AS APF Holdings (hereinafter – APF Group), which includes SIA Alūksnes putnu ferma, one of the largest egg producers in the Baltics, has published its combined audited separate and consolidated annual report for 2024.
“The past year has been both successful and strategically significant for APF Group. We invested ahead of demand, laying the groundwork for sustainable and diversified expansion. We actively advanced our innovation agenda, driving the transformation from a traditional egg producer into a diversified food production company. At the same time, we made significant investments to expand our production, processing, and warehousing capabilities,” said Jurijs Adamovičs, Founder and Chairman of the Management Board of APF Holdings. “Looking ahead, we are well-positioned to scale our operations, accelerate innovation, and create long-term value for our shareholders.”
Despite volatility in the international egg market during the first half of the year, APF Group achieved consolidated revenues of EUR 12.7 million and delivered a record-high gross margin of 29%. This performance reflects the Group’s operational agility, disciplined cost management, and strategic focus on efficiency. In 2024, total egg production volume decreased by 6%, and revenue declined by 5% compared to 2023. This is explained by APF Group’s decision to respond to changes in market conditions by rescheduling flock rotation and adjusting production cycle plans, which affected the availability of produced eggs.
Expanded Production Capacity
In 2024, APF Group in partnership with Big Dutchman, a global leader in poultry technology completed the construction of two new state-of-the-art laying hen barns in Aluksne production facility and have commenced operations in May 2025. The new facilities, equipped with fully automated aviary systems and animal welfare enhancements, are expected to progressively increase production capacity to 180 million eggs annually, representing an approximately 60% expansion in production volumes.
A major milestone was the commissioning of a new egg product processing and warehouse complex in Aluksne production facility, accelerating APF Group’s transition from a primary egg producer to a food product manufacturer.
Entry into Health and Sports Nutrition
In 2024, APF Group launched the Fiteg² brand and its dedicated e-commerce platform, Fiteg2.com, strategically entering the fast-growing health and sports nutrition sector. The Fiteg² product line, including egg white protein powders, protein bars, and eggshell membrane collagen, leverages APF Group’s core expertise in egg-based nutrition to meet consumer demand for high-quality, science-backed products. This diversification opens access to high-growth, direct-to-consumer markets across the Baltics and Europe, broadening APF Group’s revenue streams beyond traditional B2B and retail egg segments.
Commitment to Sustainability
Delivering on its sustainability commitments, APF Group achieved a full transition to renewable electricity across its operations in Aluksne. The commissioning of the first on-site solar park - capable of covering 25% of its facilities' annual energy needs - marks a significant step toward a circular agriculture model.
In line with sustainability strategy, APF Group continues to advance the development of a poultry manure processing project, which will enable full recycling of waste generated during the egg production process. This step further reaffirms APF Group’s commitment to building a responsible agricultural business aligned with future demands.
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.