Greenyard N.V. : No applause expected for Greenyard’s H1 2024/25 update
>Sub-par EBIT almost offset by interest expenses and taxation in H1 2024/25 - Like-for-like sales increased 6.1% in H1 2024/25 (Fresh: 6.5%, Long Fresh: 4.5%), which was ahead of our estimate (3.5% group). Adjusted EBITDA was € 94.4m, in line with our estimate. EBIT was € 31m, which is materially below our forecast. Greenyard mentions reorganisation costs (€ 4.5m), and higher depreciation. Although a notch below our estimate, finance costs are high at € 26m in H1 2024...Greenyard processes and commercializes fruits, vegetables, and ready-to eat food products in France, the United kingdom, Germany, Belgium, other EU-countries, and internationally. Co.'s operation is divided into two divisions: The frozen division known as Pinguin and the canning division under the name of Noliko. The Frozen division offers frozen vegetables and fruits, deep-frozen vegetable dishes, and ready-to-use meals to retail, food service, and food industry. The Canning division processes vegetables and fruit from the field into preserved foods in cans and jars. The division also prepares ready-to-eat food such as soups, sauces, dips and pasta dishes.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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