Vilkyskiu pienine (VLP1L) Q3 2024 earnings summary

Executive summary

• Launched a €50 million investment project in Latvia to expand cheese production, with completion targeted for 2025 and partial funding from the Latvian government and Citadele Bank loans.

• Achieved high sustainability rankings, placing 3rd among food and beverage brands in Lithuania and 16th among all brands in the Sustainable Brand Index 2024.

• Rebranded international products under the VILVI name, with updated packaging and a focus on consolidating brand identity.

Financial highlights

• Q3 2024 revenue rose 18.0% year-over-year to €181.5 million, reversing a 12.4% decline in the prior year.

• EBITDA increased 67.6% year-over-year to €24.8 million, with EBITDA margin improving to 13.7%.

• Net profit for the nine months reached €19.9 million, up 88.8% from the same period in 2023; profit margin rose to 11.0%.

• Earnings per share for the nine months were €1.67, up from €0.88 year-over-year.

• Net financial debt increased 45.7% year-over-year to €17.5 million.

Segment performance

• Cheese, cheese products, and other contributed €71.9 million (40% of revenue), up 10.3% year-over-year.

• Dry milk products generated €30.5 million (17% of revenue), up 9.9% year-over-year.

• Fresh milk products revenue declined 8.3% to €23.2 million (13% of revenue).

• Cream segment revenue surged 56.9% to €55.9 million (30% of revenue).