Greenfood publishes Annual Report for 2024

Throughout 2024, Greenfood demonstrated the trust and confidence it has earned from customers, consumers, and the capital markets. This trust enabled the Group to secure numerous new contracts, establish key partnerships, expand in both new and existing markets, and raise capital to drive future growth. Despite a challenging market environment, Greenfood achieved a major improvement in profitability while maintaining stable sales, further strengthening its position for continued expansion.

In 2024, Greenfood’s business areas Picadeli and Food Solutions performed strongly in terms of sales, with growth of 13.3 percent and 5.3 percent respectively. Operating profit, measured as adjusted EBITDA, increased strongly. All three operational areas performed better and Greenfood’s overall profit increased by 23.1 percent. The strongest improvement in profit came from Picadeli and Food Solutions, due in part to increased volumes.

The Fresh Produce business area was able to increase its profitability despite a slowing market and a drop in sales. A major reason for this is the efficiency gains made from the Greenhouse facility, along with the strategic prioritization of product ranges and customer segments.

Expansion and multiple milestones achieved
Greenfood successfully entered two new markets — launching Food-to-Go and salad bars in Denmark, and expanding its Food-to-Go and Fresh Produce offering into Norway. A major Fresh Cut agreement was signed with Dagab, while partnerships with Dansk Cater, Lidl, and Burger King further strengthened Greenfood’s presence in Denmark. In addition, Greenfood’s existing partnership with Reitan was extended into Norway.
These expansions and agreements have largely been made possible thanks to the capacity, efficiency, and distribution capabilities provided by the Greenhouse facility.

The appeal of Picadeli’s offering became even more evident in 2024. Around 550 new restaurants were opened during the year — the equivalent of nearly two new openings every working day. The majority were entirely new salad bars, while approximately 200 involved relocating existing units to more accessible locations. In Germany, the number of restaurants grew to over 300, while in Finland the network surpassed 250 locations. In Belgium, a market entered only last year, Picadeli expanded to almost 50 restaurants.

Continued growth for Picadeli in the United States
Picadeli’s expansion in the United States accelerated in 2024, with approximately one new restaurant opening every week. New agreements were signed during the year with major retail chains Weis Markets and Coborn’s, which together operate around 300 stores across the Midwest and Northeast.

Picadeli’s concept is proving just as attractive in the US as it is in Europe. The strong demand for healthy and affordable food options, combined with rising labour costs driven by increases in the minimum wage, has made Picadeli’s time-saving, self-service technology particularly appealing to American retailers.

New capital and investment to boost growth
Greenfood’s sustainability-linked bond was renewed during the year, once again earning the confidence of the capital markets. The bond was expanded to SEK 1,100 million. In addition, Greenfood raised SEK 350 million in shareholder contributions.

The Group’s strengthened balance sheet provides a solid platform for continued growth.

The full report is available here www.greenfood.se/reports-and-presentations