Kri-Kri Milk Industry (KRI) H1 2025 earnings summary

Executive summary

• H1 2025 sales increased 23.7% year-over-year to €161.9 million, driven by strong export growth in yogurt and ice cream.

• Yogurt exports now account for 70% of total yogurt sales, with significant growth in the UK (+56–60%) and Italy (+19%).

• Net profit after tax declined 26.1% year-over-year to €19.4 million, reflecting margin pressures from higher input and raw material costs.

• Domestic yogurt sales rose 4.4%, while domestic ice cream sales increased 6%, but branded yogurt market share declined due to private label growth.

• Ice cream export sales grew 42.7%, supported by Greek frozen yogurt and new private label contracts.

Financial highlights

• Gross profit margin declined to 27.5% from 34.6% year-over-year, mainly due to higher input and raw milk costs.

• EBIT margin was 14.3% (down from 20.6% in H1 2024), and EBITDA margin was 16.1% (down from 22.5%).

• EBIT reached €23.1 million and EBITDA was €26.1 million, both declining year-over-year.

• Profit after tax margin dropped to 12.0% in H1 2025 from 20.1% in H1 2024.

• Free cash flow to the firm was negative at -€7.3 million, compared to -€3.1 million in H1 2024.

Outlook and guidance

• Full-year sales are expected to exceed €300 million, with EBIT margin guidance around 14%.

• CAPEX for the year is projected between €21 million and €25 million.

• Margin recovery is anticipated in H2 2025, supported by targeted price adjustments and signs of easing raw milk prices.

• Greek Yogurt Dynamo project will double yogurt production capacity by 2027, with a €52 million budget and €23 million in expected tax relief.