Total revenue for 2024 reached €12.68 million, which is 5% less than the previous year. This decline reflects a deliberate reduction in production capacity in response to the uncontrolled import of low-quality eggs into the Baltic market. The year ended with APF reporting a minimal loss of just €5,000, which can be considered a stable outcome given the market volatility and short-term challenges.

APF's key focus in 2024 was the implementation of strategic development plans — starting construction on two new laying hen facilities that will increase production capacity by 60%, completing a new production and warehouse complex, and launching several important product innovations.

"The past year was successful and strategically significant for the APF Group. We executed an extensive development plan that is transforming APF from a traditional egg producer into a diversified food company. At the same time, we took critical steps to increase our production, processing, and warehousing capacity. Last year gave us confidence that our vision of building APF into an innovative and influential producer of egg products and food with regional significance is being successfully realized," says Jurijs Adamovičs, Founder and Chairman of the Management Board of APF Holdings.

APF exports continue to grow, while the Baltic market suffers from uncontrolled imports of low-quality eggs.

In 2024, APF’s egg exports grew significantly, reaching 47% of total egg sales, compared to 37% in 2023. This growth is directly tied to successful cooperation with supermarket chains Maxima, Lidl, and Prisma in the Baltic states, particularly in Lithuania and Estonia. Lithuania became the key export market as its retail chains rapidly transitioned to cage-free eggs, driving increased demand for APF products.

Between early 2022 and June 2024, the European Union saw a sharp increase in uncontrolled imports of low-quality eggs, which surged exponentially during this period and caused a significant drop in egg prices. Thanks to the active efforts of EU Poultry Association, import duties on these eggs were introduced from July 1, 2024, supporting a gradual price recovery.

Significant strategic growth initiatives implemented

Throughout 2024, APF made substantial progress in expanding its production capacity. Construction of the 4th and 5th laying hen facilities was launched and is now approaching completion. Installation of equipment in the 4th facility began in November 2024, and in the 5th facility in January 2025. The completion of construction and equipment installation is scheduled for May 2025.

The opening of both new facilities is planned for May this year, increasing APF Group’s egg production capacity by 73 million eggs annually, bringing the total to 180 million eggs per year. In other words, the new facilities will allow APF to increase production capacity by approximately 60%, a strategically critical achievement.

In addition, APF commissioned a new egg product manufacturing and warehouse complex in Alūksne last year. Investments in this project exceeded €2.9 million, and production of various egg-based products for business clients — including restaurants, hotels, food manufacturers, and other HoReCa segment businesses — was launched in January of this year.

The development plan was successfully implemented with the support of the Rural Support Service (LAD), which provided co-financing of €2.9 million.

"This production expansion is a key step in APF's strategic growth, enabling us to expand our presence in both local and export markets while offering products with higher added value. APF is purposefully evolving into a multi-sector company, expanding its range of egg protein products, including cage-free eggs, egg white protein bars, and sports nutrition products. This project is one of the most important stages in our IPO strategy development," says Hermanis Dovgijs, Member of the Management Board and CEO of APF Holdings.

APF introduces new product innovations almost every month

One of the most important product innovations last year was the launch of a comprehensive development plan that allowed APF Group to enter the sports and health nutrition market, with total investments of approximately €300,000. This is a highly promising and fast-growing market segment, where APF, under the Fiteg² brand, now offers scientifically backed, high-quality egg protein products — egg white protein powder, egg white protein bars, and egg membrane collagen in capsule form. APF has also launched a new e-commerce platform to sell these products not only in the Baltics but across Europe and internationally.

The sports nutrition segment offers significant growth opportunities both globally and in the Baltic region. According to Innomatrix market data, global sports nutrition revenues grew by 14.1% in 2023, reaching USD 28 billion, with the trend expected to continue. In the Baltics, demand for sports nutrition products is steadily increasing. In Latvia, market revenues reached €6 million in 2023 with 16% growth, and a further 5% annual growth is projected through 2028.

In addition to expanding and diversifying production capacity, APF introduced several other product innovations in 2024. These include the launch of a new 18-egg retail pack under the O, lielā paka! brand, the introduction of a new Eggjoy product line with M and L size cage-free eggs, and a threefold increase in sales of Fiteg² egg white smoothies, with expanded availability in retail stores and fuel stations.

Development supported by financial investment and a forward-thinking environmental policy

In the financial sphere, APF successfully carried out a private bond placement in February 2024, raising €7 million from the Polish investment fund CVI Dom Maklerski Sp. z o.o.. This financing marked an important step in the growth strategy, enabling the expansion of egg product processing capacity and the development of new warehousing infrastructure. Additionally, a further agreement for an additional €5 million investment was signed and executed in 2025. This partnership demonstrates investor confidence in APF's development vision and long-term strategic ambitions.

On the environmental front, as of July 1, SIA Alūksnes putnu ferma has fully switched to using renewable electricity in its operations. A power supply agreement has been signed with SIA Ignitis Latvija, providing for the exclusive purchase of electricity generated from renewable resources. The company has received a “Green Energy” certificate to confirm this commitment.

In the spring of 2024, following a successful testing phase, APF began producing electricity from its on-site solar park. The commissioning of this solar park is planned for the first half of this year, with a capacity of 250 kWp powered by 384 solar panels. During the summer months, the park supplies electricity to all laying hen facilities on the production site, covering approximately 25% of the site’s total annual electricity consumption. Total investments in the solar energy park exceed €240,000, with the project implemented in partnership with SIA Ignitis Latvija.

About APF Holdings:

APF Holdings (NASDAQ: EGG) is a dynamic group of companies engaged in poultry farming, chicken egg production and trading, as well as gas and organic fertilizer production related to poultry farming processes. Our portfolio includes SIA Alūksnes putnu ferma (poultry farming and egg production), SIA APF Trading (wholesale trade in chicken eggs), SIA Oluksne (providing poultry farming and egg production services), SIA APF Energy (gas and organic fertilizer production), and SIA Preiļu putni (poultry farming and young chicken rearing). Founded in 2017, APF Holdings has become a leading player in the Baltic region's poultry and egg industry.