Acomo (ACOMO) H2 2024 earnings summary

Executive summary

• Achieved record full-year and H2 2024 results, with adjusted EBITDA up 18% to €109 million and sales up 8% to €1.36 billion, led by Spices & Nuts, Organic Ingredients, and Tea, despite Edible Seeds headwinds.

• Spices & Nuts reached all-time high profits, supported by the successful integration of the Delinuts Nordics acquisition.

• Tradin Organic and cocoa operations rebounded strongly in H2, offsetting earlier losses.

• Strategic investments in Food Solutions increased profits and capacity.

• Published first CSRD-aligned sustainability report and achieved a 30% reduction in Scope 1 & 2 GHG emissions since 2022.

Financial highlights

• Sales rose 8% to €1.36 billion; adjusted EBITDA up 18% to €109 million; adjusted EPS increased 32% to €2.00; net profit up 14% to €45.1 million.

• Gross profit up 11% to €197.3 million; gross margin improved to 14.5%; operating income up 13% to €79.7 million.

• Cash flow from operations (excluding working capital) improved 15% to €106.8 million; net cash from operating activities at €76.0 million.

• Solvency ratio at 50.7%–54.5%; net debt/EBITDA at 2.3x; total assets grew 16% to €867.9 million.

• Proposed full-year dividend of €1.25 per share, payout ratio at 82%.

Outlook and guidance

• 2025 results expected to be more balanced between H1 and H2, with Edible Seeds segment anticipated to return to growth as market headwinds subside.

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

• Organization positioned for sustainable growth, with capacity expansions and sustainability initiatives underway.

• No specific market forecasts due to ongoing volatility.