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.
This was indeed interesting, that despite declining revenue, the result is growing. They are now doing something really right there. The share price increase that started from the lows of early last year will likely continue.
SEB still on the buy side, from Kauppalehti’s quick news: SEB lowered Raisio’s share target price to 2.90 euros from 3.00 euros. Recommendation still buy
Here are Pauli’s quick comments after Raisio published its results this morning.
Revenue growth was stronger than expected, but the result slightly missed expectations. The company guides for revenue and comparable EBIT to strengthen during 2026, which is in line with our expectations. The Board proposes an increase in dividend payment, whereas we expected stable dividend development. Overall, we consider the Q4 report to be fairly neutral relative to expectations.
Pauli Lohi interviewed Raisio’s CEO Pasi Flinkman regarding Q4 and the company’s outlook, among other things.
Topics:
00:00 Introduction
00:15 Profitability in Q4
01:35 Continued growth driven by new products
03:10 Profitability of the oat dairy
04:37 Expansion of Elovena products into new markets
08:03 Heart Health marketing investments and their objectives
09:20 Guidance for 2026
10:36 Readiness for acquisitions
Here is the company report on Raisio in Pauli’s style.
The Q4 report moderately confirmed the outlook for the company’s organic growth in the coming years. Consumer sales are developing well through strong brands, most notably Elovena’s long-standing upward trajectory in the Finnish market. Additionally, the company has managed to offset the decline in revenue in lower-margin segments through competitiveness-enhancing measures. Earnings growth in 2026 may remain moderate due to the ERP project, but as high-margin brand sales progress, growth could be more strongly reflected in the bottom line from 2027 onwards. We reiterate our add recommendation and raise the target price to EUR 3.0 (prev. EUR 2.8) as growth prospects strengthen.
Greetings to everyone interested in Raisio. I am the CEO of Raisio and new here in the Inderes discussions.
I thought I’d drop by from time to time to listen in and provide background on the company’s public matters where appropriate. I won’t comment on non-public information, but I am happy to guide you to the right sources. Nice to be here.
