Acomo (ACOMO) H2 2024 earnings summary

Executive summary

• Achieved record full-year 2024 results with adjusted EBITDA of €109 million, up 18%, and sales up 8% to €1.4 billion, led by strong H2 recovery and segment expansion despite H1 cocoa market volatility.

• All segments except edible seeds delivered double-digit sales growth in Q4; spices and nuts reached all-time high sales and profits.

• Successfully integrated Delinuts Nordics acquisition, expanding the spices and nuts segment; key management positions filled and board completed.

• Adjusted EPS increased 32% to €2.00; proposed full-year dividend of €1.25 per share, 82% payout ratio.

• Achieved 30% reduction in Scope 1 & 2 GHG emissions since 2022 baseline.

Financial highlights

• Full year sales increased by 8% to €1.36 billion, driven by spices and nuts, organic ingredients, and tea.

• Adjusted EBITDA rose 18% to €109 million, returning to 2022 historic highs; adjusted EPS up 32% to €2.00.

• Gross profit up 11% to €197.3 million; gross margin improved by 0.5 percentage points to 14.5%.

• Net profit increased 14% to €45.1 million; reported EPS up 14% to €1.53.

• Cash flow (excluding working capital) improved 15% to €106.8 million; solvency ratio at 51%, net debt/EBITDA at 2.3.

Outlook and guidance

• 2025 results expected to be more balanced between H1 and H2, as 2024 H2 included offset of H1 cocoa losses.

• Edible seeds segment expected to return to growth as market headwinds subside and new opportunities are pursued.

• Tradin Organic margins anticipated to remain at historic levels under normal market conditions.

• Well-positioned for sustainable growth with a diversified plant-based portfolio and strong risk management.

• No specific market forecasts due to the nature of activities and market volatility.