- Nine-month earnings confirm our sound Group model.
- The positive development of both our Divisions has been achieved thanks to the success of the value-added categories of the Rice Division and the good performance of our fresh pasta business.
- The full-year outlook forecasts an adjusted EBITDA of €402-407 million, a highly satisfactory result that confirms the success of the Ebro Group’s business focus and strategy.
The results posted in the first nine months of the year confirm the positive development of our Group’s business. Geographical diversification, the recovered profitability of our fresh pasta businesses and successful launchings in the high value-added categories are just a few of the levers that continue bolstering our Group’s excellent performance during the year.
Net Profit totalled €169.2 million, up 20.8% year on year.
Adjusted EBITDA rose 8.3% year on year to €308 million, thanks largely to the positive evolution of our Pasta Division.
We registered a year-on-year growth of 1.7% in turnover to €2,346.8 million after adjusting our prices on some markets, in keeping with our commitment to consumers.
Meanwhile, our Net Debt stood at €511.3 million at the end of the quarter, €59 million less than at year-end 2023. This sum includes the annual dividend payments of €114 million and €100.7 million in CAPEX investments.
Core businesses
Rice Division
Our Rice Division maintained its solid performance throughout the period.
As far as raw materials are concerned, the rain in March brought good long-grain rice harvests, enabling improved utilisation of our industrial facilities. In the USA, the early harvests herald lower prices.
With regard to business development, our brands remain strong, especially our high value products on a global level, Carolina® and Mahatma® in the United States and growth of the Tilda® brand in the United Kingdom, Australia and the Middle East.
On the whole, the Division posted a turnover of €1,837.4 million and an adjusted EBITDA of €241.4 million.
Pasta Division
After some price swings during the year in raw material, the price of durum wheat semolina is expected to fall, whereas the price of potato flakes may rise owing to a poor harvest in northern Europe.
In our businesses, Garofalo has achieved a global growth of 16% in premium pasta, while the global fresh pasta business maintains its satisfactory evolution, boosted by the Lustucru launchings in France and the good performance of Olivieri in Canada.
The Division posted a turnover of €512,4 million and an adjusted EBITDA of €79.4 million.
