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Greenfood’s Interim report fourth quarter 2023 and year-end report

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Greenfood has released its interim report for the fourth quarter and year-end report for 2023, showcasing a strong performance fueled by Picadeli’s market expansion.

Interim overview 1 October – 31 December

  • Net sales for the quarter totaled SEK 1,331.1 million (1,344.1) a slight decrease caused by lower volume at Fresh Produce (-12.8 percent) with Bergendahls included in 2022.  Picadeli maintained strong business momentum with a 22.7% net sales increase, while Food Solutions showed a 4.8 percent increase.
  • Adjusted EBITDA with SEK 65.0 million (38.3) was significantly better than same quarter 2022. Out of the increase of SEK 26.7 million, Picadeli accounted for SEK 13.0 million and Food Solutions for SEK 11.8 million. The majority of Food Solution’ improved performance was generated in Finland,following plant consolidation performed during 2022
  • Operating profit/loss amounted to SEK 1.1 million (-29.9), confirming operational turnaround generating profit even though turnover is seasonally low.

Full year overview 1 January - 31 December

  • Net sales YTD amounted to SEK 5,687.2 million (5,238.8), an increase of 8.6 percent. Picadeli’s expansion led this growth with an increase of 32.4 percent, Food Solutions grew with 12.3 percent, while Fresh Produce shows stable volumes year-over-year.
  • Adjusted EBITDA reached SEK 311.4 million (219.0), an increase of SEK 92.4 million. Picadeli improved adjusted EBITDA with SEK 75.3 million or 72.1 percent, leveraging growth, opening new stores, and achieving higher sales per store. Food Solutions delivered an adjusted EBITDA of SEK 92.5 million (63.6), an improvement materially generated in the newly centralized and consolidated Finnish operation. Fresh Produce generated an adjusted EBITDA of 88.9 MSEK (96.4), negatively affected by merging activities related to the Greenhouse and adjustment to a reduced volume to retail related to the Bergendahls contract.
  • Operating loss YTD amounted to SEK -0.2 (-40.5) million, affected negatively by non-recurring items (NRI) of SEK -94.0 million mainly related to the Greenhouse move and unestablished operations of SEK -29.0 million.
  • Cash flow from operations YTD ended at SEK 93.7 million (146.9), a negative change of SEK 53.2 million, mainly attributable to paid interest expenses that increased with SEK 72.4 million.

The full report is available at https://greenfood.se/reports-and-presentations

This information is information that Greenfood AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-02-28 09:05 CET.

För ytterligare information, kontakta:
Mattias Engberg, CFO, Greenfood AB (publ)
mattias.engberg@greenfood.se

Greenfood is a leading food group in the Nordic region, specializing in healthy eating, with a history that spans over 50 years. Our operations are extensive, encompassing the entire food chain through our three business areas – from cultivation and processing to delivery, and right up to the moment when the consumer takes a bite of their meal. Greenfood's business divisions include Picadeli, Food Solutions, and Fresh Produce. Notable brands within the group include Picadeli, Green Deli, Daily Greens, SallaCarte, and Ahlgood. For more information, visit www.greenfood.se.

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