Beta Securities anticipates a strong start to the fiscal year for Kri Kri ahead of the announcement of its first-quarter 2026 results, maintaining a “neutral” rating and setting a new price target of €23.75 per share.
According to the brokerage firm, the results to be announced tomorrow after the market closes are expected to confirm the continuation of the strong upward trend already recorded since the 2025 fiscal year, with the yogurt sector serving as the key growth driver.
Beta estimates that the company will report strong volume growth both in the Greek market and abroad, primarily in the United Kingdom and Italy. This growth, as noted, stems not only from higher sales but also from price increases implemented in Greece since August 2025, as well as from passing on increased costs to major international customers.
At the same time, the brokerage firm forecasts a significant improvement in profit margins at all levels, from gross margin to EBITDA and EBIT, due to the easing of raw material prices, a more favorable product mix, and the strengthening of higher-margin branded categories, such as functional and children’s yogurts.
Specifically for Q1, it forecasts a 27.9% increase in sales to €84.88 million, with EBITDA rising 37.6% to €14.43 million and net profit reaching €10.53 million, 45.3% higher than last year.
The company’s presence in the U.S. is expected to have a more significant impact in the second half of the year, when the agreement with Kroger takes effect.
However, Beta emphasizes that the very strong performance in the first quarter should not be considered fully indicative of the full year, as growth rates and margins are expected to normalize in the second half of the year, once the impact of price increases is absorbed.
For the full year 2026, the brokerage estimates sales of €396.8 million, up 20.7%, EBITDA of €58.1 million, and net profit of €43.2 million, up 26.6% year-over-year. Meanwhile, EBIT is projected at €51.5 million, with a margin of 14.6%.
Beta also notes that Kri Kri’s management had warned during the announcement of the 2025 results of a potential negative impact of €5.5 million on an annual basis, should the crisis in the Middle East persist and the effects of the war with Iran, primarily through increased packaging, energy, and transportation costs.