Press release

KRI-KRI Milk Industry has released its annual financial statements for the fiscal year 2024.

Turnover amounted to €256.40m compared to €216.33m in 2023 (an increase of +18.5%).

Basic profitability measures were as follows:

• Gross profit amounted to €76.13m compared to €72.47m in 2023,
• EBITDA amounted to €42.60m compared to €45.12m in 2023,
• Profit before tax amounted to €37.57 compared to €40.30 in 2023,
• Net profit after tax amounted to €34.55m compared to €32.27m in 2023.

That strong increase in sales was driven primarily by yogurt exports (+32.5%), and secondarily by the ice cream segment (+19.4%). Operating profitability remained at high levels. However, it was adversely affected by the rise in milk prices during the second half of the fiscal year. Nevertheless, net profit after tax showed a positive year-on-year change, mainly due to the recognition of tax reliefs totaling €5.28m (2023: €1.01m), related to state subsidies on CAPEX projects.

In the yogurt segment total sales increased by +18.2% in value and by +19.5% in volume. Yogurt export sales show a strong double-digit growth of +32.5%, exceeding €129m. This boost in sales is contributed by the major markets of the UK (+43%) and Italy (+17%) as well as by the Company’s entry into new markets such as France.

In the domestic market, our yogurt sales reached €76m, almost stable in value, and slightly increased in volume terms (+4.5%). Price reductions aimed to support domestic consumption. In terms of market dynamics, the shift of consumers toward private label yogurts continues—albeit with less intensity—as a result of their preference for more affordable options. Overall, the market has entered a period of realignment, particularly in terms of product categories and consumer preferences. KRI-KRI branded yogurts lost 1.2 percentage points in market share, bringing the Company’s market share to 14.9%, while still maintaining its second place [Circana data (ex- IRI), in value, Jan–Dec 2024].

In the domestic ice cream market, our sales show a double-digit increase (+13.4%) in value. Our ice cream market share decreased by 0.4p.p. in value (14.0%) and by 1.1p.p. in volume (11.6%) [NIELSEN data, Jan.-Dec. 2024]. Within the current highly inflationary environment, that facilitates private label products’ growth, KriKri tries to mitigate lost sales by expanding its sales network.

Over the past two years (2023 & 2024), the Company has significantly strengthened its human capital by creating more than 300 new jobs, increasing total employee compensation by 18%, and allocating €2.7m under the employee bonus scheme and an extraordinary 15th salary, as a recognition to employees for their contribution to the Company’s growth. At the same time, the Company paid for over 10.000 training hours to more than 400 employees, enhancing their skills and creating opportunities for their professional development.

As far as our investment activity is concerned, there are projects in progress to increase production capacity, as well as technological upgrading, of both yoghurt and ice cream factories. During the financial year 2024, total CAPEX exceeded €25m. For the financial year 2025, CAPEX is expected to be between €21m to €25m.

KriKri’s Management is optimistic about the Company’s financial results in 2025, despite the current demanding economic and business environment. For the fiscal year 2025, sales are expected to continue their upward trend. Based on the Management's estimate, sales are expected to show strong double-digit growth, reaching €300m (+17%). Exports are expected to be the main driver of this growth. The above estimate is supported by actual performance, as Q1-2025 sales show an increase of more than +20%. The EBIT margin is expected between 14 to 15%.

Finally, for the fiscal year 2024, the Board of Directors decided to propose to the Annual General Meeting of shareholders the distribution of an increased gross dividend of €0.40 per share (2023: €0.35 per share). That dividend distribution is subject to the approval of the Annual General Meeting of shareholders.