Greenfood publishes annual report for 2022

During 2022, Greenfood AB (publ) continued to consolidate its position as a leader in healthy and sustainable food. Revenue increased in all business areas, but the most significant growth occurred at Picadeli, which increased revenue by 53.3 percent compared to 2021.
"This year, we have truly confirmed the scalability of Picadeli's model. Profitability accelerates as the number of salad bars and sales volume per salad bar increases," says David von Laskowski, CEO of Greenfood Group and Picadeli.

Greenfood's annual report for 2022 has been released and is now available on the group's website. Despite global economic headwinds, Greenfood has managed to grow its business. Sales increased by 21.2 percent and adjusted EBITDA increased by 35.4 percent compared to 2021. All business areas saw their revenue increase, but the largest growth was in Picadeli.

"With our foodtech company Picadeli, we have managed to create a scalable model with great growth potential. Picadeli's revenue is increasing by 53.3 percent and the result by 175.2 percent, clearly demonstrating our post-pandemic turnaround, and that our offering of healthy fast food is perfectly timed," says David von Laskowski, CEO of Greenfood Group.

Greenfood has also taken several important steps towards a more efficient operation. The group has consolidated several factories and warehouses for greater economies of scale. The Food Solutions business area was centralized in Helsinki, and Picadeli invested in a new Belgian logistics facility for streamlining and continued European expansion. In Sweden, Greenfood has continued the preparatory work of consolidating a large number of factories and warehouses under one roof, a 44,000 square meter facility called Greenfood Greenhouse.

"The move to Greenfood Greenhouse is approaching, and with it, we will have a customized, state-of-the-art, and environmentally efficient food and logistics center that will allow us to continue to grow in Europe, increase our volumes, and develop our product range," says David von Laskowski.

In 2022, Greenfood took several major steps towards achieving sustainability goals, particularly in reducing its carbon footprint. A comprehensive approach to climate and energy issues led to a record reduction in emissions - the climate impact per ton of food sold was 40 percent lower compared to the base year of 2020.

A summary of 2022:

• In 2022, sales increased by 21.2 percent compared to 2021, reaching a turnover of SEK 5,238.8 million. The year's operating profit was also strong; adjusted EBITDA increased by 35.4 percent compared to 2021. This was achieved despite investments in the centralization and streamlining of Food Solutions' operations in Finland, which resulted in one-off costs.
  
  
• In 2022, Picadeli's revenue increased by 53.3 percent compared to 2021. The year's record-breaking growth clearly shows that demand for healthy fast food is strong. At the same time, the operating profit increased; adjusted EBITDA grew by 175.2 percent compared to 2021.
  
  
• Fresh Produce's revenue increased by 13.7 percent, primarily due to higher market prices but also in part due to increased volumes. Fresh Produce fared better during the pandemic and therefore did not have as large a recovery as the other business areas. However, the year's growth rate is still sufficient for a record-high turnover, reaching SEK 3.4 billion and surpassing the previous best year in 2019
  
  
• In 2022, the HoReCa market continued to recover from the effects of the pandemic. This enabled Food Solutions to make up for the revenue loss caused by restrictions and subsequent demand declines. The business area's sales figures increased by 21.8 percent compared to 2021.
  
  
• Health and sustainability are increasingly prioritized, and food companies like Greenfood play an important role. Through debates, conferences, and seminars, the group's various companies have discussed sustainable, healthy food, proposed removing VAT on fruits and vegetables, and better labeling of the nutritional content of food.
  
  
• During the year, Greenfood's climate impact per ton of food sold was 40 percent lower than in 2020. The group has taken a comprehensive approach to climate and energy issues, which has led to this record reduction in emissions.

For further information, contact:
Mattias Engberg, CFO, Greenfood AB (publ)
mattias.engberg@greenfood.se