HKFoods (HKSAV) Q2 2025 earnings summary

Executive summary

• Comparable EBIT margin and profitability improved year-over-year and sequentially, driven by efficiency gains and a better sales mix, despite lower net sales from strikes and beef shortages.

• Retail sales increased, especially in poultry and meat, while food service sales remained stable and exports declined.

• Investments in Eura completed and Vantaa progressing, supporting strategic growth in meals and snacks.

• The Polish bacon unit will remain part of the group after a strategic review, focusing on core business competitiveness.

• Sustainability efforts recognized with inclusion in the Financial Times' Europe's Climate Leaders list for the fifth consecutive year.

Financial highlights

• Q2 2025 net sales: €245.7M (down 3.5% YoY); H1 2025 net sales: €479.4M (down 0.8% YoY).

• Q2 2025 comparable EBIT: €6.5M (+45.9% YoY); H1 2025 comparable EBIT: €11.1M (+91.4% YoY).

• Q2 2025 profit for the period: €2.0M (vs. -€1.7M YoY); H1 2025 profit: €2.8M (vs. -€5.5M YoY).

• Q2 2025 EBITDA: €13.3M (vs. €11.4M YoY); H1 2025 EBITDA: €25.4M (vs. €20.3M YoY).

• Cash flow from operating activities Q2 2025: €21.2M (vs. €13.1M YoY); H1 2025: €16.6M (vs. €14.9M YoY); net debt decreased to €156.3M.

Outlook and guidance

• 2025 outlook unchanged: comparable EBIT expected to grow compared to 2024.