Vilkyskiu pienine (VLP1L) Q2 2024 earnings summary

Executive summary

• Consolidated sales turnover reached EUR 117 million in H1 2024, up 12.9% year-over-year, with net profit at EUR 10.5 million, more than doubling from H1 2023.

• EBITDA rose to EUR 13.4 million, and 86% of sales were exports to over 60 countries.

• The Group launched a EUR 50 million investment project for new cheese production capacity in Latvia, with completion planned by 2026.

• Vilkyškių pieninė ranked 3rd among Lithuania's most sustainable food and beverage brands in 2024.

Financial highlights

• Revenue: EUR 117.1 million (+12.9% vs. H1 2023).

• Net profit: EUR 10.5 million (+113% vs. H1 2023).

• EBITDA: EUR 13.4 million (+74% vs. H1 2023); EBITDA margin 11.4% (up 4 p.p.).

• Gross profit: EUR 16.3 million (+61% vs. H1 2023); gross margin 13.9% (up 4 p.p.).

• Net profit per share: EUR 0.88 (+113% vs. H1 2023).

Outlook and guidance

• The Group expects continued strong demand for cream and cheese products, with price growth anticipated to persist through year-end.

• The EUR 50 million investment in Latvia is expected to expand cheese production capacity by 2026.

• Ongoing focus on innovation, sustainability, and expanding global market reach.