Q2 was another strong quarter with sales up 19% yoy and earnings up 85%: a) ice-cream sales slowed down, b) mgmt. lowered FY EBIT guidance by 4% citing higher input costs, and c) quantified E127m of gross capex to double production capacity by 2028 and triple it by 2030.
We underestimated Kri-Kri’s sales growth potential. Sales CAGR reached +17% in 2015-25, accelerating to +24% in 2022-25, driven mainly by foreign yoghurt sales. The company is struggling to keep up with demand in the UK and Italy, while also launching frozen yoghurt products in the US (H-E-B and Kroger) and China (Walmart Sam’s Club).
Q2 sales +22% higher yoy (all volume) continued their strong double-digit expansion thanks to foreign sales of yogurt (+40% yoy, o/w UK >56% yoy and ITA >19% yoy) and ice-cream (+27% yoy), whereas EBITDA/net income declined -21%/-37% yoy on higher input costs/milk (COGS +37% yoy, raw milk +5%-15% yoy), shift to private label, higher opex…
Q4 sales rose by +23% yoy thanks to strong foreign yogurt growth (+41%). But a combination of elevated raw material & payroll costs, along with lower yogurt prices in Greece, resulted in EBITDA and net losses of E1.4m and E1.8m, respectively. DPS at E0.40 on a 38% payout. Kri-Kri exceeded its FY sales guidance (E256m vs…
This is our BoP Greek equities briefing. We have not made many changes compared to our semi-annual one in July: we downgraded Alpha and Helex; and upgraded Eurobank. Plus, we re-visited GEK, reiterating OI and replacing its soon-to-be-delisted RES subsidiary, Terna Energy.