AS APF (EGG) H2 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025 with 92% revenue growth to EUR 24.3 million, 257% EBITDA increase to EUR 9.2 million, and net profit at EUR 5.2 million.

• Completed major expansion, including new hen houses, liquid egg processing plant, warehouse, and three new production facilities in Alūksne, increasing capacity by 50–60% to 180 million eggs/year.

• Launched new SKUs and expanded into health and sports nutrition with Fiteg² product line, which showed strong growth and a 24% repeat purchase rate.

• Underwent corporate rebranding, unifying under Agrova Baltics and forming Agrova International as holding entity.

• Acquired Sunrise Group in the UK at the shareholder level, enhancing group stability and risk diversification.

Financial highlights

• Revenue up 92% year-over-year to EUR 24.3 million; EBITDA up 257% to EUR 9.2 million; gross profit up nearly 200% to EUR 10.8 million (44% margin); net profit reached EUR 5.2 million (21% margin).

• EBITDA margin reached almost 40%; adjusted EBITDA margin at 37.9%.

• Return on equity exceeded 48%.

• Earnings per share nearly €1; price-to-earnings ratio at 5.5x.

• Net debt to EBITDA reduced to 1.2%; working capital exceeded EUR 7 million.

Outlook and guidance

• Next investment phase of €30 million planned, with completion expected in 2026 and early 2027.

• Plan to construct three new barns, increasing cage-free production to 90% and targeting 100% cage-free by 2028.

• Continued investment in production capacity, efficiency, and product portfolio expansion, with focus on higher value-added egg protein products and export growth.

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