Kri-Kri Milk Industry (KRI) investor relations material

Executive summary

• Sales grew 26% year-over-year to €204 million in H1 2026, driven by strong yogurt segment growth and robust export performance, especially in the UK and Italy.

• Net profit after tax surged 87.6% to €36.5 million, aided by a €5.7 million tax exemption benefit.

• EBITDA increased by 65.5% to €43.2 million, with gross profit margin improving to 32.4% from 27.5% year-over-year.

• Ice cream segment faced a decline in sales and profitability, impacted by market saturation and the loss of a major UK contract.

• Yogurt exports now represent up to 67% of total sales, with exports up 46.8%.

Financial highlights

• H1 2026 sales: €203.9–204 million (+25.9–26% YoY); yogurt sales: €172.7 million (+35.3% YoY); ice cream sales: €30 million (-8.1% YoY).

• Gross profit: €66–66.1 million (+48.5% YoY); gross margin: 32.4% (up from 27.5%).

• EBIT: €39.4 million (+70.6% YoY); EBIT margin: 19.3% (up from 14.3%).

• EBITDA: €43–43.2 million (+65–65.5% YoY); margin: 21.2%.

• Profit after tax: €36.5 million (+87.6% YoY), including €5.7 million tax relief.

Outlook and guidance

• Full-year 2026 sales expected at €400 million, mainly from yogurt export growth.

• Full-year EBIT forecast revised to €57–58 million, slightly below initial €60 million target due to cost pressures.

• CAPEX for 2026 projected at €26–30 million, with heavy investment planned to expand yogurt production capacity.

• Management anticipates continued strong growth and high profitability despite geopolitical and cost headwinds.

• Price increases likely in late 2026 or early 2027 if cost pressures persist.