Misitano And Stracuzzi S.p.a. · MIL:MS
Misitano And Stracuzzi — TP ICAP Midcap Conference Paris 2025
22 slides from Misitano And Stracuzzi's conference presentation, May 16, 2025
Slide 1: Investor presentation
Investor presentation PARIS, TP ICAP Midcap Conference 16 May 2025 1
Slide 2: Disclaimer
Disclaimer This document has been prepared by Misitano & Stracuzzi S.p.A. (the “Company” or “Misitano & Stracuzzi ”) for information purpose only, it contains only summary information and, therefore, it is preliminary in nature. Furthermore it has been drafted without claiming to be exhaustive. By a
Slide 3: Misitano & Stracuzzi: "Where Citrus is of the Essence"
Misitano & Stracuzzi: “Where Citrus is of the Essence” A historic Messina business Leader in the citrus essences niche, with global reach • Misitano & Stracuzzi is a family-owned Sicilian company dating back more than 100 years, the result of a historic collaboration 2 Production Facilities MESSINA
Slide 4: Top Management, BoD and Strategic Advisory Board
Top Management, BoD and Strategic Advisory Board Strategic Advisory Board Antonio Stracuzzi Emanuela Stracuzzi Diego Stracuzzi Giuseppe Trusso Chairman, CEO MD Logistics MD Juice Department CFO Bhavesh Shah - Former Chief Procurement • Antonio has been a • Emanuela has been a • Diego has been a • Gi
Slide 5: What is an Essence and what is it used for?
What is an Essence and what is it used for? Examples of raw materials Transformation process End markets Why? Beverage 35 – 40% Improve the Juices organoleptic qualities of the products Lemon Blond orange Food Improve the taste of food & Home Care beverage Blood orange Mandarin 0.2 – 0.5% Essences P
Slide 6: Know-how is at the heart of the Essences business
Know-how is at the heart of the Essences business Know-how Essential oils and & Strong flavour Features required natural products(2) R&D customization by the customer Raw material shortage In order to match customers' The shortage of certain raw needs Demand for materials due to global natural produ
Slide 7: Key positioning in the value chain through proprietary solutions
Key positioning in the value chain through proprietary solutions that are decisive in the final consumer's choice Direct to Brand Owners Food & Producing Beverage Farmers Manufacturers Solutions Production of Flavour Retailers Development Specialties Manufacturers Ho.Re.Ca Final Consumers Essential
Slide 8: Established, long-standing relationships with highly reputable customers
Established, long-standing relationships with highly reputable customers Customers Essences Juices M&S customers for citrus essences are large international players active mainly in the M&S's juice customers are mainly Italian Company’s main business food sector and to a lesser extent personal care
Slide 9: Extensive international presence: >90% of revenues generated abroad
Extensive international presence: >90% of revenues generated abroad through business relationships in more than 40 countries Under development San Filippo del Mela (ME) Pace del Mela (ME) Covered surface: 6,488 sqm Covered surface: 4,390 sqm Factory surface 17,328 sqm Factory surface: 11,990 sqm San
Slide 10: A broad market supported by structural mega-trends
A broad market supported by structural mega-trends, with high growth potential in natural products driven by health and wellbeing Global Fragrance and Aroma Market 2022A-2030E ($ bn) Key drivers Soft drinks (main target segment for M&S Great growth opportunity for essences) account for ~33% of total
Slide 11: Strong revenue growth in FY 2024, +23% compared to FY 2023
Strong revenue growth in FY 2024, +23% compared to FY 2023 Antonio Stracuzzi, Chairman and CEO of the Company, commented: "We are truly pleased to announce these excellent results at the end of a memorable year for us—one that will remain in our Company's history thanks to our stock market listing.
Slide 12: Key FY 2024 Results: EBITDA Euro 15.6 m (+20% vs FY 2023)
Key FY 2024 Results: EBITDA Euro 15.6 m (+20% vs FY 2023) KEY RESULTS Euro/m Change • EBITDA: Euro 15.6m (+19.7%), exceeding the target for “PAS Shares” (3,600,000 shares, which will be fully '24 vs '24 vs converted into ordinary shares) P&L 2024 % 2023 Inc. % '23 '23 Revenue 72,8 100% 59,0 100% 13,
Slide 13: A combination of high growth and high profitability
A combination of high growth and high profitability Revenues ( Eu m) EBITDA (Eu m) Net Income (Eu m) margin % margin % 10.4% 22.0% 21.4% 5.0% 12.0% 12.2% 72,9 59,0 15,6 41,5 13,0 8,9 7,1 4,3 2,1 2022 2023 2024 2022 2023 2024 2022 2023 2024 Capex (Eu m) Trade Working Capital (Eu m) Net debt (Eu m) TW
Slide 14: FY 2024 Cost Breakdown
FY 2024 Cost Breakdown From Total Revenues to EBITDA 2024 (Eu m) Raw materials represents ~60% of the VoP (vs ~57% in 2023). Compared to the previous year there has been a slight decrease in first margin, mainly related to an increase in raw material costs 44,9 74,9 # of employees 78(1) 8,0 4,9 1,4
Slide 15: FY 2024 Cash Flow
FY 2024 Cash Flow From initial Net Financial Position to Final Net Financial Position 2024 (Eu m) o/w Eu 6.3 m of Expansion Capex, mainly related to the two new productive plants o/w Eu 5.1 m of dividend and Eu 17.7 m IPO’s capital 6,8 increase 12,6 8,6 1,7 o/w Eu 18.4 m of TWC increase due to the s
Slide 16: New production sites to support production ramp-up
New production sites to support production ramp-up New Plant 1 - Pace del Mela (Messina) New Plant 2 - S. Filippo del Mela (Messina) Messina Essences Juices Factory surface: 8,990 sqm Factory surface: 17,328 sqm Covered surface: 4,890 sqm Covered surface: 6,488 sqm Plants in Furci Siculo and Legenda
Slide 17: A clear roadmap to substantial growth
A clear roadmap to substantial growth 1 Organic growth (medium term) mainly driven by: • Robust relationships with existing clients, new partnerships, continue to attract key industry leaders, expansion and innovation of production sites • Well-targeted geographic areas with high potential - enlarge
Slide 18: Closing remarks
Closing remarks Investment opportunity in a listed Italian leader focused on the niche of natural citrus essence 1 production leveraging a 100+ year business heritage A broad market supported by structural mega-trends, with high growth potential in natural products 2 driven by health and wellbeing K
Slide 19: APPENDIX
APPENDIX 19
Slide 20: 2024 Reclassified Consolidated Income Statement
2024 RECLASSIFIED CONSOLIDATED INCOME STATEMENT RECLASSIFIED INCOME STATEMENT 31 Dec 2024 % on Rev. 31 Dec 2023 % on Rev. Change Change % Revenues from sales and services 72.837.254 100,0% 58.953.226 100,0% 13.884.028 23,6% Record in Sales Revenues, growth driven by a strong Cost of goods sold 43.25
Slide 21: 2024 Reclassified Consolidated Balance Sheet and NFP
2024 RECLASSIFIED CONSOLIDATED CONSOLIDATED BALANCE SHEET and NFP RECLASSIFIED BALANCE STATEMENT 31-dic-24 31-dic-23 Change Change % Intangible Assets 3.124.416 1.699.761 1.424.655 83,8% Tangible fixed assets 15.946.892 12.183.620 3.763.272 30,9% Financial Fixed Assets 14.192 11.421 2.771 24,3% Immo
Slide 22: Contact: Investor Relations
Contact: Investor Relations investor.relations@misitanoestracuzzi.com Misitano & Stracuzzi S.p.A. Via Ghibellina, 64 - 98122 Messina - Italy Phone: +39 090 2922571 22
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