AS APF (EGG) investor relations material

Executive summary

• Achieved record financial performance in FY2025 with revenue reaching €24.3 million, up 92% year-over-year, adjusted EBITDA at €9.2 million (+257%), and net profit at €5.2 million, driven by strategic expansion, new facilities, and product innovation.

• Expanded production capacity by 60% through major investments, including new barns and a liquid egg processing plant, and launched new functional nutrition products and packaging formats.

• Rebranded and restructured under Agrova International/Baltics, consolidating over 81% of shares, acquiring a top UK egg producer, and expanding the Supervisory Board.

• Achieved international certifications (ISO 50001, BRCGS), secured a €5 million bond placement, and signed a market maker agreement to enhance capital markets presence.

• Launched new product lines, including Fiteg² nutrition, and expanded into health and sports nutrition, with best-selling SKUs boosting market share and a 24% repeat purchase rate.

Financial highlights

• Revenue reached €24.3 million, up 92% year-over-year, with gross profit at €10.8 million (44% margin) and net profit at €5.2 million (21% margin).

• Adjusted EBITDA rose 257% to €9.2 million, with EBITDA margin near 40% and EBIT margin at 27.9%.

• Return on equity reached 48.1%, and P/E ratio improved to 5.5x.

• Earnings per share increased to €0.9 from negative in the prior year.

• 146 million eggs sold, up 47% year-over-year.

Outlook and guidance

• Next investment phase of €30 million planned for 2026–2027, adding three new barns and increasing cage-free capacity.

• Targeting 90% cage-free production by 2027 and full transition by 2028.

• Focus on premium, branded, and value-added products, direct-to-consumer growth in functional nutrition, and export market expansion.

• No specific financial targets for 2026 due to geopolitical uncertainties, but margins expected to remain strong.

• Continued investment in production capacity, efficiency, and product portfolio expansion is planned.