AS APF (EGG) H1 2026 earnings summary

Executive summary

• Production capacity reached full utilisation, driving a 34% increase in egg sales volume to 79 million eggs year-over-year.

• Consolidated net revenue rose 51.7% to EUR 15.2 million, with adjusted EBITDA up 96% to EUR 6.59 million and a margin of 43.4%.

• Export markets accounted for 75% of egg sales volume, up from 54% a year earlier, reflecting a broader geographic reach.

• Phase V of the investment programme advanced, focusing on expanding cage-free egg production and internal pullet rearing capacity.

• Fiteg² brand expanded in Baltic markets, with e-commerce repeat purchase rate reaching 33.33%.

Financial highlights

• Gross profit increased 70.8% to EUR 7.3 million, with gross margin rising to 48.1% from 42.7% year-over-year.

• Net profit grew to EUR 3.95 million from EUR 1.72 million, despite a 30.6% increase in interest expenses.

• Total assets rose 34.9% to EUR 40.1 million, with equity doubling to EUR 15.2 million.

• Earnings per share more than doubled to EUR 1.4, and the P/E ratio declined to 3.7x.

• Share price remained stable, closing at EUR 5.03, near the IPO price.

Outlook and guidance

• Continued focus on implementing Phase V investments, expanding cage-free capacity, and developing exports.

• Financing flexibility enhanced by a EUR 30 million bond programme base prospectus approved by Latvijas Banka.

• Long-term growth strategy targets sustainable demand segments and higher value-added products.