AS APF (EGG) H1 2025 earnings summary

Executive summary

• Achieved record operational and financial results in H1 2025, with 59 million eggs sold (23% YoY growth), revenue reaching EUR 10 million (70% YoY growth), gross profit of EUR 4.3 million (183% growth), and EBITDA of EUR 3.5 million (250% growth).

• Net profit exceeded EUR 1.7 million, reversing previous losses, driven by operational improvements and higher sales.

• Expanded production capacity by 60% to 180 million eggs per round with three new facilities, positioning for further growth.

• FeedTech Squared (Fiteg²) business line developed with a 32% repeat purchase rate and expansion plans in the Baltics and Europe, supporting diversification and export opportunities.

• Strengthened market leadership in the Baltics, diversified sales across countries and channels, and completed a EUR 5 million private bond issue to enhance financial flexibility.

Financial highlights

• Sold 59 million eggs in H1 2025, up 23% YoY, with gross profit at EUR 4.3 million (183% growth) and adjusted EBITDA at EUR 3.4 million (250% growth).

• EBITDA margin at 34%, earnings per share at EUR 0.60, and price/earnings ratio at 8x.

• Net debt/EBITDA at 1.6x, reflecting a conservative leverage profile despite increased debt for expansion.

• Export income nearly tripled YoY, with exports now over 50% of sales, export volume up 59%, and turnover up 167%.

• Working capital exceeded EUR 5 million at period end.

Outlook and guidance

• 2025 revenue guidance raised to EUR 25.6 million (7% above previous), EBITDA guidance to EUR 8.5 million (18% above previous).

• Growth drivers include full utilization of expanded capacity, further cage-free transition, premium product focus, and FeedTech Squared expansion.

• CapEx for next investment phase (three new barns) expected at EUR 22 million, completion in 2027.

• Positioned for further growth in H2 2025, leveraging new infrastructure, strong financing, and brand development.

• Focus remains on disciplined capital allocation, market agility, and long-term value creation.