According to consolidated audited data, Mantinga Group, the largest producer of bread, snacks and frozen products in the Baltic States, received EUR 173.8 million in revenue last year – 25.9% more than in 2022 (EUR 138 million). In the comparative period, the group’s consolidated profit before taxes, interest, depreciation and amortization (EBITDA) was EUR 22 million, or 104% higher than a year ago (EUR 10.8 million).

“The EBITDA margin in 2019 was 15.9%, and due to the effects of the COVID-19 pandemic and the war started by Russia in Ukraine on the world economy in 2022, the EBITDA margin was only 7.8%. In 2023, we partially restored it to 12.6%, and EBITDA itself grew twice. We are constantly increasing our production capacity, creating new products, and expanding our export markets. We believe that the successful execution of the plans will be influenced by the structural changes completed this year. However, we look at the situation realistically – we are living in quite uncertain economic conditions. In the next few years, we aim to return to the level of profitability that existed before the war in Ukraine, but we will probably not reach the level that existed before the pandemic,” – says Martynas Mykolaitis, a member of the board and financial director of Mantinga Group.

In 2023, the corporate group had set a goal of doubling EBITDA. In order to achieve this goal, the focus was on making production and other company processes more efficient, as well as on sales and increasing production capacity, automation, which led to the need for investments. Last year Mantinga Group’s investments amounted to EUR 11 million, and in the last two years almost EUR 35 million were invested in production alone.

“We see the development potential in the market, so we are looking at it ambitiously – we plan to continue growing,” says M. Mykolaitis.

In 2022, a new production line for French products (baguette, buns and hot dogs) was opened in one of the Mantinga factories, and in 2023, a puff pastry line began operating. Investments in production in the last two years also include the acquisition of the Latvian company SIA Fresh Food Production, which produces chilled food products and snacks, and a new business management system implemented in the corporate group from 2021 to 2023.

Investments in production development will not stop this year: the company recently announced the planned investment of EUR 34.3 million in the installation of a new French stuffed baguette production line, as well as the installation of a warehouse area and adaptation of the territory for the access of heavy vehicles. This is only the first part of the investment: in the next few years, Mantinga Group plans to invest in several more large-scale projects and thus achieve its strategic development goals.

“We can consider the last year not only a year of growth, but also a year of changes. In addition to the efficiency and automation of processes, we were also preparing for the reorganization of the corporate group, which reached the finish line in the first days of this year. A lot of attention was paid to setting strategic goals – a new strategy until 2030 was approved, which captures not only the goals of growth, but also the well-being of employees. Sustainability, which has become an integral part of all processes over the past year, has not been left out, and in addition, we are implementing several important projects for the community in our city, Marijampolė. We look at the business as a whole, in order to grow, we do not forget to take care of those around us,” says the manager.

Currently, 3 factories are operating at full capacity in Marijampolė, and another one is in Latvia. The assortment of Mantinga consists of 1000 products, the products are exported to more than 40 countries. The company has more than 1,800 employees.

On 31 December 2023, Mantinga Group’s second stage of reorganization was completed, comparative financial indicators for 2022 were presented based on management reports.

Mantinga Corporate Group consists of the following: UAB Mantinga Group, UAB Mantinga Production, UAB Mantinga Bakery & Food solutions, UAB Mantinga Logistics, UAB Mantinga Services, SIA Mantinga Latvia, SIA Fresh Food production, Mantinga Eesti OU and TOV Mantinga Ukraina.