Greenfood has released its interim report for the second quarter of 2024, delivering on strategic priorities with a 20.9% earnings growth.
- Net sales for the quarter totaled SEK 1,525.6 million (1,524.4), a marginal increase of 0.1 percent, with Fresh Produce down -7.1 percent due to low business activity in food service and consumers trading down to more affordable options. Picadeli and Food Solutions maintained expected momentum, growing by 10.0 and 7.3 percent, respectively.
- Adjusted EBITDA of SEK 120.0 million (99.3) was significantly better than Q2 2023. The increase of SEK 20.7 million was driven by improvements in all business areas. Picadeli grew behind more installed salad bars and strong earnings per store, Food Solutions and Fresh Produce grew due to synergies from the 2023 Greenhouse facility consolidation.
- Operating profit amounted to SEK 54.2 million (2.3), an improvement due to successful operational changes and growth projects in Picadeli and Food Solutions.
- Group net result amounted to SEK -11.7 million (-60.7) mirroring effects from operational improvements partially reduced by higher underlying interest rate year-on-year.
The full report is available at https://greenfood.se/reports-and-presentations
For more information, contact:
Martin Asp, CFO, Greenfood AB (publ)
martin.asp@greenfood.se
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.
