2024 RESULTS
CONTENTS
- INTRODUCTION
- BUSINESS UNIT RESULTS 2024
- Rice
- Pasta
- CONSOLIDATED GROUP RESULTS 2024
- P&L
- Debt Performance
- CONCLUSION
- CORPORATE CALENDAR 2025
- CALCULATION OF ALTERNATIVE PERFORMANCE MEASURES
- LEGAL DISCLAIMER
1. Introduction
An exceptional performance in Q4 drove EBITDA-A to a record EUR413 million, further strengthening our position at the forefront of the market.
We have successfully overcome the raw materials and logistics inflationary challenges.
Prices for the latest aromatic rice crop fell due to export policy changes in India.
The durum wheat markets remain stable thanks to a solid harvest in Canada and improved global supply, which has helped to keep international prices down.
Transport costs increased dramatically due to the temporary closure of the Suez Canal and troubles in the Red Sea. This caused delays to key trading routes and placed global supply chains under increased pressure.
Some investments have been placed on hold due to the lack of specialist technicians, especially in the United States.
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2.1.1 Rice 2024
Basmati rice prices improved in 2024. However, the positive impact on overall costs was partially offset by rising transport costs.
In Andalusia, 66% of the available crop area was planted, but yields fell as a result of high salinity levels. Moreover, a rise in available supply intensified competition from external markets.
Bumper crops in California and Australia led to a sharp reduction in Japonica rice prices in the Middle East, stepping up competitive pressure in the region.
Despite continued gains by private labels, the Group recorded a slight uptick in market share, consolidating its position in a highly competitive environment.
The convenience market continues to gain momentum in Europe and the US, driven by growing demand for more practical and ready-to-eat products.
Ebro continues its global expansion, entering new markets in Africa and Australia, fuelling growth and geographic diversification.
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2.1.2 Rice 2024
Sales in the rice division increased to EUR2,454.0 million, thanks to higher volumes in most markets. In terms of CAGR 24/22, this figure is up by 2.6%.
We continue to step up advertising investment to support new launches for all our brands. Advertising increased by 8.1% to EUR61.5 million during the year.
BITDA-A grew 4.9% to EUR326.2 million; growing 6.1% in terms of CAGR 24/22. The exchange rate had almost no impact on this figure.
Operating profit grew 5.5% to EUR245.9 million.
EUR Thous. | 2022 | 2023 | 2024 | 24/23 | CAGR 24/22 |
Sales | 2,329,486 | 2,443,719 | 2,454,016 | 0.4% | 2.6% |
Advertising | 53,898 | 56,890 | 61,491 | 8.1% | 6.8% |
EBITDA-A | 289,830 | 310,988 | 326,183 | 4.9% | 6.1% |
EBITDA-A Margin | 12.4% | 12.7% | 13.3% | ||
EBIT-A | 222,664 | 242,950 | 253,853 | 4.5% | 6.8% |
Operating Profit | 213,176 | 232,995 | 245,873 | 5.5% | 7.4% |
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2.2.1 Pasta 2024
Fresh pasta had an exceptional year, posting very strong financial results and further cementing its foothold in the market.
This success was partly thanks to solid sales growth by Bertagni in strategic markets.
Lustucru also saw success with the launch of its new skillet range, solidifying its market offering in response to consumer trends.
Garofalo continues to consolidate its leading role in the premium segment, driving growth in key markets such as the US and Spain.
We are making progress with our CAPEX investments in fresh pasta, ramping up our operations in Lyon and Avio to improve capacity and efficiency.
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2.2.2 Pasta 2024
Turnover grew 6.1% to EUR691.8 million, thanks to increased volumes.
Advertising grew 10.7% to EUR34.9 million, in order to support new product launches.
The Division's EBITDA-A grew 15.6% to EUR104.5 million. The EBITDA-A margin grew by 1.2 p.p to over 15.1%. The exchange rate had no impact on these results.
Operating Profit grew 50.1% to EUR80.4 million.
EUR Thous. | 2022 | 2023 | 2024 | 24/23 | CAGR 24/22 |
Sales | 651,545 | 652,220 | 691,775 | 6.1% | 3.0% |
Advertising | 24,904 | 31,521 | 34,908 | 10.7% | 18.4% |
EBITDA-A | 58,478 | 90,435 | 104,501 | 15.6% | 33.7% |
EBITDA-A Margin | 9.0% | 13.9% | 15.1% | 8.9% | 29.7% |
EBIT-A | 26,330 | 57,261 | 70,107 | 22.4% | 63.2% |
Operating Profit | 3,184 | 53,557 | 80,365 | 50.1% | 402.4% |
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3.1 P&L 2024
The consolidated sales figure grew by 1.8% to EUR3,140.5 million, thanks to the strong performance of our brands.
EBITDA-A grew by 6.7% to EUR413.1 million. The EBITDA-A margin grew to 13.2%, with improvements in both divisions. Currency had almost no impact on this result. In geographic terms and by origin, EBITDA-A breaks down as follows: Spain 3.1%, North America 34.8%, Rest of Europe 56.0%, Asia 4.8% and Other 1.3%.
Net Profit* grew by 11.2% to EUR207.9 million.
ROCE-A continued to improve, reaching 14.0%. This equates to an increase of 1.4 p.p. vs 2023 (3.5 p.p. vs 2022).
EUR Thous. | 2022 | 2023 | 2024 | 24/23 | CAGR 24/22 |
Sales | 2,967,672 | 3,084,457 | 3,140,493 | 1.8% | 2.9% |
Advertising | 77,161 | 86,314 | 94,692 | 9.7% | 10.8% |
EBITDA-A | 334,622 | 387,171 | 413,122 | 6.7% | 11.1% |
EBITDA-A Margin | 11.3% | 12.6% | 13.2% | ||
EBIT-A | 233,599 | 284,297 | 304,768 | 7.2% | 14.2% |
Operating Profit | 202,571 | 276,251 | 309,308 | 12.0% | 23.6% |
Pre-tax Profit | 185,807 | 273,857 | 308,883 | 12.8% | 28.9% |
Net Profit | 122,059 | 186,964 | 207,867 | 11.2% | 30.5% |
ROCE-A | 10.5 | 12.6 | 14.0 |
*Net profit attributed to the parent company
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3.2 Debt Performance
We ended 2024 with Net Debt standing at EUR593.2 million, EUR22.8 million higher than in December 2023.
In relation to this debt, we should note that: (i) the put options that we have with minority shareholders of certain businesses amount to EUR330 million, which is EUR60 million higher than at year-end 2023, and (ii) debt recognised under IFRS 16 amounts to EUR58 million. If we exclude these two items, bank borrowings come to EUR205.2 million.
Working Capital increased by EUR66.6 million year on year, fuelled by geopolitical uncertainty and logistical challenges.
Corporate income tax stood at EUR56.7 million in 2024.
CAPEX investments during the year amounted to a total of EUR155.3 million.
EUR Thous. | 31 Dec 22 | 31 Dec 23 | 31 Dec 24 | 24/23 | CAGR 24/22 |
Net Debt | 762,635 | 570,404 | 593,174 | 4.0% | -11.8% |
Average Net Debt | 645,809 | 657,683 | 529,868 | -19.4% | -9.4% |
Equity | 2,164,438 | 2,185,159 | 2,329,616 | 6.6% | 3.7% |
ND Leverage | 35.2% | 26.1% | 25.5% | ||
AND Leverage | 29.8% | 30.1% | 22.7% | ||
x EBITDA-A (ND) | 2.3 | 1.5 | 1.4 | ||
x EBITDA-A (AND) | 1.9 | 1.7 | 1.3 |
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4. Conclusion
We have successfully overcome a range of difficult conditions, including the major flood (DANA) in Algemesí, rising transport costs, delayed completion of CAPEX investments and the lack of maintenance personnel in the US and Northern Europe. In doing so, we have ensured operational continuity and the resilience of our business.
By expertly managing our supply chain, we have managed to remain competitive in a market where private labels continue to gain traction, securing and even improving our market share.
The EBITDA-A figure of EUR413 million is a record for the Group, even topping the figure achieved prior to the sale of our dry pasta businesses. However, it also poses a challenge for the future, driving us to keep innovating and optimising the way we manage our business.
We have been able to reduce our bank borrowings while improving our dividend, securing a solid financial position and creating even more value for our shareholders.
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