- We closed a successful year, posting our best adjusted EBITDA on record.
- Our consolidated earnings ratify the success of our strategy and the Group’s business focus.
- The development of both our divisions was highly satisfactory, thanks to the expertise of our supply chain and the good performance of our value added categories and Fresh Pasta business.
- Thanks to our geographical diversification strategy, 97% of our adjusted EBITDA was generated in international markets and the remaining 3% in Spain.
- We have managed to reduce our bank debt while raising our dividend, thus improving our financial strength and creating more value for our shareholders.
We closed the year consolidating the Group’s positive evolution over the last strategic period. Geographical diversification, an upturn in the yield of our fresh pasta businesses, diligent handling of inflation in our raw materials and logistics, success and acceptance by consumers of the latest products launched in the high value-added categories in rice and pasta are just a few of the factors behind the Group’s good performance.
We achieved satisfactory growth of all our financial metrics during the period.
Our Net Profit grew 11.2% year on year to €207.9 million.
Adjusted EBITDA rose 6.7% to €413.1 million, boosted largely by the positive development of the Pasta Division.
Our turnover grew slightly by 1.8% year on year to €3,140.4 million, thanks to the positioning and strength of our brands.
Meanwhile, our Net Debt stood at €593.2 million, €22.8 million more than at year-end 2023. This includes payments of annual dividend in a sum of €114 million, €155.3 million in CAPEX investments and a year-on-year growth of €66.6 million in Working Capital.
Core business results
Rice Division
The Rice Division has maintained a good performance throughout the year, consolidating its market positions in a highly competitive environment, marked by the relentless progression of white label brands.
In raw materials, Basmati rice prices came down during the year, 66% of the available area in Andalusia was sown and California and Australia had abundant harvests, generating a significant drop in Japonica rice prices in the Middle East.
With regard to business development, the growth of convenience food products continues in both Europe and the USA and the Division furthered its international expansion, securing a share of new African and Australian markets.
The Division posted a turnover of €2,454 million and an adjusted EBITDA of €326.2 million.
Pasta Division
The Pasta Division had a good year, bolstered by the outstanding performance of the Fresh Pasta business and consolidation of Garofalo’s leadership of the premium segment.
The global fresh pasta business strengthens and consolidates its positioning in the market, driven by the new Lustucru launchings in France and Olivieri’s solid progress in Canada. In the premium pasta business, Garofalo accelerated its growth in key markets, such as the USA and Spain.
The Division posted a turnover of €691.7 million and an adjusted EBITDA of €104.5 million.
