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Greenyard shows record-high results, crossing €5bn sales

Greenyard shows record-high results, crossing the €5bn sales and Adjusted EBITDA increasing 11,5% to € 186,5m. Francis Kint, Greenyard CEO said: "We are very proud to realise these results in a challenging environment, characterised by a second year of inflation. Greenyard improved both in volume and prices."

"The Long Fresh segment (frozen and ambient fruit and vegetable product categories) reached sales just shy of the € 1bn sales mark, whilst further strengthening the operational profitability margin. This is the result of a successful expansion in value-added convenience products, e.g., by adding a line of frozen pure-plant gelato products. In turn, the Fresh segment has continued to expand its business with key ICR customers (ICR stands for Integrated Customer Relationships).

Both segments benefit from the trend of consumers seeking to increase the intake of fruit and vegetables in all its forms, to eat healthier and consume food that is produced in sustainable food chains. The achievements during this fiscal year and our plans to increase margins by focusing even more on our strongest business units, makes us confident to reach the € 200m-€ 210m Adjusted EBITDA level by full year 2025/26," Kint stated.

Key highlights

  • Significant increase in net sales (like-for-like): + 10,9% to € 5,1bn, crossing the
    € 5bn sales mark for the first time in Greenyard's 40-year history;
  • With an 11,5% growth, Adjusted EBITDA increased even faster than net sales, landing at € 186,5m, above earlier guidance of € 175-€ 180m;
  • Net result increased by 63% to € 15,2m resulting in an increase of EPS from 16cts to 28cts;
  • Net Financial Debt drops by another 4% to € 266,3m, despite the impact of inflation on the value of the inventories and more investments;
  • Leverage of the Group drops below 2,00x to 1,87x;
  • Greenyard's Board of Directors will present to its shareholders at the Annual Shareholders' Meeting on 20 September 2024 its proposal to increase the dividend by 150% from € 0,10 to € 0,25 per share for the full year ended March 2024;
  • Greenyard reiterates its estimates to reach net sales of € 5,4bn and an Adjusted EBITDA of € 200-210m by full year 2025-2026 (financial year ending in March 2026).

A live webcast of the results call will be available on Greenyard's Investor Relations webpage in the subsequent days.

For more information:
Email: [email protected]

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