Veganz Group AG: Revenue Decline in 2024, but Significantly Improved Earnings

Ludwigsfelde (pta045/13.05.2025/21:16 UTC+2)

- Decline in sales in 2024 due to investments in in-house production

- Decline in sales due to further product range and customer optimisation

- EBITDA improvement due to capitalisation of the equity measure

- In-house production share increased by 166

- Cost measures initiated

(Ludwigsfelde, 13 May 2025) Veganz Group AG (veganz.de (WKN: A3E5ED / symbol: VEZ)), the innovative producer of plant-based foods, focused in 2024 on transforming itself into a holding company and establishing 5 business units with the brands Veganz, Happy Cheeze, Mililk, Peas on Earth and Orbifarm. Thanks to the focussed investment in the expansion of in-house production, in-house production turnover increased by 166% compared to the previous year.

The portfolio optimisation measures consistently implemented since 2023 to increase profitability have nevertheless led to a decline in sales in the old core business, particularly due to investment expenditure and liquidity restructuring with a focus on the construction and expansion of the new production facilities for the high-margin Mililk and Peas on Earth products.

The significant increase in market demand in the previous core business could therefore not be met, meaning that orders totalling EUR 7.0 million had to be cancelled. As a result, sales in the 2024 financial year fell to EUR 10.8 million (previous year: EUR 16.4 million).

Thanks to the timely implementation of cost-saving measures, it was possible to compensate for a large part of the operating losses from lost sales.

The gross profit margin, which was still better than in previous years, fell to 37.8% in 2024 as a whole (2023: 38.5%). This is due to the start-up costs for the start of production of in-house products and economies of scale that are not yet noticeable.

In the 2024 financial year, the Group was able to achieve a significant reduction in losses compared to 2023 and EBITDA of € -2.4 million (previous year: € -6.3 million) thanks to the aforementioned cost measures and one-off income from the capitalisation of a receivable resulting from the capital increase in 2023.

The net loss for the period amounted to € 4.8 million (previous year: net loss for the period of € 9.5 million). Cash and cash equivalents amounted to € 0.8 million as at 31 December 2024 (31 December 2023: € 5.3 million).

Equity and the equity ratio fell further to € 1.7 million and 7.6% respectively (31 December 2023: € 6.5 million and 26.1% respectively).

Increase in sales in eCommerce

In 2024, food retail continued to account for the largest share of our sales at 58% (previous year: 56%), with the drugstore business in second place at 32% (previous year: 31%).

With a sales share of 5% (previous year: 6%), the new food service sales channel showed continuity. In the discount business, Veganz recorded a decline and achieved sales of around 2% of total business (previous year: 6%).

In the eCommerce segment, the business was successfully expanded further and generated € 386 thousand in sales, representing 4% of total sales (previous year: 2%).

Channel mix

Germany remains the most important sales market

With a 95 per cent share of sales, the DACH region (Germany, Austria, Switzerland) was once again the most important sales market in 2024 (previous year: 93 per cent). At 81 per cent, Germany remained the largest single market, which continues to be the strongest focus (previous year: 74 per cent). At 5 per cent, the share of sales in the rest of Europe was below the previous year's level (previous year: 7 per cent).

Regional split

In terms of the cost structure, the new production facilities in Ludwigsfelde and Cuxhaven led to an increase in personnel costs in 2024, the first full year of production at both sites, to EUR 4.6 million (previous year: EUR 3.9 million), while all overheads fell further to EUR 7.9 million (previous year: EUR 10.5 million). This figure includes a reduction in overheads of 25% and an increase in personnel costs of 17% in 2024, the first full year of production at the Ludwigsfelde and Cuxhaven sites. The claim relates to the signed subscription certificates for the capital increase announced by Veganz in September 2023. In addition, we can attribute total costs of aroundEUR 0.6 million to the production set-up of Mililk® and Peas on Earth as well as one-off marketing expenses for the launch of Mililk®.

Adjusted for these non-recurring cost items, the EBITDA loss totalled EUR 7.1 million.

The net loss for the period amounted to EUR 4.8 million (previous year: EUR -9.5 million)

Cash and cash equivalents amounted to EUR 0.8 million as at 31 December 2025 (previous year1: EUR 5.3 million).

Group transforms itself into a holding company

In the 2024 financial year, Veganz Group AG not only expanded its brand portfolio to include 'Peas On Earth' and systematically developed the existing brands "Mililk" and 'Happy Cheeze', but also began to transform Veganz Group AG into a true House of Vegan Brands. In future, each brand will be managed independently - and will benefit from our many years of expertise and our high profile in the area of purely plant-based products. At the same time, individual business units have been established in order to manage the business in the individual growth markets in a more targeted manner and to open up the units for investments.

"In a challenging year 2024, we continued to successfully drive forward the reorganisation of Veganz Group AG and see a further increase in own production sales and an improvement in EBITDA. With our five new business units, we are clearly positioned for the future and, assuming financing, will be able to meet the high market demand in 2025.", says Jan Bredack CEO of Veganz.

Outlook 2025

Due to the ongoing difficult market conditions, portfolio adjustments and the delayed start of production of line extenders due to financing that has not yet been finalised, we expect sales in 2025 to be at the previous year's level (previous year: € 10.8 million) with a continuous improvement in the second half of the year. Due to the expansion of the initiated cost-cutting programme, we expect EBITDA to be at the previous year's level (previous year EBITDA: € -2.4 million).

About the Veganz Group AG

Founded in Berlin in 2011, the Veganz Group is an innovative producer of plant-based foods.The Veganz brands also include Happy Cheeze, Mililk®, Peas on Earth and OrbiFarm.

Originally launched as a European vegan supermarket chain, Veganz succeeded in breaking into this new growth market with a sustainable corporate philosophy and establishing the plant-based food trend in the German-speaking region. The current product portfolio includes confectionery, snacks, dairy, cheese and meat alternatives.

The products are available in Germany, Austria and Switzerland not only in the company's own online shop, but also in wholesale and retail outlets across the country, including Edeka, Rewe, Spar International, Rossmann, dm Germany and Transgourmet.The Veganz range is being successively optimised with high-quality and innovative products, while the sustainable value chain is being continuously improved.

Veganz has been awarded the B Corp certificate for its social and ecological impact, compares the environmental balance of all its own products with all food products in German-speaking countries and regularly sets new benchmarks for a sustainable food industry.

Contact:

Veganz Group AG

Massimo Garau

CFO

Phone: +49 (0)151 46569362

E-mail: ir@veganz.de

Website: www.veganz.de

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Emitter:	Veganz Group AG An den Kiefern 7 14974 Ludwigsfelde Germany
Contact Person:	Massimo Garau
Phone:	+49 30 2936378-0
E-Mail:	ir@veganz.de
Website:	www.veganz.de
ISIN(s):	DE000A254NF5 (Bond) DE000A3E5ED2 (Share)
Stock Exchange(s):	Free Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate