AS APF (EGG) H1 2025 earnings summary

Executive summary

• Achieved record operational and financial results in H1 2025, with 59 million eggs sold (23% YoY growth), revenue surpassing EUR 10 million (70% YoY growth), gross profit of EUR 4.3 million (183% growth), and EBITDA of EUR 3.5 million (250% growth).

• Completed a major investment phase, inaugurating three new facilities in Alūksne, boosting production capacity by 60% to 180 million eggs per round.

• EUR 5 million private bond placement completed, enhancing financial flexibility for future growth and reducing reliance on shareholder loans.

• FeedTech Squared/Fiteg² business line continued to develop, with a 32% repeat purchase rate and plans for expansion in the Baltics and Europe, supporting diversification and export opportunities.

• Fiteg² brand expanded in retail and sports nutrition, supporting diversification and export opportunities.

Financial highlights

• Revenue for H1 2025 reached EUR 10.0 million, up from EUR 5.9 million in H1 2024.

• Net profit reached a record EUR 1.7 million, reversing previous losses.

• Adjusted EBITDA tripled year-over-year to EUR 3.4 million, with EBITDA margin at 34%.

• Gross margin reached a record 43%.

• Return on equity (ROE) increased to 34%, and return on assets (ROA) to 12%.

Outlook and guidance

• 2025 revenue guidance raised to EUR 22.6 million (7% above previous), EBITDA guidance to EUR 7.1 million (18% above previous).

• Positioned for further growth in H2 2025, leveraging new infrastructure, strong financing, and brand development.

• Growth drivers include full utilization of expanded capacity, further cage-free transition, and FeedTech Squared expansion.

• CapEx for next investment phase (three new barns) expected at EUR 22 million, completion in 2027.

• Focus remains on disciplined capital allocation, market agility, and long-term value creation.