Greenyard’s profitability seems to be improving, thanks to the implementation of the Transformation Plan, with a strong focus on margin and profitable volumes and rightsizing the overhead cost base. Greenyard expects the impact of its plans to accelerate in the second half of the year.

Positive H1 Adjusted EBITDA expectation
In this trading update, based on the current and preliminary financial information and projections, Greenyard exceptionally gives guidance for the half year, expecting the first half year Adjusted EBITDA to land in the range of EUR 43.0-45.0m (before application of IFRS 16), marking a sharp recovery versus the previous half year (EUR 23.3m).

Sales by segment
In anticipation of the full effect of the newly signed partnership volumes (Carrefour, Delhaize, Tesco), Greenyard’s Net Sales for Q1 came in at EUR 1,031.3m, EUR 28.0m (-2.6%) below last year’s Q1 Net Sales of EUR 1,059.4m (continuing operations). 

Fresh sales decreased by 4.0% from EUR 884.7m to EUR 849.4m, equally due to the termination of certain (loss-making) sales volumes such as the exceptional shortage of avocado volumes and price pressure on certain categories such as grapes, melons and citrus. This effect has not yet been fully offset by volumes for the partnerships that are ramping up. 
Long Fresh sales increased 4.1% versus last year, from EUR 174.7m to EUR 181.9m, thanks to both divisions’ robust performance resulting in a significant growth in the Food Service and Industry customer segments.

Mr Borman retires from the Board of Directors 
Mr Borman has expressed his wish to retire from the Board of Directors. Greenyard would like to thank Mr Borman for his continued support and active role in the Board of Directors of Greenyard over the past couple of years, during which Greenyard and its Board of Directors benefited from his passion, experience and drive.