Greenfood’s interim report second quarter 2022

The second quarter of the year was characterised by a focus on execution, with increased business traction for Picadeli, Greenfood’s high-tech, sustainable salad concept.

Summary of period 1 April – 30 June

• Net sales for the period totalled SEK 1,391.6 million (1,117.3) an increase of 24.5%.
• Adjusted EBITDA improved significantly with SEK 18.9 million to SEK 69.5 million (50.6) compared with the second quarter 2021.
• Operating profit/loss amounted to SEK 4.4 million (7.9) including non-recurring items of SEK -3.8 million (-0.1) and expenses from unestablished businesses of SEK -6.7 (-2.1) million. Adjusting for these issues, the operating result increased with SEK 3.2 million versus last year. This improvement was mainly generated through sales growth in Picadeli. Impairment of assets affect the result with SEK -8.0 million (0.0) in the second quarter.
• Cash flow from operations reached SEK 91.1 million (73.5).
• Group net result amounted to SEK -22.9 million (-15.0).

Significant events during the quarter

• At the beginning of the second quarter, the Fresh Produce business area signed a cooperation agreement with Agtira, a provider of eco-system solutions for, among other things, cultivating vegetables in an urban environment, so called vertical farming. Through this agreement, the companies will cooperate in marketing urban grown products under the brand “City Greens”.
• At the end of the quarter, Greenfood signed a supply chain agreement with Dagab, a part of Axfood, for fruit, vegetables and Fresh Cut products.
• Picadeli made a strategic decision to focus its restaurant operations on franchise owned solutions, concentrating resources to generate growth in core operations.

The full report is available on Greenfood's website

For further information, contact:
Mattias Engberg, CFO, Greenfood AB (publ)
mattias.engberg@greenfood.se

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