Greenfood AB (publ) publishes trading update

Greenfood AB (publ) announces a trading update on its financial performance for July, as well as August net sales for Picadeli.

LTM adjusted EBITDA for the Greenfood Group reached an all-time high at SEK 363 million by the end of July.

The Greenfood Group reports a slight decline in overall net sales of 2%, from SEK 3,411 million to SEK 3,331 million for the seven months ending 31 July 2024. However, the group achieved a significant increase in profitability, with adjusted EBITDA increasing by 30%, to SEK 225 million compared to SEK 173 million for the same period in 2023.

The Picadeli business area accelerated growth again after challenging weather conditions in Q2 2024. Net sales in July and August grew by 20% compared to the same period last year. For the seven months ending 31 July 2024, Picadeli’s net sales increased by 12%, to SEK 1,090 million, and adjusted EBITDA improved by 26% compared to the same period last year.

For the first seven months of the year, the Food Solutions business area grew 4% in net sales, increasing from SEK 702 million to SEK 731 million compared to same period in 2023. Adjusted EBITDA increased by 31% compared to the same period last year, supported by consolidations and new customer acquisitions in Denmark and Sweden.

The Fresh Produce business area faced challenges, with net sales declining by 11% due to weakened channel-specific consumer sentiment. However, the focus on consolidation and margin improvement led to a 16% increase in adjusted EBITDA compared to the same period last year.

Contact:
For further information, please contact: Martin Asp, CFO, Greenfood Group
Email: martin.asp@greenfood.se

This press release is information that Greenfood AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 20.00 CEST on 4 September 2024.

The information in this press release (the “Information”) is being provided solely for information purposes and does not constitute or form part of, and should not be construed as, an offer or the solicitation of an offer to subscribe for or purchase securities of Greenfood AB.

The Information contains unaudited preliminary financial information derived from Greenfood AB’s internal management accounts that has not been audited or reviewed by Greenfood AB’s auditors or any other auditor or financial expert. Hence, such financial or budgetary information may not have been produced in accordance with applicable or recommended accounting principles and may furthermore contain errors and/or miscalculations.

Certain financial data and information included in the press release consists of financial measures that are not recognized by IFRS or any other generally accepted accounting principles (the “Non-IFRS Measures”). These Non-IFRS Measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other measures determined in accordance with IFRS. You are cautioned not to place undue reliance on any Non-IFRS Measures or operating data included herein. Furthermore, the Information includes adjustments to EBITDA.

Although Greenfood AB believes the Information, including any adjustments, to be reasonable, actual results may vary from the information contained herein and such variations could be material. As such, you should not place undue reliance on such financial information, and it should not be regarded as an indication that it will be an accurate prediction of future events or as a representation or warranty as to the accuracy or completeness of such financial information’s portrayal of Greenfood AB’s financial conditions or results of operations.

About Greenfood
Greenfood is a leading European player creating healthy and sustainable food that is tasty, affordable, and easily accessible. From Picadeli’s self-service salads and ready-made meals to fruits and vegetables directly from farms spread across a large part of the world. Through our three business areas, Greenfood provides fresh, healthy, plant-based food at various stages of processing to customers in convenience and retail, as well as hotels, restaurants, and catering.

For 2023, Greenfood’s turnover amounted to SEK 5.7 billion and the Group operates in eight countries across Europe as well as in the US with headquarters in the historic heart of the business: Helsingborg, Sweden. Greenfood’s portfolio includes several strong brands, for example: Picadeli, Daily Greens, SallaCarte, Green Deli, and Ahlgood. Read more at www.greenfood.se.

Greenfood’s climate targets are approved by the Science Based Targets initiative, with a commitment to substantially reduce CO2 emissions.