demand, price sensitivity, etc. etc. etc.?
Is Raisio, due to its size and position, such that it is above such risks / the risk is practically non-existent?
Another point of frequent criticism is the insufficient compensation paid to producers. Raisio’s most influential owner is MTK. They surely hope that producers get a good price for their harvested crops. And this is what MTK should do, as it is, after all, an advocate for producers. Could this lead to some conflict of interest between Raisio, its other owners, and on the other hand, MTK / the farmers it represents? MTK as an owner can also be a strength; considering producers (if they do so) can be a competitive advantage when competing for producers. Is there any risk in this?
In Apetit’s case, the largest owner is Valio’s pension fund, but there isn’t as strong a connection between Apetit and Valio, let alone Valio’s pension fund, as there is between MTK and oat farmers in relation to Raisio.
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Here are Pauli’s comments, among other things, on the company’s new strategy and how the company reorganized its organization.
Raisio presented its new strategy at its Capital Markets Day at the end of May and reorganized its organization. In our opinion, the new strategy offers more concrete means to achieve growth in the long term. In the short term, the group’s earnings are supported, in addition to the growth of consumer products, by, among other things, the divestment of plant proteins and a relatively stable grain market. However, quarterly variation is expected in earnings development.
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Raision could very well price its products more aggressively and thus pay producers better for grain than currently. Other large mills (Vaasan, Fazer) would surely follow suit.
Why doesn’t this happen then? MTK’s internal tensions are at play in the background. So, as an owner, MTK has conflicting interests. For livestock farmers (especially pig and broiler), affordable grain is essential for survival. If the price of grain rises too much, it means difficulties for these producers. Thus, it is in the interest of some MTK members to keep the price of grain moderate, which in turn frustrates members focused solely on grain production.
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Here are Pauli’s preview comments as Raisio publishes its results on Tuesday.
We forecast earnings to have moderately declined year-on-year, when, for example, timing factors of high-margin plant stanol ester deliveries inflated earnings. Our expectations for the quarter and the full year 2025 are slightly below consensus. Overall, however, we see the company having made favorable progress, for example, in the area of consumer product sales growth. Refining the rather broad earnings guidance could be timely with the Q2 report, but we do not expect it to be a significant share price driver.
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Raisio’s H1 report released https://evermade-raisio-multisite-website.s3.eu-north-1.amazonaws.com/wp-content/uploads/2025/08/12075720/2025-08-12-Raisio-plc-Half-year-Financial-Report-January-June-2025.pdf
Revenue decreased slightly and Raisio fell slightly short of Inderes’ forecasts, but profitability was defended and it increased. This perhaps tells more about the current market. In the yoy half-year review, revenue remained at the same levels. The improvement in profitability is indeed positive. Credit for that! 
Overall, this report seems neutral or slightly positive to me, considering how much the consumer in Finland is on the ropes.
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Now that I’ve reviewed that report more closely, actually, in the Q2 yoy Breakfast & Snacking category, Finland B2C has grown slightly, and in the Heart Health category, UK is flat and Finland has grown. Sales have been weak in the Food solutions and Other categories.
" The decline in net sales in Food Solutions was driven by lower raw material prices, which also had a downward impact on sales prices. At the same time, competition in the sector is fierce, while industrial customers are expecting a decline in demand for their end products. Raisio’s brands are growing slightly faster than the market as a whole, but the overall market development remains slow due to continued consumer caution."
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A completely new job title, growth orientation through acquisitions would be noticeable: Raisio Oyj: Anni Palmio on nimitetty Raisio-konsernin yrityskaupoista vastaavaksi johtajaksi | Kauppalehti
Bachelor of Business Administration, Bachelor of Science in Economics and Business Administration Anni Palmio has been appointed M&A Director for the Raisio Group, effective September 1, 2025.
Anni Palmio moves to Raisio from the food and beverage company Paulig (Oy Gustav Paulig Ab), where she has worked in various roles since 2014. Since 2019, she has led strategic projects and mergers and acquisitions at Paulig (Strategy and M&A Manager). Before Paulig, Palmio worked at Findus Finland and Haribo Lakrids Oy Ab.
In her role, Anni Palmio will report to Sari Koivulehto-Mäkitalo, a member of the Group’s Executive Board and Director of HR and Legal Affairs.
“Raisio’s strategy, announced in the spring, relies on three growth areas: breakfast and snack products, heart health products, and new business. New business includes research activities and acquisitions. Acquisitions can strengthen Raisio’s market positions, support the company’s current growth categories, or expand into new categories. We are pleased to welcome an M&A professional with strong FMCG experience to our team,” states Pasi Flinkman, CEO of Raisio.
The position of M&A Director, focusing on mergers and acquisitions, is new to the Raisio Group. In addition to this new role, Raisio has strengthened its M&A efforts by establishing a new Board M&A Committee in the spring. Its task is to assist the Board in M&A arrangements and in developing the company’s strategic work related to acquisitions.
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Here are Pauli’s quick comments on the morning’s Q2 results.
The report was financially stronger than expected, even though industrial sales of grain products decreased more than expected. The company reiterated its rather broad guidance for 2025, indicating growing comparable operating profit. Good Q2 results may lead to moderate positive changes in consensus earnings estimates. The company’s press conference will be presented as a webcast starting at 12 PM.
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Here is the Q2 interview with the CEO and CFO. In addition to revenue and profit, the video discusses, among other things, the sales development of Elovena abroad and a new ingredient.
Topics:
00:00 Introduction
00:17 Q2 Summary
01:34 Elovena Products Abroad
03:48 Investment Targets for Benecol in the UK
06:03 Improving Ingredient Sales and its Profitability
07:43 New Product and its Commercialization
11:03 Guidance and Outlook for H2
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Pauli has been working diligently this evening and has completed a new company report on Raisio.
The Q2 report, in our view, offered a positive signal regarding Raisio’s profitability development, driven by growth in consumer brand sales. Challenges in the competitive landscape of low-margin industrial sales were reflected in a decrease in revenue, but we believe this has a relatively small impact on the overall earnings outlook. The stock’s valuation is already quite affordable based on the current year’s earnings and, together with the dividend, offers a reasonable return. The company’s recent strategy could, in a positive scenario, help strengthen its value creation profile, which would provide clearer upside potential in the valuation. We raise our recommendation to Add (previously Reduce) and our target price to 2.6 euros (previously 2.4 €).
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Indeed, the current guidance seems quite modest, considering that H1 is already at €2.3 million and H2 is further supported by the divestment of plant-based protein products by €1 million. Overall, the product mix has been favorable in terms of profitability this year.
“Raisio guides for the comparable operating profit for the financial year 2025 to grow
compared to 2024 (€23.4 million).”
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OP upgrades its recommendation to BUY and reiterates its target price of €2.8.
“Raisio published a mixed Q2 report, with sales falling slightly short of forecasts, but profitability continuing to improve faster than expected. In addition, the company changed its reporting structure to align with the new strategy and appointed a new Head of M&A. In our view, the company’s growth relies heavily on corporate acquisitions, which can serve as a strong value driver in the coming years. Forecast changes remained moderate, due to which we maintain our target price at €2.80. Due to the increased return potential following the share price decline, our recommendation rises to BUY (previously ADD).”
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Here are Pauli’s preliminary comments as Raisio reports its Q3 results next week on Tuesday.
We estimate that the company’s positive earnings development continued in Q3, supported by, among other things, the divestment of plant proteins, positive volume development especially in Elovena products, and a stable cost environment. The company continues its systematic work to grow its consumer business, but grain price developments may have a small negative impact on revenue, mainly through B2B sales. In our view, the company could specify its earnings growth in the Q3 report.
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