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EU Dairy Sector Sees Steady Growth In Raw Milk Production In 2024

EU farms produced an estimated 161.8 million tonnes of raw milk in 2024, a modest increase of 0.9 million tonnes compared to 2023. This figure builds on a decade of steady growth, with production rising by 12.1 million tonnes since 2014, when output was 149.7 million tonnes. According to Eurostat, the trend underlines the resilience and expanding capacity of the EU dairy industry.

Dairy Consumption And Product Diversification

Of the total raw milk output, approximately 150.8 million tonnes were directed to dairies, underpinning the production of a diverse range of fresh and processed dairy products. Notably, much of the milk is allocated to cheese and butter manufacturing. Specifically, 59.9 million tonnes of whole milk, assisted by an additional 17.0 million tonnes of skimmed milk, were transformed into 10.8 million tonnes of cheese. Similarly, 44.2 million tonnes of whole milk facilitated the production of 2.3 million tonnes of butter and other yellow products, generating 41.5 million tonnes of skimmed milk as a by-product.

Leading National Contributors

Germany emerged as the EU’s largest producer of drinking milk, accountable for 18.8% of overall production and dominating the production of acidified milk products, butter, and cheese with respective shares of 27.1%, 20.6%, and 22.5%. Spain and France follow closely, with Spain contributing 15.2% and France 12.7% to the production of drinking milk. France also holds significant positions in the butter (17.2%) and cheese (17.8%) segments.

Niche Production And Strategic Specialization: The Case Of Cyprus

Cyprus remains a minor player within the EU dairy sector. Its modest agricultural base, constrained pastureland, and limited herd sizes yield relatively low production volumes—recording 56,310 tonnes for drinking milk, 12,440 tonnes for acidified milk products such as yoghurt, 0.050 tonnes for butter, and 42,550 tonnes for cheese. However, the island’s strategic focus on high-value cheese production, particularly halloumi, a Protected Designation of Origin (PDO) product, underscores its competitive niche in the market. With a high proportion of available milk being allocated to cheese, Cyprus exemplifies how specialization can drive export success, even amid constrained production capacities.

Eurobank Approves €258.7M Dividend And €288M Share Buyback

Robust Dividend And Share Repurchase Initiatives

Eurobank S.A. shareholders approved a dividend distribution of €258.7 million at the annual general meeting held on April 28. The resolution was supported by approximately 77% of paid-up capital, representing more than 2.77 billion voting shares. The dividend will be paid from special reserves and remains subject to approval by the European Central Bank.

Strategic Share Buyback And Capital Optimization

In addition, shareholders approved a share buyback programme of up to €288 million over the next 12 months, pending regulatory clearance. The programme includes the cancellation of 28,097,019 own shares, which will reduce share capital by approximately €6.18 million. Following this adjustment, total share capital is set at €792,751,032.04, divided into around 3.6 billion ordinary voting shares with a nominal value of €0.22 each.

Enhanced Executive And Employee Incentives

Alongside capital measures, the meeting addressed remuneration. Shareholders approved an allocation of €35.2 million from special reserves for employee compensation. A five-year programme was also introduced to distribute shares to eligible executives and employees of Eurobank and affiliated entities. In parallel, a revised variable remuneration framework allows selected senior executives to receive up to 200% of fixed pay.

Governance And Audit Oversight Reforms

Changes were also made at the board level. Alexandra Reich was appointed as an independent non-executive director, replacing Jawaid Mirza. Following this appointment, eight of the thirteen board members are classified as independent. Amendments to the articles of association introduce flexibility in board terms and allow partial renewals.

Strengthening Audit And Sustainability Commitments

On the audit side, KPMG Certified Auditors S.A. was appointed as the statutory auditor for 2026. The fee is set at €1.8 million for statutory audits of separate and consolidated financial statements, with an additional €0.3 million allocated for assurance of the sustainability statement. The meeting also approved the 2025 remuneration report and confirmed committee fee arrangements, alongside updates on audit committee activity and independent director reporting.

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