AS APF (EGG) H1 2024 earnings summary

Executive summary

• Sold 48 million eggs in 1H2024, a 7% year-over-year decline, with revenue of €5.91M and gross profit of €1.51M, both down year-over-year.

• EBITDA for 1H2024 was €1M, a 49% decrease compared to 1H2023; adjusted EBITDA was €960K, 4% higher than 2H2023.

• Net loss in 1H2024 was €477K, driven by lower operational profit and a €275K–€285K write-off of fixed assets.

• Cage-free egg production increased 51%, reaching a 78% share of total output in 1H2024.

• Launched new cage-free products and expanded Baltic retail partnerships.

Financial highlights

• Revenue declined 15% year-over-year to €5.91M in 1H2024.

• Gross profit was €1.51M, down 31% year-over-year.

• Adjusted EBITDA dropped 49% to €960K compared to 1H2023.

• Net profit turned negative, with a loss of €477K in 1H2024 versus a profit of €802K in 1H2023.

• Adjusted EBIT margin was 2.8% in 1H2024, down from 15.2% in 1H2023.

Outlook and guidance

• Expanded warehouses and egg processing facilities to be operational by October 2024.

• Launch of liquid egg products planned for October 2024, transitioning to a broader food manufacturing model.

• Management expects sector stabilization within 2–3 months after EU import tariffs on third-country eggs.

• Completion of a fourth barn expected in the second half of 2024.

• Ongoing investment phase IV is on track, with secured long-term financing and continued focus on cage-free transition.