Greenyard has reported a 5.1% increase in like-for-like sales for the financial year ending 31 March 2025, reaching €5.33 billion, up from €5.07 billion in the previous year. The growth was driven by a 2.9% rise in volumes and a 1.3% price increase, implemented to offset higher input costs. Service sales also contributed, rising by 0.9%.
Originally, the publication of the results for the past financial year was planned for a day later, but due to the poorer results and the associated decision not to distribute any profit, it was decided to publish them a day earlier. Also, there was particular interest in what effect the takeover bid that the Deprez family, together with the American investment fund Solum Partners via the specially established company Garden, made in April on the shares of Greenyard.
These plans were unchanged and there was little more to say, pending approval from the Belgian market authorities. It was stated that, if everything goes well, the bid will be opened at the end of June. Furthermore, CEO Francis Kint and CFO Nicolas De Clercq indicated that the intention is to take over 95 percent of the shares. If that 95% is achieved, Garden then wants to take over the remaining shares as well, so that the company can completely delist from the stock exchange.
Despite the top-line growth, the company's adjusted EBITDA decreased by €3.5 million to €183.0 million, representing a 1.9% decline year-on-year. The EBITDA margin dropped slightly from 3.6% to 3.4%, primarily due to margin pressure in the Long Fresh segment, marketing expenses, and a lower margin in Fresh.
Greenyard's net result turned negative, falling from a profit of €15.2 million in the prior year to a loss of €2.9 million. The decline was attributed to a lower operational result, higher depreciation from increased capital investments in recent years, and non-recurring restructuring expenses in the Fresh segment. Additionally, the company faced increased tax and finance costs. As a result, earnings per share fell from €0.28 to €-0.09. The Board will propose not to pay a dividend.
Net financial debt excluding lease liabilities dropped by 3.7% to €256.5 million, down from €266.3 million. This was driven by a €37 million improvement in free cash flow, despite increased inventory in Long Fresh. The company's leverage ratio decreased slightly to 1.86x.
CEO Francis Kint commented, "Group sales continued to grow. Our two segments showed different customer dynamics: Fresh grew nearly 5% in volume, mainly driven by ICR customers, while Long Fresh faced softer demand, particularly in the canning business. Despite this, Long Fresh reached €1 billion in sales for the first time. Our strong free cash flow improvement helped reduce net financial debt."
Looking ahead, Greenyard expects adjusted EBITDA for FY 2025/26 to be between €190 million and €200 million, acknowledging macroeconomic uncertainties and cautious consumer spending.
In parallel, the company announced a voluntary and conditional public bid on Greenyard shares by the Deprez family, supported by Solum Partners LP through the holding Garden S.à.r.l. A webcast discussing the results and transaction will be held on Wednesday, 21 May at 2:00 PM CET.
Greenyard also confirmed it is ready for CSRD reporting and has made significant progress toward its ESG objectives.
For more information:
Cedric Pauwels
Greenyard
Tel: +32 15 32 42 00
Email: [email protected]
www.greenyard.group