AS APF (EGG) H2 2024 earnings summary

Executive summary

• Produced and sold 99 million eggs in 2024, a 6% decrease from 2023 due to deliberate capacity reduction in response to third-country imports.

• Revenue reached EUR 12.7 million, down 5% year-over-year; EBITDA was EUR 2.6 million, a 7% decrease.

• Gross profit hit EUR 3.7 million with a 29% margin, the highest in company history.

• Transitioned to 100% green electricity from July 2024, using hydro and solar sources; commissioned a solar park covering 25% of annual consumption.

• Launched new products and expanded partnerships, including entry into sports nutrition and e-commerce with Fiteeg².

Financial highlights

• Sales volume and revenue declined due to market conditions and strategic production cuts.

• Feed expenses reduced by over EUR 1.2 million, driven by lower production and stabilized feed prices.

• Net loss for the year was minimal at EUR 5,000, mainly due to asset write-offs during investment phase.

• Net debt/EBITDA ratio slightly above 2, considered sustainable.

• Adjusted EBITDA margin was 20.4%, down from 21.0% in 2023.

Outlook and guidance

• Targeting a 60% increase in egg production and revenue for 2025, aiming for EUR 21 million in revenue.

• EBITDA expected to reach EUR 5.98 million in 2025, a 131% increase.

• New laying hen facilities and expanded product lines to be fully operational by May 2025, increasing annual output by 73 million eggs.

• Plans to achieve 20% market share in Latvia and 10% across the Baltics for liquid egg products.

• Continued expansion of e-commerce and preparation for further capacity investments in 2026.