Key highlights:
▪ Increase in like-for-like Net Sales (+6,1% or € +152,7m) to € 2 641,0m, thanks to +2,4% inflation compensating measures, a +2,9% volume increase driven by the Fresh segment and +0,8% increase in service sales and transport recharges.
▪ Adjusted EBITDA notes a 4,6% increase, to € 94,4m.
▪ Net Result of € 1,2m ends below last year’s level, due to further restructuring costs, higher depreciations and a gain on the sale of property, plant & equipment last year.
▪ Strong reduction of both debt and leverage ratio (from 2,39x to 1,92x year-on-year) is achieved by an improved operational cash flow and net working capital, and this even despite a higher inventory, the acquisition of Crème de la Crème, the share buyback program and dividend payments.
▪ Good progress in realising ESG ambitions and CSRD reporting. Improvement examples are an increase on renewable energy to 64% ensuring that Greenyard will reach its C02-reduction ambitions this year. Also, on packaging the Group is on target to reach 100% recyclability.
Greenyard confirms its ambitions of reaching € 5 400m in sales and between € 200m–210m of Adjusted EBITDA by March 2026.

Highlights per segment
• The Fresh segment like-for-like Net Sales grows with 6,5% to € 2 164,3m. Mainly thanks to higher volumes and an increase in the revenues from our Integrated Customer Relationships (ICR), bringing the percentage of ICR-sales in Fresh from 78% to 79%. The Adjusted EBITDA slightly decreased by € -0,3m over the same period in the previous year, or -0,6% due to, amongst others, higher sorting and packing labour costs.
• Like-for-like Sales in the Long Fresh segment have increased by € 20,4m compared to the same period last year to € 476,7m, or a 4,5% increase. This is mostly a result of the annualization of inflation mitigating actions, particularly in Frozen. These are partially offset by a negative volume effect of -4,3% caused by lower sales to the Food Service channel in Frozen and lower vegetable volumes in Prepared. Processing and packing volumes in the Long Fresh segment are back in line with last year after a catch-up in the 2nd quarter of AY 24/25. The EBITDA margin increases from 8,2% last year to 8,6%.

CEO Francis Kint commented: “After successfully navigating our business during two challenging years in 2022 and 2023, which were marked by unseen inflation, we reached good operational results in the first half of this financial year 24/25. Our net sales increased, and we further improved our Adjusted EBITDA. This was driven by sustained volume growth, particularly in the Fresh segment, and by managing optimal price levels across both segments, Fresh and Long Fresh.

At the same time, we're already actively preparing for next financial year by further enhancing challenging businesses on the one hand and reducing overhead in certain divisions on the other. Additionally, we see further opportunities for operational improvements in the future. The future of food is right in line with our core business, and thanks to the agility of both our people and our operations, we can fully support our customers and growers in the further growth of the consumption of pure-plant foods.”