Greenfood’s Interim report first quarter 2024

• Net sales for the quarter totaled SEK 1,345.9 million (1,450.1) a decrease of -7.2 percent, with Fresh Produce down -16.6 percent due to low business activity in food service, a surplus of produce, and consumers trading down to more affordable options. Picadeli maintained expected momentum growing with 12.5 percent, while Food Solutions was materially stable year-on-year.
• Adjusted EBITDA with SEK 61.6 million (42.4) was significantly better compared to Q1 2023. Out of the increase of SEK 19.2 million, Picadeli accounted for SEK 12.6 million and Food Solutions for SEK 7.6 million. The majority of Food Solutions’ improved performance was generated in Finland, following plant consolidation completed in Q2 2023. Fresh Produce saw a slight decrease of -0.1 percent in adjusted EBITDA for Q1.
• Operating profit/loss amounted to SEK 7.8 million (-24.1), confirming operational turnaround generating profit even though turnover is seasonally low.

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