Fazer’s operations in Russia

We strongly condemn the war in Ukraine. Not only the society, but also businesses need to react to the current situation. We have been asked what we are going to do about our bakery business in Russia. This is a question for which there is no easy answer. In some sectors, a quick reaction is possible, but for instance in the food sector, there are specific obligations. We also wish to look at the situation from a humanitarian perspective. Bread is a staple food, and a sudden halt of production would cause major problems for the civilian population in St Petersburg and Moscow. So far, we have stopped all exports to Russia and suspended our investments there. Russian bakeries operate completely locally. We and the local management of the company are still bound by the obligation to comply with the law and also have a responsibility towards our employees. Russia's countersanctions and related sectoral legislation make structural and ownership changes very difficult, and we have to look for solutions accordingly.