Slide 1: Full Year 2024 Investor/Analyst Call
FULL YEAR 2024 INVESTOR/ANALYST CALL
Slide 2: Introduction
INTRODUCTION
Slide 3: Important Notice
IMPORTANT NOTICE This confidential presentation (the "Presentation") has been prepared and is issued by and is the sole responsibility of ACOMO N.V. and includes the slides that follow, the oral presentation of the slides, any question and answer session that follows the oral presentation, hard copi
Slide 4: Agenda
AGENDA Highlights Segments Performance Financial Performance Sustainability Key take aways 4 | ACOMO N.V. - INVESTOR CALL FY 2024
Slide 5: Quarter 4 and Second Half
QUARTER 4 SECOND HALF • Strong finish of the year • Cocoa fully recovered H1 impact • All segments, except Edible Seeds, • Edible Seeds impacted by export reported double-digit sales growth • Excluding cocoa adj. EBITDA +13% Sales Adjusted EBITDA (€ million) (€ million) +18% +71% 359 72 304 42 Q4 Q4
Slide 6: Highlights Financial Year 2024
HIGHLIGHTS FINANCIAL YEAR 2024 Strong growth versus last year, with record performance in H2 • Spices & Nuts segment achieved all-time high profit levels, supported by strategic bolt-on acquisition in the Nordics • Tradin Organic back on track and cocoa results recovered • Edible Seeds significantly
Slide 7: Key Financials 2024
KEY FINANCIALS 2024 Improved results on Sales, EBITDA and EPS Sales Adjusted EBITDA Adjusted EPS (€ million) (€ million) (€) +8% +18% +32% 1,363 109 2.00 1,266 92 1.52 2023 2024 2023 2024 2023 2024 7 | ACOMO N.V. - INVESTOR CALL FY 2024
Slide 8: Segments: Spices and Nuts, Edible Seeds, Organic Ingredients, Tea, Food Solutions
Organic Spices and Nuts Edible Seeds Tea Food Solutions Ingredients
Slide 9: Spices & Nuts
Sales (€ million) SPICES & NUTS +13% 486 All-time high results in 2024 430 • Double-digit growth; volume and revenue 2023 2024 • All businesses contributed to growth • Bolt-on acquisition Delinuts Nordics completed and integrated Adjusted EBITDA (€ million) +26% 59 47 9 | ACOMO N.V. - INVESTOR CALL
Slide 10: Edible Seeds
Sales (€ million) EDIBLE SEEDS -6% 257 241 Mixed performance with overall slow full-year 2024 vs. 2023 • North American business impacted by warm winter and declining export 2023 2024 • Increased volume, sales and margins SunButter® Adjusted EBITDA (€ million) • Solid performance contract manufactur
Slide 11: Organic Ingredients
Sales (€ million) ORGANIC INGREDIENTS +10% 482 Good turnaround versus prior year 436 • Positive volume and sales development 2023 2024 • H2 cocoa results strong leading to solid full-year • Worked closely with suppliers and farmer Adjusted EBITDA (€ million) cooperatives to prepare for EUDR +224% •
Slide 12: Tea
Sales (€ million) TEA +10% 133 Robust growth and enhanced profitability 121 • Volumes and sales increase driven by conventional tea • Tea market showed improvement in 2024 2023 2024 • North American business continues to grow Adjusted EBITDA (€ million) • Higher export volumes in key origin markets
Slide 13: Food Solutions
Sales (€ million) FOOD SOLUTIONS -1% 24 24 Full-year 2024 results in line with H1-2024 • Increased volumes dry and wet blends • Increased margins through value add 2023 2024 • Production capacity expansion on track Adjusted EBITDA • Awarded for employee well-being (€ million) +4% 6 6 13 | ACOMO N.V.
Slide 14: Sustainability
SUSTAINABILITY Material matters • Climate Change • Biodiversity • Own Workforce • Workers in the Value Chain • Consumer and End-users 14 | ACOMO N.V. - INVESTOR CALL FY 2024
Slide 15: Agenda
AGENDA Highlights Segments Performance Financial Performance Sustainability Key take aways 15 | ACOMO N.V. - INVESTOR CALL FY 2024
Slide 16: Full Year and H2 Key Financials
FULL YEAR AND H2 KEY FINANCIALS Strong growth versus last year, with record performance in H2 Second half Full Year H2 2024 H2 2023 Change (in € millions) FY 2024 FY2023 Change 694.6 598.1 16% Sales 1,362.8 1,266.1 8% (586.1) (507.9) 15% Cost of goods sold (1,165.6) (1,089.2) 7% 108.5 90.2 20% Gross
Slide 17: EBITDA Performance
Adjusted EBITDA EBITDA PERFORMANCE H1 (€ million) Strong growth for Spices & Nuts and Organic 50 3 4 Ingredients, partly offset by decline in Edible Seeds 12 37 0 2023 Spices Edible Organic Other 2024 & Nuts Seeds Ingredients • Strong performance for Spices & Nuts throughout the year 72 0 H2 • Edibl
Slide 18: Cocoa Price Development
COCOA PRICE DEVELOPMENT Unprecedented volatility in cocoa market prices remains 2023 2024 • Unrealized hedge result Impacted reported full-year numbers • Realized hedge result and physical margin on sales Impacted phasing H1 – H2 • Demand Solid demand remains 18 | ACOMO N.V. - INVESTOR CALL FY 2024
Slide 19: Reported to Adjusted
REPORTED TO ADJUSTED (in € millions) 2024 2023 2024 vs. 2023 Unrealized Unrealized Amortiz.- Amortiz.- One-off % change % change Reported Adjusted Reported FX/CX Adjusted FX/CX results charges charges HQ Reported Adjusted results EBITDA 97.5 11.3 108.8 89.6 0.4 1.8 91.9 9% 18% EPS 1.53 0.35 0.13 2.0
Slide 20: Cash Flow Development
CASH FLOW DEVELOPMENT Cash flow excl WC +15%, movement in WC in line with business development (in € millions) FY 2024 FY2023 Change Profit before tax 60.6 53.5 13% Cash Flow from operating activities excluding Working Capital 106.8 93.1 15% Changes in Working Capital (45.9) 76.0 Paid interest and t
Slide 21: Ratios and Dividend
RATIOS AND DIVIDEND Ratios remains strong, with proposed record-tying dividend payout Solvency Debt Leverage Full Year Dividend (Equity / assets) (Net Debt / EBITDA) (€ per share) 54.5% 1.5 1.0 50.7% 2.3 2.2 1.25 0.9 1.15 0.8 1.0 0.7 0.6 0.5 0.4 0.5 0.3 0.2 0.1 0.0 0.0 2023 2024 2023 2024 2023 2024*
Slide 22: Sustainability
SUSTAINABILITY Significant reduction in GHG • Reduction of 30% compared to baseline 2022 realized for Scope 1 and 2 • First full GHG (CO2) Scope 3 calculation done • Sustainability Statements in line with CSRD • Limited Assurance obtained 22 | ACOMO N.V. - INVESTOR CALL FY 2024
Slide 23: Agenda
AGENDA Highlights Segments Performance Financial Performance Sustainability Key take aways 23 | ACOMO N.V. - INVESTOR CALL FY 2024
Slide 24: Key Take Aways
KEY TAKE AWAYS • Strong overall performance • Tradin back on track and cocoa delivered full year profit • Edible Seeds US impacted by export market restrictions • Strategic investments in Spices & Nuts and Food Solutions • Limited assurance on Sustainability Statements • Healthy Group balance sheet
Slide 25: Q&A
Q&A
Slide 26: Slide 26