Kri-Kri Milk Industry (KRI) H2 2025 earnings summary

Executive summary

• Sales grew 28.2% year-over-year, reaching over €328 million, driven by strong export performance, higher volumes, and product innovation.

• EBITDA increased 13.4% to €48.3 million (margin 14.7%), and EBIT rose 13% to €42.1 million (margin 12.8%).

• Profit after tax slightly declined by 1.3% to €34.1 million, mainly due to reduced tax relief (€1.4 million vs. €5.3 million prior year).

• Yogurt export sales surged 45.7% to over €188 million, now 69–70% of total yogurt sales, with strong growth in the UK (+63%) and Italy (+25%).

Financial highlights

• Gross profit margin was 27%, down from 29.7% in 2024.

• Actual sales exceeded revised estimates of €300 million; EBIT target of €42 million was met, but EBIT margin missed by 1 percentage point.

• Energy costs were €7 million in 2025, about 3% of total costs.

• Proposed dividend is €0.45, up 12% from last year.

• Operating expenses rose 20.1% to €46.7 million.

Outlook and guidance

• 2026 sales expected above €390 million; EBIT forecast around €60 million, assuming no major geopolitical disruptions.

• Q1 2026 sales up over 30% with improved profitability margins.

• Margin improvement expected from lower raw material prices and price adjustments.

• CapEx for 2026 projected at €26–30 million, mainly for yogurt capacity expansion.