Veganz Group AG Publishes Annual Report for 2023

On May 10, 2024, Veganz Group AG, a leading innovator in the plant-based food sector, released its annual report for the year 2023, demonstrating significant financial improvements and expanded production capacities. Despite challenging economic conditions and consumer hesitancy, Veganz reported a 6% growth in core categories and a 50% reduction in losses due to efficiency enhancements and cost-cutting measures.

The company, based in Berlin, also marked key operational advancements including the opening of a new producers located in Ludwigsfelde. This site now hosts the production of Veganz Mililk®, a new plant-based milk alternative, signaling a successful market entry. Moreover, leveraging strong growth strategies, Veganz achieved a rapid scale-up its e-commerce operations, recording 100,000 sales within six months.

Veganz's financial statements revealed a strategic reduction in sales to €16.4 million, focusing on profitability over volume, with notable improvements in EBITDA from minus €12.3 million in the previous year to minus €6.3 million in 2023. Additionally, the gross profit margin increased to 38.5% as a result of the company's stringent cost management and operational streamlining.

The company remains focused on strengthening its presences in the DACH region (Germany, Austria, Switzerland), where it garners the majority of its sales, while also securing opportunities to expand with innovative plant-based products across various markets. Looking ahead to 2024, Veganz anticipates a slight increase in sales and further improvements in EBITDA, dependent on broader macroeconomic factors.