Q2 2025 Kri Kri Milk Industry SA Earnings Call Transcript
Key Points
- Sales increased by 23.7%, reaching EUR162 million, primarily due to higher selling quantities and volumes.
- Yogurt export sales grew nearly 40% year-on-year, driven by strong demand in the UK and Italy.
- The Greek Yogurt Dynamo investment project is expected to double yogurt production capacity by 2024.
- Ice cream sales in the domestic market increased by 6%, supported by network expansion and new product introductions.
- The company expects sales to exceed EUR300 million for the year, surpassing initial estimates.
- Gross profit margin dropped to 27.5% from 34.6% last year, impacted by higher raw material costs.
- The domestic yogurt market faces challenges due to a consumer shift towards private label products, affecting branded yogurt market share.
- Raw milk prices have increased significantly, with Greek raw milk up by 4.9% and EU raw milk by 15.2%, pressuring margins.
- Personnel costs rose by 27%, driven by increased headcount and salaries.
- The company faces capacity constraints, necessitating a delay in aggressive business development and new customer acquisition.
Hello, and welcome to this webcast. I'm Konsta Sarmadakis, Kri-Kri CFO. In this issue, we will discuss in detail our performance for the first half 2025, and I will give you an update on the business for the current year. After a short presentation, Q&A will follow. You can post your questions using the SAP tool. Now let's have a look at our P&L statement.
Sales, so an increase of 23.7%, reaching EUR162 million. Almost all of this increase is attributed to higher selling quantities, higher volumes. Gross profit margin dropped to 27.5% versus 34.6% last year. I will explain about this on the next slide. EBIT was EUR23.1 million with a margin of 14.3%. Finally, EBITDA stood at EUR26.1 million with a margin of 16.1%.
Moving on to segment review, Yogurt export sales continue to grow at a very high pace, nearly 40% year-on-year. Key drivers of this growth are our major markets of UK and Italy. Demand for Greek yogurt is very strong and drives production volumes at high levels that make us, in some cases, hard
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