Kri-Kri Milk Industry (KRI) investor relations material

Growth drivers and market position

• Greek yogurt benefits from demand for natural, less-processed, high-protein foods, alongside interest in gut health and indulgent dairy.

• UK Greek yogurt market reached €319m in 2025, up from €218m in 2024; stated CAGR was 44%.

• UK yogurt market data show authentic Greek yogurt at €319m, Greek-style at €421m and total yogurt at €2.28bn; growth rates were +52%, +7% and +11%, respectively.

• Yogurt exports grew in major markets, including the UK (+67%) and Italy (+31%), and represented 75% of total yogurt sales.

Capacity investment and strategy

• Planned 2026–2030 CAPEX totals €127m: €28m in 2026, €26m in 2027, €23m in 2028, then €25m annually in 2029 and 2030.

• Planned yogurt production capacity versus 2025 rises to 20% in 2026, 76% in 2027, 100% in 2028, 164% in 2029 and 196% in 2030.

• Investment is intended to ease capacity constraints and capture strong Greek yogurt demand and opportunities in other countries.

• Strategic partnerships with large European dairies are identified as a route to further UK market penetration.

H1 2026 performance

• Sales were €203.9m, up 25.9% YoY; gross profit was €66.1m, up 48.5%.

• EBIT was €39.4m, up 70.6% YoY; EBIT margin was 19.3%, versus 14.3% in H1 2025.

• Profit after tax rose 87.6% YoY to €36.5m; EBITDA increased 65.5% to €43.2m.

• Yogurt export sales were €129.4m, up 46.6%; export EBIT was €28.4m, up 100.7%.

• In Greece, the yogurt market grew 11.3% in value and 8.6% in volume; branded market share declined amid competition and consumer shifts to private label.